Mortgage News

Good morning! Today is Friday, July 10. New coronavirus cases in the U.S. hit another daily record, including more than 1,000 TSA agents. The pandemic is speeding meatpackers’ shift from human meat cutters to automated ones. New York City cancelled all large events until October.   And in mortgage and housing news … DEMOCRATIC HOUSING PLAN: Opposing wings of the Democratic Party released sweeping housing policy recommendations, including proposals to reverse policies and practices that “have made homeownership all but impossible for millions of working families.”  FEELING BETTER: The Fannie Mae Home Purchase Sentiment Index increased 9 points in June to 76.5, driven by more optimistic views of homebuying and selling conditions, as well as positive views about the potential for home price appreciation.…

Good morning! Today is Thursday, July 9. New Jersey Gov. Phil Murphy is requiring masks be worn outside. At least 24 states are pausing re-openings as COVID-19 cases pass the three million mark. The Labor Department will release its weekly report on unemployment benefits today.  And in mortgage and housing news … PRICY HOMES: After cratering in April and May, new listings for high-end homes are making a comeback on the market this summer, according to Zillow.  MORTGAGE APPLICATIONS: As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released by the Mortgage Bankers Association. MAIN STREET LENDING: More than three months after the Fed announced a new effort to shore up the economy aimed at…

Good morning! Today is Wednesday, July 8. Supreme Court Justice John Roberts was hospitalized after a head injury suffered in a fall. Republican leaders are concerned about a GOP convention in Florida, where coronavirus cases are spiking. Movie theaters are suing the state of New Jersey for the right to re-open.  And in mortgage and housing news … IBUYER RESUMES: Zillow’s iBuyer program resumed buying homes in five more markets, bringing the total to 20 of the 24 markets it was operating in prior to the coronavirus pandemic shutting everything down. FORBEARANCE NUMBERS: A new Mortgage Bankers Association report shows that 4.2 million Americans have mortgages in forbearance. QUICKEN IPO: Detroit-based Quicken Loans filed IPO paperwork to take the company public. It will be called…

Good morning! Today is Tuesday, July 7. The Treasury Department released the list of companies that received most money from small business bailout loans. Florida orders schools to reopen in August. Harvard and Princeton will reopen with many undergrads barred from campus housing.  And in mortgage and housing news … LOANS DENIED: Black and Hispanic borrowers were denied approval for mortgages at a considerably higher rate than non-Hispanic White and Asian borrowers in 2019, according to a report released by the Consumer Financial Protection Bureau. PANDEMIC PACKING: A survey conducted by Morning Consult found that more than one in four workers say they would consider moving to a new state if their employer allows them to work remotely going forward. SUMMER EVICTIONS: Eviction moratoriums and…

Good morning! Today is Monday, July 6. Soaring coronavirus cases and hospitalizations put a damper on July 4th celebrations. NASA’s “smell of space” could soon be available in a perfume. Sony is using multiple robots to make a new PS4 every 30 seconds.  And in mortgage and housing news … DISPARATE RECOVERY: A Redfin report highlights the “wealth divide” in the United States, looking at unemployment rates, demographic housing sales data, and racial breakdowns among industries hit hard by the economic shutdown versus those that appear to have weathered the storm.  ANOTHER RECORD: Mortgage rates just hit another record low. Freddie Mac announced that the 30-year fixed-rate mortgage averaged 3.07 percent for the week ending Thursday, the lowest rate in the surveys history dating back…

Good morning! Today is Thursday, July 2. The U.S. reported a record 50,000 new cases of coronavirus yesterday. North Carolina, Tennessee and Texas also hit daily records. CEOs from Apple, Facebook, Amazon and Google will testify before a house panel investigating antitrust issues in big tech. Three million Americans returned to work last month amid the reopening of businesses shuttered by coronavirus.  And in mortgage and housing news … TRUMP TARGETS FAIR HOUSING RULE: President Trump announced that he is considering doing away with a federal rule designed to overcome historic patterns of segregation and says Democratic candidate Joe Biden would devastate suburbs.  MORTGAGE APPS FALL: Mortgage applications for home purchases and refinances dipped slightly last week, according to a report released by the Mortgage Bankers…

Good morning! Today is Wednesday, July 1. The government’s top infectious disease expert told a Senate panel that bars needed to be closed to prevent COVID-19 spread, and the Fed chairman cautioned that “a full recovery is unlikely” until safety is restored. The American Academy of Pediatrics is pushing for students to be physically present in classrooms rather than continue in remote learning for the sake of their well-being. And in mortgage and housing news … MORTGAGE DEBT: Total commercial and multifamily mortgage debt increased by $61 billion to $3.72 trillion in the first quarter of the year, according to a new report released by the Mortgage Bankers Association. FORBEARANCE REPORT: The number of mortgage loans in forbearance decreased slightly in the latest Mortgage Bankers Association…

Good morning! Today is Tuesday, June 30. Reopenings are stalling as Sun Belt states witness surge in coronavirus hospitalizations. Broadway’s shutdown is extended until January 2021 due to increases in coronavirus spread. A Fourth of July lunar eclipse will be visible in most of the U.S.  And in mortgage and housing news … BLACK HOMEOWNERSHIP: Minneapolis, Milwaukee and Salt Lake City have the lowest Black homeownership rates of any major metropolitan areas in the United States, according to an analysis released by Redin. CFPB RULING: The Supreme Court ruled that the structure of the Consumer Financial Protection Bureau is unconstitutional – but left in place the rest of the legislation creating the consumer protection agency. GOOD NEWS RENTERS: The Federal Housing Finance Agency announced that Fannie Me and…

Good morning! Today is Monday, June 29. The media rights to the United States Golf Association, which include the U.S. Open tournament, are jumping from Fox Sports to NBC Sports. There are just 51 days left in NASA’s “lunar loo challenge” to help design a toilet fit for moon-traveling astronauts. And in mortgage and housing news … LESS AFFORDABLE HOUSING: A report released by Redfin found that the most affordable third of homes in the United States were 5.5 percent more expensive at the end of May than they were a year ago. NOT MASTER: Texas realtor group says it will no longer use the word “master” to describe bedrooms and bathrooms in its listings. HOMEOWNERS STRUGGLE: Coronavirus mortgage bailouts increased every day for the past five business days.  …

Good morning! Today is Friday, June 26. Eight states and several cities are now slowing or pausing their re-opening plans after spikes in coronavirus cases. NASA is crowdsourcing the best design ideas for space toilets with a $20,000 prize. The 2020 Kentucky Derby will allow fans.  And in mortgage and housing news … TIME ON MARKET DROPS: The housing recovery is continuing, even as the coronavirus pandemic is showing no signs of letting up across the United States.   NO NEWS IS GOOD NEWS: The 30-year fixed-rate mortgage averaged 3.13 percent for the second week in a row, remaining at a record low, Freddie Mac announced in its Primary Mortgage Market Survey.  REALTORS NIX NOLA CONFERENCE: The National Association of Realtors announced that its REALTORS Conference &…