Mortgage Roundup (10/8/20) – Evictions, Suburbs & Freddie

Good morning! Today is Thursday, October 8. Mike Pence and Kamala Harris faced off in the first and only vice presidential candidate debate. Facebook will temporarily disable all ads focused on political and social issues after polls close on Election Day as part of an effort to “reduce opportunities for confusion or abuse” as the results are tabulated. Hurricane Delta restrengthened into a Category 2 storm as it churns toward the northern Gulf Coast, packing sustained winds of 100 mph.

And in mortgage and housing news …

EVICTIONS LOOMING: The U.S. Census Bureau survey shows that about 5.4 million expect to be evicted or face foreclosure in the next two months.

GOODBYE SUBURBS: President Trump once again warned Americans on Wednesday that the suburbs will be destroyed if former Vice President Joe Biden is elected next month.

MORTGAGE APPS: Mortgage applications increased for the week ending October 2, driven by a surge in refinance requests, according to a report released by the Mortgage Bankers Association.

PENCE VS. HARRIS: How the vice presidential candidates stack up when it comes to housing.

FIRST-TIME HOMEBUYERS: SmartAsset uncovered the best cities for first-time homebuyers in 2020.

FREDDIE MAC:  Freddie Mac announced the auctioning of 2,806 non-performing residential first lien loans.

REFINANCE FEE: The new “adverse market refinance fee” is a 0.5 percent fee that will be charged to refinances sold to Fannie Mae or Freddie Mac (about 70 percent of all loans), starting on Dec. 1. Consider the implications interest rates will pay in savings and cost. 

NORTH CAROLINA FLOOD: As sea level and extreme weather risks rise, larger down payments, inequities in insurance, and heirs’ properties could leave coastal residents drowning in debt and devalued homes.

COMMERCIAL REAL ESTATE: Commercial property foreclosures are poised to rise as Covid-19 lingers. 

FIRE GENERATION: The millennial generation is trying to shake things up with financial planning for retirement.