Home purchases slid 15% to their lowest since August 2019, an 11% drop from last year.
Refinance applications skidded 34% from the previous week but were still up 195% from a year earlier.
“Potential homebuyers might continue to hold off on buying until there is a slowdown in the spread of the coronavirus and more clarity on the economic outlook,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.