Mortgage Roundup (10/15/20) – Earnings, Ginnie & FHA

Good morning! Today is Thursday, October 15. Supreme Court nominee Amy Coney Barrett closed out her confirmation hearing testimony. About 70 percent of registered voters surveyed said they would take a Covid-19 vaccine, but many of those would prefer to wait to see what side effects there are. A man in a jet pack flying over LAX was spotted by a China Airlines crew – the second sighting of its kind in a month.  And in mortgage and housing news … GINNIE MAE: Ginnie Mae issued a record $748 billion in mortgage-backed securities during the recently completed fiscal year, nearly 50 percent higher than the previous record. REFINANCE MARKET: While mortgage applications overall were relatively flat, significantly more American homeowners continue to work to…

Mortgage Roundup (10/14/20) – Luxury, Prices & Yards

Good morning! Today is Wednesday, October 14. Covid-19 cases are surging in the Midwest and West as the U.S. enters what is expected to be a rough fall/winter wave of the pandemic. The University of Florida stopped their football program after a coronavirus outbreak. NASA debuted a new toilet designed for women. And in mortgage and housing news … LUXURY HOUSING: Redfin reports that luxury home sales in the United states increased 41.5 percent in the third quarter over a year ago – the largest jump since at least 2013. HOUSING AFFORDABILITY: In August, home prices jumped five times more than income gains, according to National Association of Realtors data. HOME PRICES: Home prices are held down by COVID-19 in big cities while climbing sharply in less crowded…

Mortgage Roundup (10/13/20) – Credit, Delta & Banks

Good morning! Today is Tuesday, October 13. Johnson & Johnson is pausing its Covid-19 vaccine trial after a participant became sick. After sleeping through the “big call,” a Nobel Prize winner got the news from his neighbor knocking on his door. Sen. John McCain’s mother, Roberta, dies at age 108.  And in mortgage and housing news … CREDIT TIGHTENS: The Mortgage Bankers Association reports that mortgage credit availability decreased again in September, reaching the lowest level since February 2014 and down roughly 50 percent this year. FORBEARANCE DECREASE: There was a pretty big drop in the percentage of US mortgages in forbearancethis week, with 3.2 million homeowners still in plans to pause their loans, according to the weekly report released by the Mortgage Bankers…

Mortgage Roundup (10/12/20) – Lending, Luxury & Equity

Good morning! Today is Monday, October 12. Senate confirmation hearings begin this morning for Supreme Court Justice nominee Amy Coney Barrett. Tech workers leaving the San Francisco Bay Area to work remotely amid the pandemic are being asked to take pay cuts of 15 percent or more, as tech companies make cost-of-living adjustments. Lakers fans gathered at Staples Center to celebrate the team’s first NBA championship win in a decade.  And in mortgage and housing news … PRESIDENTIAL POSITIONS: Where Biden and Trump stand on mortgage finance issues.  FED’S MAIN STREET LENDING: Only about $2 billion worth of Federal Reserve program loans have been issued so far through the $600 billion program, many of them by City National Bank of Florida. MORTGAGE PAID OFF: Paying off your…

Mortgage Roundup (10/9/20) – Rates, AIME & Credit

Good morning! Today is Friday, October 9. President Trump rejected a proposed Oct. 15 virtual debate with Joe Biden after testing positive for Covid-19 last week. Louisiana is bracing for the sixth hurricane to hit the state in 2020. SpaceX’s Tesla roadster is approaching Mars, after traveling nearly 1.3 billion miles since launching nearly three years ago. And in mortgage and housing news … MORTGAGE RATES: Mortgage rates remain at record lows.  CASA LEAVES AIME: Three months after igniting a scandal by sending lewd and misogynistic messages about a rival, Anthony Casa is officially stepping down from his role at the Association of Independent Mortgage Experts. CREDIT SCORE: Mortgage lenders use a unique version of your FICO score to evaluate creditworthiness. Here’s what you need to know. I-BUYER…

Mortgage Roundup (10/8/20) – Evictions, Suburbs & Freddie

Good morning! Today is Thursday, October 8. Mike Pence and Kamala Harris faced off in the first and only vice presidential candidate debate. Facebook will temporarily disable all ads focused on political and social issues after polls close on Election Day as part of an effort to “reduce opportunities for confusion or abuse” as the results are tabulated. Hurricane Delta restrengthened into a Category 2 storm as it churns toward the northern Gulf Coast, packing sustained winds of 100 mph. And in mortgage and housing news … EVICTIONS LOOMING: The U.S. Census Bureau survey shows that about 5.4 million expect to be evicted or face foreclosure in the next two months. GOODBYE SUBURBS: President Trump once again warned Americans on Wednesday…

Mortgage Roundup (10/7/20) – Flight, Recovery & Stress

Good morning! Today is Wednesday, October 7. President Trump stopped negotiations with Congress over additional Covid-19 stimulus funding until after the election. New York Gov. Cuomo warns that religious institutions can be shut down for Covid violations. Hurricane Delta is bearing down on Mexico, with a U.S. Gulf Coast landfall expected later this week.  And in mortgage and housing news … URBAN FLIGHT: Could the trend toward greater suburbanization – and migration among states – have an impact on next month’s election in the United States? BETTER TO OVERDO: Jerome H. Powell, the Federal Reserve chair, called the economic recovery “incomplete” and highlighted that it was better to overdo the pandemic policy response than to undershoot.  ELEVATED DISTRESS: Delinquencies could continue exceeding pre-pandemic levels until 2022 due to…

Mortgage Roundup (10/6/20) – Prices, Exits & Condos

Good morning! Today is Tuesday, October 6. President Trump left Walter Reed hospital and returned to the White House after being treated for Covid-19. Hurricane Delta is rapidly intensifying in the Caribbean and is an increasing danger to the U.S. Gulf Coast by late this week. Instagram marks its 10th anniversary with an anti-bullying feature.  And in mortgage and housing news … PRICE SURGE: The median home sale price surged 14 percent in September, the largest price jump in more than seven years, according to a new report released by Redfin. FORBEARANCE NUMBERS: The number of mortgages in forbearance inched down once again this week – with 3.4 million homeowners in the United States still pausing their mortgage payments amid the coronavirus pandemic, the Mortgage…

Mortgage Roundup (10/5/20) – Fannie, Election & Rates

Good morning! Today is Monday, October 5. President Trump’s doctors said his condition was improving and he could be discharged from the hospital as soon as today. The U.S. hit its highest level of new Covid-19 cases in two months. Only two states are reporting declines. Apple updated its face mask-wearing emoji with smiling eyes.  And in mortgage and housing news … FANNIE’S FUTURE: Why the outcome of the election may not matter for Fannie Mae’s future.   SIGHT UNSEEN: Tips from the new-home construction world that can help buyers feel more comfortable about remote home shopping. COMMERCIAL MORTGAGES: Commercial real estate is one of the industries taking a hard hit from the pandemic. RECESSION SCRIPT FLIPPED: According to a top housing industry expert, the current rampage in prices will keep…

Mortgage Roundup (10/2/20) – Sales, Rates & Taxes

Good morning! Today is Friday, October 2. President Trump says he and First Lady Melania Trump have tested positive for the coronavirus. Some colleges are learning how to contain Covid-19 with frequent testing and tracing. New York becomes the first big city to reopen all its schools.  And in mortgage and housing news … SEPTEMBER SURPRISE: Realtor.com reported that homes sold faster in September than in August for the first time in four years, as buyers are paying about $20,000 more for a typical home and face 25 percent more competition than at the start of 2020. BELOW THREE: Mortgage rates are sitting below 3 percent for the 10th straight week, Freddie Mac reported. TRUMP VS. BIDEN: What the presidential election will mean for multifamily housing.   PROPERTY TAXES: An…