Factors driving the 18% y/y growth in purchase mortgage applications...

I've had a number of conversations about this seemingly crazy level of activity amidst our current coronavirus-driven recession.  Factors include:

(1) Pent up demand after two months of lock downs

(2) The initial waves of economic distress, to a point, bypassed those with the greatest propensity to buy

(3) Homeowners are sitting on substantial untapped home equity

(4) Millennials, the largest single cohort of home purchasers, are in better shape than many would believe. At least the cohort who are in the market...

5. Sub 3% mortgage rates...