Mortgage Roundup (6/12/20) – Rates, Profits & Rent

Good morning! Today is Friday, June 12. Businesses ranging from tech titans Apple and Google to toy maker Hasbro announced new measures and investments to promote racial justice. Twitter took down China-linked accounts spreading disinformation about the coronavirus.

And in mortgage and housing news …

STAYING AT 0: Federal Reserve Chairman Jerome Powell said the Fed is committed to “using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible.”

FHFA EXTENSION: The Federal Housing Finance Agency announced it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency.

RATES HOVER: Mortgage rates hovered near record lows again this week, according to Freddie Mac’s Primary Mortgage Market Survey.

LENDER PROFITS: Most lenders surveyed believe profits will rise in the second quarter. 

FED TRANSPARENCY: Congressman calls for more transparency from the Fed on central bank digital currency work

RENTAL INCOME: If you’re cashing in on the short-term rentals, here are 5 tips to minimize, and sometimes even eliminate your taxes on this additional income.

QUICKEN IPO: Quicken Loans, the largest mortgage lender in America, is planning an initial public offering, according to people familiar with the matter.

BUYER REBATE: A new online real estate brokerage coming to Boston will bank on a buyer-friendly commission structure.

SF RENTAL MARKET: The coronavirus pandemic is driving rents down in San Francisco and across the region, reshaping a housing market that for the past decade has generated enormous profits for residential developers.

SEATTLE: The Seattle area housing market is proving to be resilient amid the coronavirus pandemic, but inventory remains low.