Good morning! Today is Friday, July 10. New coronavirus cases in the U.S. hit another daily record, including more than 1,000 TSA agents. The pandemic is speeding meatpackers’ shift from human meat cutters to automated ones. New York City cancelled all large events until October.
And in mortgage and housing news …
DEMOCRATIC HOUSING PLAN: Opposing wings of the Democratic Party released sweeping housing policy recommendations, including proposals to reverse policies and practices that “have made homeownership all but impossible for millions of working families.”
FEELING BETTER: The Fannie Mae Home Purchase Sentiment Index increased 9 points in June to 76.5, driven by more optimistic views of homebuying and selling conditions, as well as positive views about the potential for home price appreciation.
SCARCE CREDIT: With mortgage rates at historically low levels, mortgage credit availability in the United States decreased even further in June, according to a report released by the Mortgage Bankers Association.
NEW RECORD: Mortgage rates are flirting with dropping below 3 percent for the first time in history.
LOCKED OUT: United Wholesale Mortgage is only offering its low rate mortgages for veterans to new customers. The program would keep veterans who already have UWM mortgages locked into their higher rate.
SUPREME COURT HEARS GSE CASES: The Supreme Court announced that it would hear a pair of cases related to litigation around the structure and payout dividend payout practices of Fannie Mae and Freddie Mac, Reuters reported.
FHFA EXTENSION: As the coronavirus pandemic drags into summer, the Federal Housing Finance Agency announced that it is extending flexible loan origination policies for another month.
FANNIE MAE INTERNS: While companies around the country canceled their 2020 internship programs amid the pandemic and recession, Fannie Mae figured out how to move its internships online: “Our internship program is a pipeline for entry-level hires.”
BEST LITTLE CITIES: The attraction of smaller cities has been growing. Here’s a list of “the best” little cities in the U.S.
WELLS FARGO: Wells Fargo is mandating that new customers seeking to refinance a jumbo mortgage take $1 million in balances to the financial institution at a minimum compared to a $250,000 threshold in the past, CNBC reported, citing unnamed sources.
HOME CONSTRUCTION DOWN, REFINANCING UP: New numbers show that home construction is stalling, but refinancing mortgages continue to increase.