Good morning! Today is Friday, October 23. President Trump and Joe Biden take their last laps on the campaign trail after a calmer final debate. The U.S. topped 73,000 new coronavirus cases for first time since July. Game 3 of the 2020 World Series resumes tonight inside the “playoff bubble” in Arlington, Texas.
And in mortgage and housing news …
MORTGAGE RATES: Mortgage rates have hit yet another record low.
HOME SALES: Existing-home sales grew for the fourth consecutive month in September.
BIDEN EFFECT: How the housing market might change under a Biden Administration.
RENTAL MARKET: Nearly four million renters may be evicted from their homes.
JUMBO MORTGAGES: The average cost of a 30-year jumbo mortgage hovered near a record low this week at 3.50 percent in Bankrate’s survey.
HOME CONSTRUCTION: U.S. home construction rose by 1.9 percent last month after having faltered as much as 6.7 per cent in August.
FED REPORT: A new Federal Reserve report bodes well for the mortgage lenders and the housing sector.
UNDERWRITING STANDARDS: Mortgage lenders have changed their underwriting standards in response to trends and economic uncertainty sparked by the Covid-19 pandemic.
CREDIT INEQUALITY: Blacks must make extraordinary efforts to overcome the discrimination that is often hidden in financial policies or products that are supposed to be bias-free.
OFFICE BUILDINGS: Office buildings in walkable locations are faring better than purely urban or suburban offices.
LENDER COMPETITION: How to make lenders compete for your mortgage.