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 Bankers Association announced.

FORBEARANCE EXIT: Homeowners are leaving forbearance, but not in the ways you’d expect. 

CONDO COMEBACK: Condos could make comeback in housing market if single-family home prices keep rising.

PAYCHECK PROTECTION PROGRAM: Congress is working to extend the Paycheck Protection Program, but with new measures to ensure the most vulnerable of businesses have a better shot at funding.

LENDER IPO’S: Riding a wave of low interest rates, mortgage lenders rush to take their companies public.

HOMEOWNERS INSURANCE: When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. 

71 BATHROOMS: Why Is Ex–Zappos CEO Tony Hsieh buying houses en masse in Utah?

MORTGAGE POINTS: Should you pay points to lower your mortgage?