Good morning! Today is Thursday, July 30. Democrats and Republicans in Congress criticized the executives of Amazon, Apple, Facebook and Google for using their market power to quash competitors and amass data. There is still no agreement in Congress on extending emergency unemployment benefits that expire Friday or on reviving a moratorium on evictions that lapsed last week. The NBA starts its season tonight, playing games inside a Disney World bubble.
And in mortgage and housing news …
SUBURBS: President Trump said that his recent action to rescind an Obama-era housing rule will keep low-income housing out of the suburbs.
FHA BOSS COMFIRMED: The U.S. Senate confirmed Dana Wade as the commissioner of the Federal Housing Agency by a 57-40 vote.
THE FED: The Federal Reserve announced that it will keep interest rates at zero and continue to load up on mortgage-back securities to ensure credit is available to businesses and individuals to keep the economy afloat during the coronavirus pandemic.
MORTGAGE APPLICATIONS: Mortgage applications dipped ever so slightly for the week ending July 24, according to a report released by the Mortgage Bankers Association.
STATE BY STATE MORTGAGE PAYMENTS: LendingTree analysts ranked each state based on its respective average monthly mortgage payment and then compared that to the national average payment of $1,159.
HIGH HOME PRICES: By adjusting its monetary policy, the Fed’s response to the coronavirus pandemic has helped keep the home mortgage market revving and home prices high.
GUARANTEED LOW: The Fed’s July meeting virtually guarantee that rates will stay in the cellar. In fact, the central bank’s gloomy outlook may send rates down even deeper.
TO TAHOE!: Lake Tahoe real estate is getting snapped up at a record pace, as San Francisco tech workers flee the city in search of more space and a healthier lifestyle.
RECOVERING FROM FORECLOSURE: Generally, borrowers whose homes have been foreclosed must undergo a waiting period before anyone will lend them money for another mortgage.
JUMBO LOANS: With home prices edging higher, more buyers are being pushed into jumbo mortgage loans. A list of the top jumbo loan lenders in 2020.
STIMULUS SMARTS: With another round of stimulus checks proposed, financial experts provide advice on how to spend it.