Mortgage Roundup (9/8/20) – Rates, Recovery & Recession

Good morning! Today is Tuesday, September 8. Record heat is fueling California fires and causing power companies to cut power in Northern sections. Hotels and resorts in summer hot spots report that remote workers are extending their vacations into the fall. Amazon is banning the sale of “mystery seeds” in the U.S.

And in mortgage and housing news …

FALLING FARTHER: Six reasons mortgage interest rates will fall over the next several months. 

LOW NOT ALWAYS GOOD: Interest rates are expected to stay near zero for years with an impact on mortgages, saving accounts and other financial health factors.  

RECOVERY: Coronavirus mortgage bailouts are improving slightly, but nearly 3 million borrowers still aren’t recovering.

“HUGE MISTAKE”: Finance guru Suze Orman cautions refinancers to not automatically go with a 30-year mortgage.  

TALE OF TWO RECESSIONS: The path toward economic recovery in the U.S. has become sharply divided. 

CLIMATE RISKS: While climate risks continue to affect the housing market, real estate investors are preparing for a more sustainable future.

JUMBO MORTGAGES: While lending has become tighter, there are some serious upsides to not paying cashand opting for a jumbo mortgage. 

HOUSING MARKET HEALTH: Short-, medium- and long-term worries about the housing market’s cascading consequences for individual and national economic health. 

CD-SECURED LOANS: This might be the only time it makes sense to opt for a CD-secured loan

BUYER REGRETS: A LendEDU survey in late August found that 55 percent of those who became homeowners amid the pandemic already regret the decision, mostly due to financial reasons. 

FHA LOANS: Breaking down FHA loan limits in 2020 – who qualifies, for how much, under what kind of terms.