Mortgage Roundup (6/11/20) – Rates, Apps & Savings

Good morning! Today is Thursday, June 11. Amazon says it will pause police use of its facial recognition technology for a year. NASCAR will ban display of Confederate flag at all events and properties. Disney will reopen the original Disneyland in Anaheim, Calif. on July 17, the 65th anniversary of the park’s opening.

And in mortgage and housing news …

0 PERCENT: The Federal Reserve kept interest rates effectively at 0 percent and vowed to increase holdings in Treasury securities and mortgage-backed securities to support the economy during the coronavirus pandemic.

MORTGAGE APPS: Mortgage applications for home purchases increased for the eighth straight week as the housing market continues to take steps forward from the depths of the coronavirus pandemic.

FHFA CALABRIA ENCOURAGED: Federal Housing Finance Agency Director Mark Calabria told Congress that forbearance rates in the United States are “manageable,” noting that the number of homeowners pausing mortgage payments has slowed considerably in recent weeks.

HOMELESS DURING PANDEMIC: HUD is allocating billions of dollars to help city governments expand emergency shelters and essential services for homeless people during the pandemic.

SAVINGS GOALS: Some lenders allow borrowers to estimate how much they save by making extra payments each month. If you can afford to make additional mortgage payments, this is one of the best ways to build more equity and pay off your principal balance faster.

REFINANCING: New research from the mortgage data firm Black Knight estimates that 14 million mortgage holders are good refinance candidates and altogether could save $3.95 billion a month by swapping out their home loans.

SCAM PREVENTION: Federal mortgage lender Fannie Mae launched a site for homeowners and renters with information on scam prevention and free financial counseling.

DUAL AGENCY BEWARE: The risks of contacting a real estate agent online — or before you’re ready to buy.

LABOR MARKET RECOVERY: A report to be released today is expected to show a decrease in the number of Americans receiving unemployment benefits, offering another sign that the labor market is starting to mend.

HOUSING APOCALYPSE: A housing “apocalypse” is coming as coronavirus protections across the country expire.