Purchase

Even as interest rates remained at record-low levels, mortgage application activity for both purchases and refinancings declined compared to one week earlier, according to the Mortgage Bankers Association.

Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.

Purchase mortgage application volume was at its most in over a decade as consumer confidence continued to improve in the aftermath of the coronavirus shutdown, according to the Mortgage Bankers Association.

A Clever Real Estate survey found a significant share of new borrowers are not making their full payment.

The expected rise in refinance volume overrides pessimism about purchase activity for their businesses.

Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.

Some cities saw drops in annual housing supply nearing 40% in early May, according to Zillow.

With mortgage rates reaching all-time lows in the opening quarter, refinance originations were up in 97% of housing markets during 1Q, according to Attom Data Solutions.

Purchase mortgage activity rose for the third consecutive week, although the total volume was flat compared with the previous seven-day period, according to the Mortgage Bankers Association.

The coronavirus disruption caused March's pending home sales to fall and the losses will reverberate through the rest of 2020, according to the National Association of Realtors.