Social distancing orders are being loosened across the country, and it seems homebuyers are taking full advantage. According to the latest data from the Mortgage Bankers Association, applications to purchase a home were up 11% last week, marking the third straight week of increases.
To be fair, purchase activity is still down 10% over the year, but that year-over-year gap is thinning out every week. In April, the number of purchase loan applications was down 35% annually.
New York saw a 14.3% uptick in purchase loan applications—the biggest in the country, while Illinois, Florida, Georgia, California, and North Carolina also saw double-digit jumps for the week.