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Mortgage demand from homebuyers shows unexpectedly strong and quick recovery, as applications spike 9% from a year ago
PUBLISHED WED, MAY 27 20207:00 AM EDT
Diana Olick
@IN/DIANAOLICK
@DIANAOLICKCNBC
@DIANAOLICK
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%.
A realtor, at right, shows prospective buyers a property in Newport Beach, California.
A realtor, at right, shows prospective buyers a property in Newport Beach, California.
Jamie Rector | Bloomberg | Getty Images
It’s not as if the coronavirus pandemic has gone away, but after a sharp pullback, homebuyers are now piling back into the housing market much faster than expected.

Mortgage applications to purchase a home rose 9% last week from the previous week and from a year earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. It was the sixth straight week of gains and a 54% recovery since early April.


“The home purchase market continued its path to recovery as various states reopen, leading to more buyers resuming their home search,” said Joel Kan, an MBA economist. “Additionally, the purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March.”

The gain mirrors an unexpectedly strong sales pace just reported for newly built homes in April. They were forecast to fall 22% but instead rose nearly 1% for the month, according to the U.S. Census. Buyers are rushing into the new home market, as the supply of existing homes keeps falling to new record lows. Some analysts also believe there is now a flight from urban downtowns, where people have been sheltered in small apartments, to suburban markets, where they can find more space, especially backyards and home offices.

Buyers were also helped by near record low mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less increased to 3.42% from 3.41%. Points, including the origination fee, remained unchanged at 0.33 for loans with a 20% down payment.

Refinance volume has not been as strong. Those applications fell 0.2% for the week but were still 176%, higher than one year ago, when interest rates were 91 basis points higher.

“Conventional refinance applications increased 2 percent, while government refinancing was down almost 7 percent,” Kan said in a statement.

Adding refinances and purchase applications together, total mortgage application volume was up 2.7% for the week. The refinance share of mortgage activity decreased to 62.6% of total applications from 64.3% the previous week.

Mortgage rates hovered around new record lows at the end of last week but bounced back slightly to start this week. The expectation, however, is that they will remain low and could move even lower in the coming months.

“Rate movement is pretty minimal by normal standards as the bond market (which underlies interest rate momentum) has been relatively calm and sideways after coming to terms with the initial shock of the coronavirus market impact,” said Matthew Graham, chief operating officer at Mortgage News Daily.

Demand for housing was strong at the start of this year, but pulled back sharply at the start of the pandemic. The quick recovery has surprised most forecasters, with some arguing that it is temporary. Home prices have not lost any steam yet, and given the lack of supply are unlikely to fall in any meaningful way.

It remains to be seen, however, how the reopening of the economy will progress. Should consumers be forced back indoors yet again, sales will likely suffer. If supply doesn’t increase meaningfully, demand could also be hit by a severe lack of affordability.

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https://lta.reuters.com/articulo/eeuu-c ... 238R-OUSLT

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S&P 500 erases 1.5% rally, turns negative amid a big drop in tech shares
PUBLISHED TUE, MAY 26 20206:11 PM EDTUPDATED MOMENTS AGO
Fred Imbert
@FOIMBERT
Maggie Fitzgerald
@MKMFITZGERALD
WATCH NOW
VIDEO04:02
Former CEA chair discusses economic impact of reopening
Stocks rose for a second day Wednesday on optimism about the reopening of the economy. However, a decline in tech shares kept the gains in check.

The Dow Jones Industrial Average traded 221 points higher, or 0.9%. The 30-stock average traded back above 25,000 and aimed for its first close above that level since March. The S&P 500 gained 0.2% while the Nasdaq Composite slipped 0.3%.


Carnival Corp. shares jumped 9.1% while United Airlines added nearly 10%. JPMorgan Chase was up 6% while Citigroup advanced 7.3%. The SPDR S&P Bank ETF (KBE) gained more than 5% along with the SPDR S&P Regional Banking ETF (KRE). Both ETFs were on pace for their best weekly performances since April.

Stocks that benefited from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video and Netflix dropped 5.6% and 1.9%, respectively. Shopify, Amazon and Teladoc Health fell 7.2%, 2.2% and 9.8%, respectively.

The S&P 500 tech sector dropped more than 1% as Apple shares lost 0.5%. Nvidia shares dropped 5.2% while AMD slid 3.6%.

“The market has been making a V-pattern upward and there’s been a tremendous amount of skepticism around that but we are just starting now to see some evidence in the data turning,” said Michael Darda, MKM Partners chief market strategist and chief economist. “Some better than expected housing numbers. As reopening gets underway, virtually all states now we are starting to see activity bounce off of very low levels.”

On Wednesday, the Mortgage Bankers Association reported a sixth straight weekly rise in mortgage applications. Data released Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones.


All 50 states in the U.S. have reopened their economies to some extent. On Tuesday, New Jersey Gov. Phil Murphy said the state would allow professional sports teams to resume practice and competitions.

“For the first time in this crisis, we are being bombarded by good news,” Jim Paulsen, chief investment strategist at the Leuthold Group told CNBC. “The S&P 500 finally breaks above its 200-day moving average (3000)” and “more new vaccine drugs look promising.”

Wall Street is coming off a massive rally on Tuesday, which saw the S&P 500 briefly break above its 200-day moving average for the first time since early March. Those gains came after biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine.

Those gains left the S&P 500 up more than 36% from its intraday low set on March 23. However, stocks’ recent strength — last week the Dow has its best week since early April — still leaves the Dow down more than 12% in 2020. The S&P 500 is off 7.4% for the year and the tech-heavy Nasdaq is up more than 4%.

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