Mortgage Roundup (8/10/20) – Trump, Bans & Rates

Good morning! Today is Monday, August 10. Several investment and technology firms are exploring a potential deal for the U.S. operations of TikTok, which faces a White House ban. An earthquake shook parts of North Carolina. The U.S. surpassed 5 million Covid-19 cases. 

And in mortgage and housing news …

EVICTION ORDER: President Trump issued an executive order over the weekend directing various federal agencies to identify ways to prevent evictions and foreclosures during the coronavirus pandemic – though the order itself did not provide those protections.

CREDIT INSURANCE: PNC Bank will terminate all credit insurance on consumer loans.

SHORT-TERM RENTAL BAN: Thousands of online listings are violating L.A.’s new short-term rental law.

MORTGAGE RATE FORECAST: Mortgage interest rates are falling, but they’ll drop even more in the coming weeks, giving some 18 million homeowners an opportunity to save money by refinancing.

EVICTION CRISIS: As President Donald Trump calls for another federal eviction moratorium, a new report has shed light on just how many Americans are facing housing insecurity as a result of the coronavirus pandemic and the associated economic downturn.

NYC DENSITY: How the New York metro area is creating hundreds of thousands of new homes

COVID DESIGNS: Builders rework floor plans to emphasize home offices. 

HOMEBUYING: Prospective homebuyers willing to enter the hectic fray and shop for a home during the Covid-19 outbreak may benefit from knowing what to expect as they search for their next home.

CONSUMER CONFIDENCE: The Fannie Mae Home Purchase Sentiment Index® decreased 2.3 points in Julyto 74.2, moderating slightly after two consecutive months of advances.

GSE PROFIT: Fannie Mae and Freddie Mac, the U.S. government-sponsored mortgage lenders, earned a combined $21.4 billion with a total of just 14,300 workers. These numbers put them on a list of the world’s top companies making efficient use of their workforce.  

BULLISH ON ONLINE LENDERS: Millennials and those looking to buy homes will turn towards online mortgage lenders just as we have turned to the web to buy everything. This trend will likely continue after the pandemic and favor companies like Rocket Companies Quicken Loans as it has a strong online presence and marketing strategy.

PUBLIC HOUSING LIKE AIRPLANES: Public housing residents face eviction for COVID violations in Hawaii.