Mortgage Roundup (11/13/20) – Loans, Rates & Vaccines

Good morning! Today is Friday, November 13. California becomes the second state to top 1 million Covid-19 cases, as L.A. County urges travel quarantines. Federal Reserve Chairman Jerome Powell said economic recovery from the Covid-19 shut downs is progressing, but warns the economy we knew is probably a thing of the past. The second round of the Masters continues today with Englishman Paul Casey, taking the early lead with 7 under par.

And in mortgage and housing news …

GRASS IS GREENER: Americans increasingly think the grass is greener elsewhere, as 26 percent say their local government’s response to the coronavirus pandemic has made them want to move away from where they currently live or change where they want to move, according to a new survey released by Redfin.

GSE LOAN PURCHASE EXTENSION: The Federal Housing Finance Agency announced yet another extension of Fannie Mae and Freddie Mac’s ability to purchase some single-family mortgages in forbearanceto continue to support the liquidity of mortgage lenders during the pandemic.

MORTGAGE RATES: Positive Covid-19 vaccine news drove mortgage rates up ever so slightly this week, but they remained near historically low levels, Freddie Mac announced in its weekly Primary Mortgage Market Survey.

VACCINE EFFECT: What a COVID-19 vaccine would mean for mortgage rates and the housing market.

HOME PRICES: Home prices have climbed at their fastest pace since 2013. 

TRANSITION SIGNALS: Biden taps proponents of stricter Wall Street and banking rules for his agency review teams during transition.

BUYING SIGHT UNSEEN: People are actually buying homes without ever physically seeing them.

EXPENSIVE HOMES: The pandemic is giving a boost to the upper end of the housing market from coast to coast. 

GSE LOAN SALES: Top Democrats are slamming the director of the Federal Housing Finance Agency for recent GSE loan sales, which they say could remove vital borrower protections.

MORTGAGES OF THE RICH AND FAMOUS: Taking out a mortgage can be a smart financial move, even if you have the cash to buy a home outright. Even the rich and famous use a little financing to their advantage.

FREE SPACE IN MALL OF AMERICA: The “Community Commons” retail space experiment could be easily replicated at any mall across the country.