Mortgage applications plunge during coronavirus pandemic

(NBC) – The coronavirus is hitting the housing market hard.

The Mortgage Bankers Association reports that mortgage applications plunged 29.4% last week.

People trying to sell homes have canceled showings during the outbreak, and because closings are done in person, economists expect sales will decline sharply.

Meanwhile, mortgage rates have actually been rising.

Experts say that’s partially because lenders are wrestling with capacity issues, backlogs, and the challenge of working remotely in real estate.

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