Mortgage Roundup (6/18/20) – Banning Things, Applications & Refis

Good morning! Today is Thursday, June 18. Unemployment claims are still high, but easing substantially in the wake of the coronavirus economic meltdown. Other tennis stars are noncommittal, but Serena Williams says she can’t wait to play in the U.S. Open in August. Uncle Ben, Aunt Jemima, and Mrs. Butterworth are among those rethinking the racial stereotype of their brands. 

And in mortgage and housing news …

FORECLOSURE MORATORIUM: FHA joins FHFA in extending foreclosure moratorium.

GOOGLE BANS TARGETED ADS: Google announced that it will no longer allow realtors to target ads for housing based on ZIP code – in addition to several other changes.

9 WEEKS AND COUNTING: Mortgage purchase loan applications climb yet again – the highest levels in 11 years.

GAINING STEAM: Single-family permits issued in May were 11.9 percent above April levels in the United States, according to a report released by the Census Bureau and Department of Housing and Urban Development.

CFPB CLARIFIES CARES ACT: The Consumer Financial Protection Bureau is working to clarify servicer credit reporting requirements.

JUNETEENTH: Real estate franchisor Remax is the latest to recognize the holiday that’s historically been celebrated by Black communities

SKIPPED LOAN PAYMENTS: Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances.

REFINANCING: As more and more people rush to refinance, it’s important to remember that securing a good interest rate is only part of the goal when you’re shopping for a new loan.

MILLENNIALS: Online real estate investing has changed the game for young home buyers and investors. Here’s how millennials are investing in real estate and how you might want to get in on the action.

CONSTRUCTION COSTS: Innovations in construction and design can reduce the cost of building homes, particularly multi-family units. 

HOME EQUITY LINES OF CREDIT: New home-equity lines of credit declined after pandemic hit as lenders tightened standards

TARGET DATE INVESTMENTS: Many of these investments took a big hit in recent months. If you’re approaching retirement, you may want to review this strategy.