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Homebuying Activity Increasing as Social Distancing Restrictions Ease

As social distancing restrictions are easing up across the nation, many home buyers have been taking advantage of the historically low interest rates to invest in a new home. There has been pent up demand in the housing market, and that shows in the double-digit percent increase of purchase loan applications. If rates continue to drop, refinance applications may increase as well, since the incentive for homeowners becomes significant. However, it seems that banks are being more stringent with their lending standards as they brace this tumultuous time in our economy.