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Mortgage applications slump 24% to the lowest in more than 3 years as coronavirus hits the housing market
"Buyer and seller traffic – and ultimately home purchases – will also likely be slowed this spring," said Joel Kan of the MBA.
"Potential homebuyers might continue to hold off on buying until there is a slowdown in the spread of the coronavirus," said Joel Kan of the MBA.
Mortgage refinances surge 79%, most since financial crisis, as people rush to capitalize on low interest rates
"Prospective buyers continue to be encouraged by improving housing inventory levels in some markets and very low rates," said Joel Kan of the MBA.
"It's clear the housing market continues to be a positive force for the broader economy," Freddie Mac said in a statement.
"We expect refinance activity will increase even more until fears subside and rates stabilize," said Mike Fratantoni of Mortgage Bankers Association.
Mortgage rates could fall even further as they loosely follow the 10-year US Treasury yield, which is at a record low on coronavirus concern.
If the coronavirus epidemic continues to weigh on markets and US Treasuries, mortgage rates could fall even further.
Housing inventory in the US dropped to its lowest level in years while home values are on the rise — here’s what that means
The roughly 7.5% drop in homes listed for sale was the steepest decline Zillow has seen since it started recording inventory data.
The home sits in a ritzy Menlo Park cul-de-sac in Silicon Valley and has a 1,600-bottle wine cellar, six bedrooms, and an expansive pool.
Pending home sales in the United States badly missed forecasts Wednesday, dimming the economic outlook