Mortgage demand continues to climb as a buying frenzy extends beyond traditional seasonal patterns in real estate. Mortgage applications to purchase a home are now 25% higher than a year ago, the Mortgage Bankers Association reports.

Record low mortgage rates are drawing a new wave of first-time home buyers to the market, Freddie Mac reports. “In August, activity among first-time home buyers rose 19% from July to the highest monthly level ever for Freddie Mac,” says the mortgage giant’s Chief Economist Sam Khater, adding that the rebound “has come at a critical time for the economy.”

“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist. “While the market has stabilized relative to prior weeks, home buyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”

Freddie Mac reports the following national averages for the week ending April 2:

“Victory gardens”—vegetable gardens first popularized during World War I—are making a comeback amid the coronavirus pandemic. These gardens can be big or small, sprawling across yards and rooftops or tucked in several small pots.

The U.S. Small Business Administration is gearing up for what’s being called an “unprecedented" level of funding soon to be available under the new Paycheck Protection Program.

Will Mortgage Rates Remain Low?

Could lenders be facing a capacity issue that is preventing rates from going lower? Mortgage brokers reported a slew of customers flocking to refinance their loans after rates sank to record lows. Some lenders said they actually ended up having to charge higher rates just to slow demand.

Mortgage Rates Plunge to 8-Year Low

Mortgage rates are falling fast, and they could sink even lower. Mortgage News Daily reported that the 30-year fixed-rate mortgage averaged 3.34% on Monday, a rate last reached in 2012 and briefly in 2016.

Long-term mortgage rates loosely follow the 10-year Treasury yield. Coronavirus fears are hitting financial markets and prompting bond yields to move lower; mortgage rates are following suit.