EconUpdate by P. Duffy
Purchase loan apps up 6 percent from previous week and 57 percent year-on-year
What does this mean? The lowest interest rates in about two months also spiked a partial rebound in refinance activity.
The Market Composite Index for mortgage apps increased 8.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 6 percent (and up 57 percent year-on-year) and refinance activity rising 10 percent (but down 23 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.20 percent from 3.27 percent.
New home mortgage apps up 7 percent in March and 12 percent year-on-year
What does this mean? Demand remains strong even as supply chain challenges restrain completions.
Mortgage applications for new home purchases increased 7 percent compared from a year ago. Compared to February 2021, applications increased by 12 percent. However, an estimated 714,000 seasonally adjusted new single-family homes were sold in March, down 4.5 percent from February as rising costs and supply chain challenges impacted deliveries.
April Yelp Economic Average shows businesses reopening at highest rate since August 2020
What does this mean? The steady drive of new vaccinations is supporting the economy reopening.
The April 2021 Yelp Economic Average found more than half a million new businesses opened in the U.S. in the last year (between April 2020 and March 2021), down by only 11% year-over-year (YoY). New business openings spiked in Q1 2021, with restaurant and food business openings, as well as home, professional, local and auto service openings above Q1 2020 levels. Business reopenings are also rising across the country with reopenings in each month of Q1 the highest they have been since August 2020.