The slide in mortgage applications may accurately predict a decline in home sales for the month of March.

But the momentum of the January and February buyers will definitely be factored into the next buying cycle as soon as the COVID-19 pandemic subsides.

Depending upon the length and the severity of the COVID-19 pandemic, lower mortgage rates may prove to not only predict the future demand but also provide a springboard to leap-frog into the post pandemic recovery.

According to the Mortgage Bankers Association, mortgage applications for purchases have fallen to the lowest level, falling by 24%.

Conversely, refinance applications soared by 26% and, according to the Mortgage Bankers Association, 168% higher than just one year ago.

The spiking refinances accounted for the increase in total mortgage application volume by 15.3% last week.

The number of refinances accounted for 76% of total mortgage applications, up 69.3% from the prior week.

 

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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