U.S. mortgage applications rise for 6th straight week

More Americans are resuming their search to buy homes as states reopen. The Mortgage Bankers Association reported Wednesday that purchase applications shot up 8.6% from a week earlier despite high unemployment. That's the sixth straight weekly increase and amounts to a 54% jump since early April.

That suggests the housing market could lead the economy's recovery.

The sustained gains in applications also suggest the jump in first-time home buyers in April was no fluke. What's more, homebuilder sentiment improved in May.

The housing market has a huge impact on the economy. It has a multiplier effect on other industries ranging from building materials to white goods and furniture. Rising demand for home loans amid low interest rates offers hope the economic slump is close to bottoming.