Mortgage Roundup (6/5/20) – IMBs, Savings & Inequity

Good morning! Today is Friday, June 5. Las Vegas casinos are reopening with COVID-19 safety measures like sinks next to slot machines. News cameras captured video of a powerful lightning strike of the Washington Monument. A Strawberry Moon will glow all weekend with a partial eclipse today. 

And in mortgage and housing news …

LOOKING UP:’s May Monthly Housing Trends report found that the market likely reached its low point in mid-April – with signs of recovery beginning late in the month followed by a stronger May.

INDEPENDENT MORTGAGE BANKS: Independent mortgage banks reported strong results on loans in the first quarter of the year even in the face of a reduction in volume as the coronavirus pandemic took hold in March, the Mortgage Bankers Association reported.

LONG-TERM SAVINGS: The U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.

REAL ESTATE INVESTMENT: The best markets for investing in real estate in a post-COVID world.  

MORTGAGE RATES: The average mortgage interest rate by state, credit score, year, and loan type.

SUBURBAN MARKETS HOT: Suburban houses that had been on the market for hundreds of days are now flying off the market — and it shows just how much the pandemic stands to redefine real estate.

HOUSING INEQUITY: In a report published this month, the Urban Institute cites multiple prior studies that show that if homeownership were racially equalized, the racial wealth gap would diminish.

AFFORDABLE HOUSING: Transit will remain vital to the future of affordable housing to provide access to employment and services, but also as a factor in allowing more units in the same space.

MILLENNIAL MARKETS: A list of the top 10 millennial housing markets, factoring in current housing affordability, local job market conditions during the coronavirus outbreak, the share of millennials already living in the area, and inventory availability.

LUXURY MARKET: The best way to market luxury homes for maximum appeal and sale price.