Mortgage Roundup (9/15/20) – Forbearance, Profits & Refis

Good morning! Today is Tuesday, September 15.  Hurricane Sally bears down on the Gulf Coast as a Category 2 storm. Wildfires that continue to burn across the West Coast are causing poor air quality. Scientists detect potential signs of extraterrestrial life on Venus. 

And in mortgage and housing news …

FORBEARANCE NUMBERS: The share of mortgages in forbearance inches down slightly from the week prior, according to a report released by the Mortgage Bankers Association.  

LENDER PROFITS: Many American mortgage lenders expect stronger profits in the third quarter of this year, according to a new survey from Fannie Mae. 

REFINANCING SWEET SPOT: At the current levels for mortgage rates, some 19.3 million U.S. homeowners are in the sweet spot for refinancing, says the mortgage data firm Black Knight.

LITTLE ENGINE THAT COULD: The affordable housing market is surprisingly resilient. 

COMMERCIAL REAL ESTATE: The finance markets for commercial real estate are functioning again. The disruptions caused by Covid-19 have resulted in a wider than usual “stratification” of commercial real estate product types.

COVID CREDIT: Three ways the economic crisis caused by Covid-19 is affecting credit scores and what consumers can do about it.  

SINKING STUDENT HOUSING: “Student housing,” a subcategory of multifamily housing (apartments) in commercial real estate, is now dealing with a market crisis – similar to retail and lodging.  

GSE FATE: If Joe Biden wins the presidential election, there are three possible scenarios for Fannie Mae and Freddie Mac: continued conservatorship, a utility model, or nationalization

CLOSING THE GAP:  When it comes to racial disparities in mortgage lending, Boston is narrowing the gap.