Mortgage Roundup (7/27/20) – Jobs, Profits & Lemons

Good morning! Today is Monday, July 27. Protesters have returned to the streets in Oakland, Seattle and elsewhere. Hurricane Douglas passes north of the Hawaiian islands in a close call. Lemonade stand owners affected by the pandemic pause can now get a $100 stimulus check from Country Time. 

And in mortgage and housing news …

MORTGAGE HIRING: Freedom Mortgage company plans to add 3,000 jobs over six months.

SELLERS PROFIT: During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions.

EVICTION RELIEF: A proposal being considered in the U.S. Senate will include another eviction moratorium,but it will take some time before it becomes law. What happens in between?

REALTORS ESSENTIAL: National Association of Realtors President Vince Malta says that seeing how members have adapted to the coronavirus crisis has reinforced his confidence about the industry’s future.

ECONOMIC VITAL SIGNS: Mortgage rates dropping like a rock may not be as great as it sounds for the economic health of the country.

RECOVERY VULNERABLE: Reports from the Mortgage Bankers Association show the markets are on track for recovery, but the end of unemployment and other coronavirus aid could prove detrimental to the housing market longer term. 

NEW POSSIBILITIES: With the rise of virtual real estate operations, brokerages are tuned into enhancing connections with agents and consumers.

CREDIT STANDARDS: Low mortgage rates help home buyers as prices rise, but only if they can qualify for increasingly high loan standards.  

LEMONADE STAND STIMULUS: Country Time launched what they’re calling the “Littlest Bailout Relief Fund.”This means that lemon-based entrepreneurs who’ve been affected by the pandemic pause can get a $100 stimulus check from the company.

JUMBO MORTGAGES: Record-low interest rates are helping home buyers lock in years of savings on future mortgage payments. But those searching for larger homes in expensive markets aren’t reaping the same reward.