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If mortgage demand is an indicator, the housing market is starting to rebound a lot quicker than expected amidst the COVID-19 pandemic.
Home purchase mortgage applications rose 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume was just 1.5% lower than a year ago, a remarkable recovery from only six weeks ago when purchase volume was down 35% year-over-year.
“Applications for home purchases continue to recover from April’s sizeable drop and have now increased for five consecutive weeks,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. He continues, “Government purchase applications, which include…