New York led the nation with a 14% purchase-loan gain
Applications for mortgages to purchase homes gained for the fourth consecutive week while refinancings dropped, the Mortgage Bankers Association said in a Wednesday report.
A seasonally adjusted index measuring purchase applications rose 11% last week, compared with a 6% increase in the prior week, according to the report. Applications for refinancings fell 3% from the prior week, though the level was 201% higher than a year ago, MBA said.
“There continues to be a stark recovery in purchase applications, as most large states saw increases in activity last week,” said Joel Kan, an MBA associate vice president.
New York led the increases with a 14% jump, after a 9% gain in the prior week. Illinois, Florida, Georgia, California and North Carolina also had double-digit increases last week, said Kan.
“We expect this positive purchase trend to continue – at varying rates across the country – as states gradually loosen social distancing measures, and some of the pent-up demand for housing returns in what is typically the final weeks of the spring homebuying season,” Kan said.
The MBA’s Market Composite Index, a measure of all mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from one week earlier. Read More: