Mortgage Roundup (3/11/20) – Advertised Rates, Mortgage Relief & Delinquency Rates

There are now at least 1,000 confirmed coronavirus cases in the United states Joe Biden wins big in Tuesday night’s primaries in six states. U.S. stock futures and Treasury yields take another hit, reflecting doubts about the ability of governments and central banks to combat the economic fallout caused by the coronavirus.

And in mortgage news …

Super-low interest rates are disappearing from mortgage comparison sites. Lenders appear to be increasing rates to deal with demand brought on by record-low interest rates.

Lending standards tightened in February, with mortgage credit availability declining slightly in the latest Mortgage Credit Availability Index. The report from the Mortgage Bankers Association found that the MCAI fell by 0.3 percent to 181.3 in February.

Mortgage Bankers double their 2020 mortgage origination forecast to reflect an expected surge in refinancing due to record low mortgage rates.

FHFA, FHA are reminding servicers of the mortgage relief options available to consumers as coronavirus spreads and impacts jobs and the economy. 

A majority of Americans believe the size of their mortgage has hurt their ability to save money for the future, according to a survey. Nearly 80 percent of homeowners think their mortgage size has limited how much cash they can stash away. Home equity exceeds retirement account balances among every age group surveyed. 

After a slight uptick the previous month, nationwide delinquency rates have fallen to the lowest level since June 2000. 

Commercial and multifamily mortgage delinquencies remain low, according to a Mortgage Bankers report. 

The average U.S. home built today takes up 2,505 square feet, by far the largest among highly industrialized countries. The result is there isn’t land left for affordable single-family home construction anywhere near city centers.

Boomers are staying in their houses longer, because they’re living longer and more independently than previous generations.