How will COVID-19 impact U.S. mortgage demand?
To observe effects of COVID-19 on mortgage demand, we used CoreLogic Loan Application data through March 13, 2020 and compared the recent trend with the 2019 and 2018 trends. The charts show a two-week moving average of the number of home-loan applications, relative to the first two weeks of January for each year (that is, we create an index of application volume, with the first two weeks of January set equal to 100). Data for 2019 and 2018 were similar and were averaged together.
Figure 1 shows home-purchase loan applications and Figure 2 shows refinance applications. Two dates are highlighted on each chart: February 29 recorded the first death in the U.S. from COVID-19 and announcement of travel restrictions to Italy and South Korea; on March 13 President Trump declared a national emergency.
For home-purchase applications, the volume of activity picked up significantly after 2020 began, and during the first two months of the year was 3% above the same period in 2019. Activity slowed during the first two weeks of March and was running below the pace in 2019. Through March 13, purchase applications for 2020 year-to-date totaled about the same as during the same period in 2019.
Refinance applications rose this year as mortgage rates fell. Volume soared as interest rates on fixed-rate loans reached new lows in early March. During the first two weeks of March, applications were about double the level at the beginning of January and were more than four times the volume during the first two weeks of March 2019.
We will continue to monitor the performance of the housing market in light of COVID-19 using high-frequency and current data. READ MORE
Ralene Nelson, REALTOR®
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Things To Do in the Rio Vista Area this Week
Due to the COVID-19 outbreak, local events have been canceled.
Looking Toward the Light: California Realtors Look for Takeaways from COVID-19 Crisis
Changing times are nothing new for Realtors, whose resilience and talent for innovation have weathered market downturns, Great Recessions, and economic uncertainty for decades. But in an industry built on people skills and face-to-face contact, the fear and social distancing that mark the Covid-19 crisis present a starkly different challenge. READ MORE
5 Tips For Selling Your Home During The Coronavirus Pandemic
Life is changing incredibly fast during the coronavirus pandemic and many industries are following suit, including real estate. While some sellers are deciding to pull their homes off the market and try to sell at a different time, that may not be an option for everyone.
With that in mind, if you are trying to sell your home in this market, there are some things that you can do to help keep everyone involved as safe and healthy as possible. Read on below to learn more.
Cancel any open houses
Unfortunately, even though open houses are typically an efficient tool to show your home to many people at once, they are just not advisable right now, given the current restrictions around large gatherings.