Mortgage Roundup (10/29/20) – Sales, Apps & Scores

Good morning! Today is Thursday, October 29. More than 40 states are reporting an increase in Covid-19 cases and many in the Midwest are seeing record hospitalizations. In a decision this week, the Supreme Court allowed 9-day extensions for absentee ballots in Pennsylvania and North Carolina. Thousands are without power after Hurricane Zeta made landfall in Louisiana last night as a strong Category 2 storm. 

And in mortgage and housing news …

NEW HOME SALES: Sales of newly built single-family homes fell slightly in September – but remained significantly higher than a year ago, according to a report released by the National Association of Home Builders. 

MORTGAGE APPS: Mortgage applications increased slightly in the latest weekly report released by the Mortgage Bankers Association.

CREDIT SCORE HIT: Financial victims of the coronavirus economy will see credit scores suffer for over half a decade, experts warn.

MORTGAGE TRANSFERS: They may sound really convenient, but mortgage transfers are generally not possible. There are a few exceptions worth knowing about.

CRYSTAL BALL: The top predictions for the housing market in 2021.  

MALL DELINQUENCIES: More lenders are starting to deliver a stern new message to delinquent mall owners: time to pay up.

HOMEOWNERSHIP TREND: Census data shows the homeownership rate for those under 35 increased by nearly 3 percent year over year. 

PANDEMIC REMODEL: If you don’t have much equity, there are other ways to fund a dream pandemic remodeling.

GUILD MORTGAGE SETTLEMENT: Guild Mortgage will pay $25 million in a federal lawsuit settlement. The suit alleges that Guild knowingly originated and underwrote mortgages that didn’t meet the program requirements of the FHA.

AFFLUENT TRAILBLAZERS: The wealthy are defying traditional migration patterns amid the pandemic.