Mortgage Roundup (9/14/20) – Rates, Market & Scarcity

Good morning! Today is Monday, September 14. The Gulf Coast is under another hurricane warning as Sally gains steam. Wildfires continue to ravage the West Coast. The National Football League season kicked off with a full slate of games.

And in mortgage and housing news …

SCARCE CREDIT: Mortgages are hard to come by these days. Mortgage credit availability fell to its lowest level in more than six years in August as the industry manages its way through the coronavirus pandemic.

END TO LOW: Why the run of record low mortgage rates may be ending.  

SHIFT IN MARKET? Two housing indicators may hint at a turn in the market. Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks.

SMALL MORTGAGES SCARCE: In many communities across the U.S., small mortgages—those for less than $150,000—are largely unavailable despite an abundance of homes in that price range.

STILL THE BIG APPLE: The suburbs are booming, but New York is not dead, real estate professionals insist.

INVENTORY CRUNCH: A range of multiunit and clustered smaller housing units may contain a solution to the inventory crunch.

RECOVERY: Covid-19 mortgage bailouts decline slightly, but a new foreclosure crisis could be brewing. 

CO-WORKING SPACES: Should more offices be taking their work outside? A variety of amenities can stretch out the season where needed.