Mortgage demand from homebuyers shows unexpectedly strong and quick recovery, as applications spike 9% from a year ago
Mortgage applications to purchase a home also rose 9% last week from the previous week, according to the Mortgage Bankers Association.
That is the sixth consecutive week of gains and a 54% jump since early April.
Refinance volume has not been as strong. Those applications fell 0.2% for the week but were still 176%.
Spring has historically been dubbed “home-buying season,” but as the last few months have been shut down due to the COVID-19 pandemic, is summer the next best thing?
For the week ended May 2, total listings were down 19% annually, and new listings were down 39%, according to realtor.com.
“We’ve had buyers ready, willing and able, and the sellers have been the ones who have pulled their homes, changed their minds,” said Ben Hirsh, real estate agent for an Atlanta home.
3 million Americans are skipping mortgage payments, but Fannie Mae and Freddie Mac will cut mortgage servicers a break
As the number of Americans requesting forbearance on their home loans rises, Fannie Mae FNMA, +0.59% and Freddie Mac FMCC, +1.89% are relaxing rules for mortgage servicers.
The Paycheck Protection Program created by Congress to rescue small businesses using forgivable loans still has $126.5 billion in funding left, according to the Small Business Administration.
WASHINGTON- An emergency disaster lending program for small businesses has been so overwhelmed by demand that it has significantly limited the size of loans it issues, while blocking nearly all new applications from small businesses, according to people familiar with the situation.
The Economic Injury Disaster Loan program is a longstanding Small Business Administration program that’s separate from the new Paycheck Protection Program, which has challenges of its own.