Mortgage Roundup (2/19/20) – Bloomberg’s Plan, Mortgage Applications & Low Rates

The Democrats are set to debate in Las Vegas tonight ahead of the Nevada caucuses. Meanwhile, in mortgage news …

Mike Bloomberg’s financial reform policy plan has sweeping implications for the housing industry. Mortgage Bankers Association CEO David Stern urges everyone to give the plan a close read

As Bloomberg prepares to join in his first Democratic presidential debate tonight, his new financial industry reform plan gives him an answer to 2020 contenders who say he’s too close to Wall Street.

Other sectors of the banking industry are also on alert after Bloomberg surprised many with a comprehensive financial policy plan to rein in Wall Street. American Banker rounds up reactions from financial industry observers. 

Weekly mortgage applications take a hit as mortgage rates rise, according to the Mortgage Bankers Association. The decrease is in large part due to a slowdown in the refinancing boom. 

Fannie Mae upgraded expectations for the GDP in both 2020 and 2021. The company’s economists also expect greater strength in every part of the housing market over the next 18 months. 

Canada loosens its mortgage financing rules. The government is lowering the minimum rate used to determine whether a buyer can afford principal and interest payments if rates climb compiled a list of the hardest and easiest places to buy a home. 

new study by SmartAsset calculates the average annual take-home pay across 25 cities by using worker earnings after income taxes. That number is used to determine how many hours must be worked to afford housing. 

Mortgage applications for newly constructed homes are still rising

Mortgage origination volume could top $2 trillion for three consecutive years, according to Fannie Mae.

The National Association of Realtors warns that low rates on mortgages won’t last.