Home loan applications and lender profits surge

Source: Prashant Gopal & Shahien Nasiripour, Bloomberg

U.S. mortgage companies are having one of their best years in history. Lenders are getting bombarded with calls from homeowners looking for cheaper loans. They’re also hearing from potential buyers who are tired of feeling imprisoned in tight quarters or want to flee cities where the virus can easily spread.

Boom times in the homebuying and mortgage industries help illustrate America’s widening economic divide: white-collar workers who have largely kept their jobs by working at home are now chasing historically low mortgage rates, while low-wage workers in industries hard hit by the coronavirus are struggling to keep up with their rent.

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