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: 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 atypically high number of mortgage delinquencies and forbearance programs should not significantly affect property tax payments, reported Fitch Ratings, with the caveat that there is an increased possibility of timing delays.

ROCKET SOARS: Even though the stock market was down yesterday, Rocket Mortgage stock was soaring. What caused the spike? 

BANKS CUT OUT MORTGAGE BROKERS: Bank of America told a Thousand Oaks broker it was closing her business checking account because of her occupation. Then, the account was reinstated without explanation. Are banks trying to squeeze out mortgage brokers?

NOTHING BURGER: In an op-ed piece published on the blog for Harvard University’s Joint Center for Housing Studies, a former Freddie Mac exec referred to the FSOC review of the secondary mortgage market as “in modern slang, mostly a nothing-burger.”

CALIFORNIA INVESTOR RESTRICTIONS: In California, Governor Gavin Newsom just signed SB 1079, intended to make it more difficult for investors to buy up foreclosed properties en masse.

NO PERMISSION PAYMENT PAUSE: About 1,600 customers say Wells Fargo paused their mortgage payments without their consent.

NYC RESTAURANTS: Nearly half of New York City’s restaurants that were open pre-pandemic could close within a year, the state comptroller says.