Weekly Mortgage Applications Tank 29% As Coronavirus Sidelines Homebuyers
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.82% from 3.74% last week.
Mortgage applications to purchase a home decreased an unusually wide 15% for the week to the lowest level since August.
Applications to refinance a home loan, which had been surging dramatically in the last month, fell 34% for the week but were still 195% higher than a year ago, when rates were 63 basis points higher. Refinances tend to be volatile, moving weekly with interest rates.