Mortgage Roundup (8/7/20) – Covid, Renters & Records

Good morning! Today is Friday, August 7. The U.S. State Department lifted its Global Level 4 Health Advisory for no travel during the coronavirus pandemic. Most countries still won’t accept American travelers. Chinese social-media apps TikTok and WeChat face new restrictions, and a 45-day deadline for an American company to purchase TikTok’s U.S. operations. Sixty-six NFL players opt out of playing in the upcoming season. 

And in mortgage and housing news …

UNITED SHORE: United Shore employees posted numerous complaints about the company’s handling of the pandemic. More than 50 employees have tested positive for COVID. 

RENTER PROTECTION: Landlords in forbearance must inform renters in writing of protections available to them during pandemic.

ANOTHER RECORD: The 30-year fixed-rate mortgage averaged a record-low 2.88 percent, the eighth time rates set a new record this year, according to Freddie Mac’s Primary Mortgage Market Survey.

ROCKET IPO: On its opening day of trading, Rocket Companies’ stock was up 19.5 percent – from $18 to $21.51 at the closing bell.

MAINSTREET LOANS: Federal Reserve data show little appetite so far for its $600 billion Main Street lending program.

AFFORDABILITY WEAKENS: About 59.6 percent of new and existing homes sold in the second quarter of this year were considered affordable to families earning an adjust median income of $72,900, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. 

DEBT: Americans’ household debt fell for the first time since 2014 — but that doesn’t mean people are paying off their loans.  

ONLINE BROKERS: The top two brokerages that had the largest number of agents join their team are both virtual, online brokerages.

FAMILY LOANS: Desperate small business owners seeking cash to keep their businesses alive during the coronavirus pandemic are turning to their families for loans.

EVICTION WAVE: The disappearance of renter protections imposed in the wake of the pandemic will almost certainly lead to the worst housing crisis in a generation.