Mortgage Roundup (11/6/20) – Rates, Results & Raids

Good morning! Today is Friday, November 6. The counting continues with the presidential election results coming down to four states. A federal judge ordered the U.S. Postal Service to conduct rigorous sweeps of facilities serving states with looming election deadlines like Pennsylvania and North Carolina, so any ballots still in the system reach election officials in time. The NBA season will start Dec. 22, in time for the league’s marquee Christmas slate of games.

And in mortgage and housing news …

RATES FALL AGAIN: Amid political uncertainty, mortgage rates have dropped to a record low for the 12th time in 2020.

REDFIN RESULTS: Redfin announced financial results for the third quarter, with revenues down slightly but profit up significantly from last year.

NEW FANNIE CHAIR: Fannie Mae announced that Sheila C. Bair will take on the role of Chair of Fannie Mae’s Board of Directors.

FINANCIALLY DISTRESSED CITIES: In these cities, credit scores are dropping, financial accounts are in distress, and more people are searching online for loans. 

401-K RAID: Despite the financial toll of the coronavirus pandemic, few American households have raided their retirement accounts to make ends meet.

SMALL BUSINESS LENDING: Bank lending to small businesses has slowed to a trickle at a time they need it most. 

BOOMERS: Because of the size of the Baby Boom demographic, their housing choices will have major implications for local housing markets.

WINTER EQUITY: With low inventory and high buyer demand, sellers are expected to command higher home prices.

FIRST-TIME HOMEBUYING: Streamlining a first-time home purchase in a fast-moving market.

ELECTION PAUSE: Not knowing whether President Donald Trump will be sworn in for a second term or Vice President Joe Biden will become the next commander in chief is hurting the housing market.

URBAN CORE RENTALS: Despite the pandemic and the economic recession, National Multifamily Housing Council President Doug Bibby is optimistic about the future of apartment living.