Applications for mortgages and refinances decreased significantly in the last week, while coronavirus cases continue to increase daily.
Uncertainty about employment opportunities and income seem to be increasing potential buyers’ apprehension, which may continue until there is more economic stability and a slowdown in the spread of coronavirus.
“Home purchase applications were notably impacted by rising rates and the widespread economic disruption and uncertainty over household employment and incomes,” said Joel Kan of the Mortgage Bankers Association.