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Mortgage Applications Slide as Coronavirus Upends Market

Mortgage application volume tumbled 29% in the week ending March 20, according to the Mortgage Bankers Association, the sharpest decline since 2009. So reports CNBC.

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. 

Read the full article from CNBC.

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