Mortgage Roundup (9/2/20) – CDC, Prices & Refis

Good morning! Today is Wednesday, September 2. Serena Williams set the record for the most U.S. Open wins in history, passing Martina Navratilova. Americans are producing more trash during the pandemic and some cities are struggling to keep up. The LA2028 Olympic logo includes 26 different designs displayed in animation – a first in Olympic history. 

And in mortgage and housing news …

EVICTION BAN: The Centers for Disease Control and Prevention issued a public health order  that bans residential evictions through the end of the year to prevent the spread of Covid-19.

PRICE BOOM: Housing prices see biggest increases in nearly two years.

FREE RENT: Landlords across the country are offering more perks to attract would-be renters as the rental market has softened considerably in the last few months, according to an analysis released by Zillow. 

INVESTORS SKIP OUT: Some of the largest real estate investors are walking away from debt on bad property deals, even as they raise billions of dollars for new opportunities borne of the pandemic.

THE FED FLEX: The Federal Reserve now owns almost a third of bonds backed by home loans in the United States.

COMPETITIVE MARKETS: High down payments and credit scores can better position home shoppers, but they’ll still find steep competition in these areas

BUSY LOAN ORIGINATORS: Loan originators are dealing with an explosion of activity in New York City and its suburbs. 

REFINANCING AGAIN: You can refinance your home more than once — the question is whether it makes sense for you to do so right now. 

LOCATION, LOCATION, ISOLATION: Real-estate searches are looking a lot different lately and home valuations are holding up for very different reasons

COVID IMPACT: Many real estate investors — particularly those in commercial REITS — are grappling with questions around which changes are cyclical, which changes are structural, and what are the ultimate implications of these trends are going to be post-pandemic. 

MORE SPACE: Washington, DC is experiencing a spike in buyers looking for more space: “People are feeling overwhelmed and cramped in the pandemic.”