Endorsements of Home Equity Conversion Mortgages fell nearly 14% on a consecutive-month basis in February after a January surge, but stayed relatively strong compared to average levels last year.
Mortgage rates hit their lowest point since Freddie Mac began tracking this data in 1971, as the 10-year Treasury yield fell below 1% after the Federal Open Market Committee's surprise short-term rate cut.
Above-average snowfall and rising concerns about the coronavirus didn't put a damper on local home sales last month, according to the Denver Metro Association of Realtors.
Mortgage application volume increased 15.1% from one week earlier, and with interest rates still falling, even higher refinance demand is probable in the short term, according to the Mortgage Bankers Association.
The Fed’s decision to cut its benchmark interest rate amid growing coronavirus concerns is bound to have an impact on banks, but just how broad and how deep remains to be seen.
While home price appreciation has lost some momentum, tight inventory and low rates could drive housing values further upward this spring if the coronavirus remains contained, according to CoreLogic.
Any impact from the coronavirus outbreak on commercial and multifamily loan delinquencies won't be known for some time, the Mortgage Bankers Association said.
Canada's housing market is poised for a hot spring — with lower mortgage rates likely to offset any major drag from the coronavirus.
Fears stemming from the coronavirus have resulted in lower mortgage rates and more business for now, but if the situation deteriorates further, consumers could decide to put off buying a home.
Attention is focused on the impact COVID-19 may have on economic growth in the United States in the short and long term.