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Loan Applications to Buy U.S. Homes Drop to Lowest Since 2015

A contractor walks past a "For Sale" sign in Louisville, Kentucky.
Photographer: Luke Sharrett/Bloomberg

A gauge of loan applications to purchase homes in the U.S. declined last week to the lowest since October 2015, a fourth straight decline that underscores the growing economic fallout from the coronavirus pandemic.

The Mortgage Bankers Association’s purchase index slumped 12.2% in the period ended April 3 after tumbling 25.7%, data from the Washington-based group showed Wednesday. Over the past four weeks, the gauge has declined nearly 95 points, the sharpest monthly drop since mid-2010.