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Mortgage Apps Rocked by COVID; Hard Hit Areas Paint Gloomy Picture

Posted To: MND NewsWire

The volume of mortgage applications plummeted last week as households, rattled by COVID-19 fears, self-isolated in their homes and businesses were shuttered in the hardest hit states or scurried to shift operations to their employees’ homes. In the midst of it all, mortgage rates also rose significantly. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, decreased 29.4 percent on a seasonally adjusted basis during the week ended March 20 and was down 29 percent before adjustment. Refinancing volume, which had risen an aggregate of more than 100 percent in the weeks ended February 28 and March 6, fell for the second straight week, losing 34 percent last week alone. As an indication of how frenetic recent business has been, however…(read more)

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