Some of the chaos in the mortgage marketplace is easing, and a couple of local shops are reporting some record-level months. At the same time, the number of closings on residential resales were up during the last week of April. There was also an increase in pending sales and even a slight increase in new inventory coming onto the market.
David Hamilton, president of the Tri-Cities Mortgage Bankers Assn., added that forbearance issues are still driving lenders nuts. At the same time, Mortgage News Daily is reporting that the forbearance rate is beginning to slow.
Purchase loan applications are slowly increasing their share against refi loan originations, which have swamped the loan origination marketplace since Q4 last year.
The first look at Covid-19’s effect on the local housing market for a full-month will be out in a little over a week when the Northeast Tennessee Association of Realtors release its April Housing Market Trends Report.