Good morning! Today is Friday, May 1. The United States is aiming to produce hundreds of millions of doses of a COVID-19 vaccine by January. Amazon sales jumped as coronavirus quarantines sparked a surge in online shopping. After a peak in March, Americans are watching slightly less TV. And in mortgage and housing news … NIXING HELOCS: Wells Fargo joins JPMorgan Chase in backing off the loans known as HELOCs. MORTGAGE RATES: Freddie Mac announced that the 30-year fixed-rate mortgage fell to 3.23 percent, the lowest rate in the survey’s 50-year history. GREATEST CHALLENGE: Freddie Mac CEO David Brickman said the housing market is “facing its greatest challenge in more than a decade” and that the impact of the coronavirus will be felt over the next year,…
Good morning! Today is Thursday, April 30. States are struggling with a surge in unemployment benefit claims. California Gov. Newsom is expected to close all beaches and state parks to prevent coronavirus spread. Disney is releasing two summer movies ahead of schedule to keep audiences watching during the pandemic. And in mortgage and housing news … FORBEARANCE ACCUSATIONS: The watchdog at the U.S. Department of Housing and Urban Development is accusing mortgage lenders of providing “incomplete, inconsistent, dated and unclear guidance” to borrowers seeking relief from mortgage payments during the coronavirus pandemic. BUYERS RETURN: The number of new mortgage applications dropped slightly last week, though purchase applications increased and homeowners are taking advantage of low interest rates to refinance at a much higher rate than…
Good morning! Today is Wednesday, April 29. The push to reopen the U.S. economy is running up against wary workers and consumers. Treasury officials vow to recoup virus relief aid intended for small businesses by auditing any company that received more than $2 million. The Federal Reserve will make an announcement on interest rates this afternoon. And in mortgage and housing news … BIG FAN: United Wholesale Mortgage CEO Mat Ishbia called the embattled Federal Housing Finance Agency Director Mark Calabria “a great leader” who is “doing good things.” HOME WORK: Zillow employees can work from home for another 8 months. HOMEOWNERSHIP RATES: Homeownership rates climbed to 65.3 percent in the first quarter of the year, the highest rate since the end of 2013. DISPARATE IMPACT: The coronavirus will…
Good morning! Today is Tuesday, April 28. Ohio became the 11th state to lift coronavirus restrictions. Texas will reopen businesses in phases, as the state’s stay-at-home order expires Thursday. New York may need federal help to pay unemployment benefits. And in mortgage and housing news … FANNIE FREDDIE REPAYMENT: The Federal Housing Finance Agency issued a reminder that borrowers who go into forbearance will not have to repay missed payments all at once if their mortgages are backed by Fannie Mae or Freddie Mac. FORBEARANCE NUMBERS: The number of mortgages in forbearance amid the coronavirus pandemic keeps climbing. INDUSTRY FORECAST: The National Association of Realtors says while the industry forecast is bleak, there is confidence in a bounce back later this year. NEW FHFA COO: The Federal Housing Finance…
Good morning! Today is Monday, April 27. A number of states have begun to loosen coronavirus restrictions. The Naval hospital ship USNS Comfort is discharging its last coronavirus patients before leaving New York City. Some high schools are holding online proms to safely keep the tradition going amid the coronavirus. And in mortgage and housing news … CANCEL RENT, MORTGAGE: The Rent and Mortgage Cancellation Act of 2020 would suspend all rent and mortgage payments on primary residences, regardless of the tenant’s or mortgage holder’s ability to pay or whether they had suffered any financial hardship. FORBEARANCE RISE: The number of loans in forbearance continues to outpace regulators’ expectations. RISK/REWARD: Paying off your mortgage early may make sense, if you can afford it. REFINANCING DEMAND: Mortgage lenders are struggling…
Good morning! Today is Friday, April 24. A new study shows that 21 percent of New Yorkers tested have coronavirus antibodies. The U.S. Treasury says public companies must certify “in good faith” that they absolutely need federal Paycheck Protection Program loans to keep operating. J.C. Penney is in advanced talks with lenders to seek bankruptcy funding. And in mortgage and housing news … MORTGAGE RATES: Mortgage rates rose ever so slightly this week, reflecting nearly a month of stable rates after swings in the early days of the coronavirus pandemic. HOME PRICES: A trio of housing reports found that home prices aren’t dropping amid the ever-changing housing market brought on by the coronavirus pandemic, though sales are down. VIRTUAL SHOWINGS: As real estate pros find new…
Good morning! Today is Thursday, April 23. The House is expected to approve an additional $320 billion for the Paycheck Protection Program targeted to small businesses hurt by the coronavirus. Harvard will return its $9 million federal stimulus check. President Trump announced that national parks will reopen. And in mortgage and housing news … GSE’S PURCHASE: The Federal Housing Finance Agency announced that it will allow Fannie and Freddie to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the coronavirus pandemic. HOME PRICES: Home prices in the United States rose 0.7 percent in February over the previous month – and 5.7 percent over a year earlier, the Federal Housing Finance Agency announced. NIGHTMARE SCENARIO: MBS Highway President and…
Good morning! Today is Wednesday, April 22. A 3.7 magnitude earthquake shook parts of L.A. The Senate passed a $480 billion aid package to help small businesses and hospitals to blunt the economic crisis caused by the coronavirus. Netflix has added 16 million new subscribers. And in mortgage and housing news … FOUR-MONTH FORBEARANCE: The Federal Housing Finance Agency announced that mortgage lenders will only have to cover four months of missed payments from borrowers under forbearance during the coronavirus pandemic. Is a Fed liquidity facility next? HOME SALES: Existing home sales fell in March amid the coronavirus outbreak, though overall sales were up slightly from a year ago, the National Association of Realtors announced. FLYING W RECOVERY: The housing market recovery is projected to look like a “flying…
Good morning! Today is Tuesday, April 21. President Trump says he will suspend immigration into the U.S. to protect jobs amid coronavirus fallout. Georgia will reopen gyms, hair salons, and bowling alleys this week. North Korea’s leader, Kim Jong Un, is reportedly in grave danger after surgery. And in mortgage and housing news … NEW LISTINGS: The number of new houses going on the market is plummeting as the coronavirus pandemic wears on, according to an analysis released by Redfin. FORBEARANCE SPIKE: The number of loans in forbearance continues to rise as borrowers cope with economic hardship caused by the coronavirus pandemic. CALABRIA WRONG: Federal Housing Finance Agency Director Mark Calabria said on April 1 he expected 300,000 Fannie Mae and Freddie Mac loans – or 1…
Good morning! Today is Monday, April 20. Democrats and the White House are close to a deal to help small businesses hurt by the coronavirus. Shake Shack plans to return its $10 million paycheck protection loan after getting needed capital on its own. Neiman Marcus is preparing to seek bankruptcy protection this week. And in mortgage and housing news … GSE FORBEARANCE: FHFA Director Mark Calabria appears to have misjudged the number of mortgages projected to be in forbearance. INDEPENDENT MORTGAGE BANKS: The lending business was significantly more profitable for independent mortgage banks in 2019, though 2020 is going to be another story. LUMP SUM: Realtors are advising clients that they may owe missed monthly payments in a lump sum at the end of the forbearance period. HOUSING COUNSELORS: Coronavirus…
