Mortgage applications to purchase a home rose for the third straight week, up 7% from a week earlier. Purchase volume was still 19% lower annually, but that annual loss is shrinking by the week. Just three weeks ago, purchase volume was down 35% annually. Demand last week was led by strong growth in Arizona, Texas and California.
Buyers are responding to incredibly low interest rates as well as to new technology and processes that allow them to house-hunt from afar. Agents are offering virtual showings or live tours over apps like Facetime or Zoom. For empty homes, they’re also allowing do-it-yourself tours, using high-tech lock-boxes that buyers can access from their smartphones.