Mortgage Roundup (4/24/20) – Rates, Prices & Showings

Good morning! Today is Friday, April 24. A new study shows that 21 percent of New Yorkers tested have coronavirus antibodies. The U.S. Treasury says public companies must certify “in good faith” that they absolutely need federal Paycheck Protection Program loans to keep operating. J.C. Penney is in advanced talks with lenders to seek bankruptcy funding. 

And in mortgage and housing news …

MORTGAGE RATES: Mortgage rates rose ever so slightly this week, reflecting nearly a month of stable rates after swings in the early days of the coronavirus pandemic. 

HOME PRICES: A trio of housing reports found that home prices aren’t dropping amid the ever-changing housing market brought on by the coronavirus pandemic, though sales are down.

VIRTUAL SHOWINGS: As real estate pros find new ways of conducting business during a pandemic, home showings are on the rise

NO RELIEF: A government effort to give Americans a break on their mortgage payments during the coronavirus pandemic hasn’t provided the relief many homeowners were hoping for.

CARES ACT FLAWED: A call to require homeowners to provide at least basic documentation for their claim that COVID-19 has affected them.

POST-CORONA DESIGN: Many of the world’s largest developers are rapidly rethinking their visions for the future of the built environment.

APPRAISAL DELAY: The National Credit Union Administration announced that credit unions can now delay appraisals up to 4 months after a mortgage closes.

UNEMPLOYMENT: Employee animosity is an unintended consequence of the $2.2 trillion coronavirus relief package enacted last month.

CREDIT SCORE STANDARDS: Movement Mortgage is rolling back many of its overlays and lowering its minimum FICO credit scores on FHA and VA loans to 620.

CALIFORNIA: A Los Angeles realtor group is opposing a split-roll property tax measure headed for California’s November ballot, saying higher taxes from the proposal would compound financial problems facing commercial property owners during the coronavirus pandemic.