California home buyers are emerging from quarantine and preparing to purchase, if the new mortgage application numbers are any indication. The Mortgage Bankers Association’s weekly report out shows a seven-week climb beginning in late April, with more and more potential buyers weighing options. That put loan applications off nearly 2% from the pace at this time last year, equating to a 77% surge in applications from what many consider the pandemic’s bottom in early April. While mortgage rates are at historic lows, some reports suggest lenders have become pickier at who gets approved during these unstable economic times.
Source: The Mercury News