Mortgage Roundup (11/10/20) – Covid, Earnings & GSEs

Good morning! Today is Tuesday, November 10. Senate Majority Leader Mitch McConnell said President Trump is “100% within his rights” to continue his legal challenge of the presidential election results. The U.S. topped 10 million coronavirus cases, the fifth consecutive day with a six-figure increase in infections. Encouraging Covid-19 vaccine news gave the stock market a boost.

And in mortgage and housing news …

HOUSING MARKET: The calendar has turned to fall, but the housing market still seems to think it’s summer. The U.S. housing market chugged along at near record levels in October – with houses selling faster in October than September for the first time since 2011, according to a new report released by

MORTGAGE SATISFACTION: Customers are happier with their mortgage originators, but challenges loom.

HUD SECRETARY COVID: Housing and Urban Development Secretary Ben Carson tested positive for Covid-19, according to multiple news outlets reports.

JD POWER SURVEY: Rocket Mortgage by Quicken Loans announced that J.D. Power named the company the U.S. leader for client satisfaction in primary mortgage origination for the 11th straight year.

Q3 REVENUE: RE/MAX and Zillow reported strong financial results for the third quarter.

FORBEARANCE NUMBERS: The share of mortgages in the United States under forbearance plans dropped again, with 2.8 million homeowners still having their payments paused, according to the latest report released by the Mortgage Bankers Association.

COMMERCIAL FORECAST: The coronavirus recession continues to take a toll on the commercial and multifamily market, according to the Mortgage Bankers Association.

CONSERVATORSHIP FINISH LINE: A White House-backed effort to free mortgage giants Fannie Mae and Freddie Mac from government control has roughly two-and-a-half months to lock in whatever changes they can to Fannie, Freddie and the nation’s $10 trillion housing-finance system. 

SECOND HOME MARKET: More than two-thirds of vacation properties sold in less than a month in September, NAR survey shows.

COVID VACATIONS: As short-term renters plan COVID-safe vacations, technology can help property managers ensure properties are clean and safe.

HOME SEARCH HABITS: According to Fannie Mae’s monthly Home Purchase Sentiment Index, the percentage of respondents who think it’s a good time to buy a home has decreased.