Mortgage Roundup (9/21/20) – Payments, Gaps & Rates

Good morning! Today is Monday, September 21. President Trump says he will nominate a woman to the Supreme Court this week to replace Justice Ruth Bader Ginsberg. A new CDC study highlights the threat of coronavirus spread on lengthy flights. Eagles quarterback Carson Wentz got booed despite having no fans in the stadium. And in mortgage and housing news … MORTGAGE PAYMENTS: To see where monthly mortgage costs are highest, LendingTree analysts looked at the average mortgage payment offered through 2019 to LendingTree users in each of the nation’s 50 states. HOMEOWNERSHIP GAP: Tighter lending standards and COVID-19’s impact on Black Americans’ health and employment could make it harder to buy a home or keep the one they have, widening the nation’s racial homeownership…

Mortgage Roundup (9/18/20) – Payments, College & CDC

Good morning! Today is Friday, September 18. A federal judge blocked changes in U.S. Postal Service policies that slowed maily deliveries. Naomi Osaka pulls out of the French Open with a hamstring injury. Team USA’s Olympic surfers conclude a training camp to prepare for the sport’s first Olympics.  And in mortgage and housing news … MISSED PAYMENTS: Roughly 11 million households fell behind on mortgage payments or rent, and 30 million Americans missed at least one student loan payment during the first three months of the Covid-19 pandemic, according to a report released by the Mortgage Bankers Association. COLLEGE TOWNS: As colleges across the country operate completely or primarily online, fewer and fewer students are living in college towns – which means landlords are…

Mortgage Roundup (9/17/20) – Fees, Rates & Aid

Good morning! Today is Thursday, September 17. Hurricane Sally buried parts of the Gulf region under feet of water. Ancient human footprints dating back 120,000 were found in Saudi Arabia. In a reversal, the Big Ten will resume playing football next month. And in mortgage news … ADVERSE FEE: In Congressional testimony, Federal Housing Finance Agency Director Mark Calabria on Wednesday defended his agency’s much maligned “adverse market fee” that is designed to help cover losses at Fannie Mae and Freddie Mac as a result of the coronavirus pandemic. DISASTER AID: Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf…

Mortgage Roundup (9/16/20) – Recovery, Land & Securities

Good morning! Today is Wednesday, September 16.  The Wall Street Journal reports the Federal Trade Commission is preparing an anti-trust lawsuit against Facebook. Hurricane Sally made landfall after intensifying into a Category 2 storm. Only Wilfred is left on the list of 21 storm names pre-approved for the season by the World Meteorological Organization.  And in mortgage and housing news … MORTGAGE APPS: Mortgage applications were 33 percent higher in August than a year ago.  RECOVERY: Federal Reserve officials continue discussions about how to detail plans to support the economynow that they have adopted a strategy to keep interest rates lower for longer. GSE CONSERVATORSHIP: Will changes at Fannie Mae and Freddie Mac mean higher mortgage rates?  LAB LAND RUSH: Offices may be sitting empty, but life sciences labs are…

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…

Mortgage Roundup (9/14/20) – Rates, Market & Scarcity

Good morning! Today is Monday, September 14. The Gulf Coast is under another hurricane warning as Sally gains steam. Wildfires continue to ravage the West Coast. The National Football League season kicked off with a full slate of games. And in mortgage and housing news … SCARCE CREDIT: Mortgages are hard to come by these days. Mortgage credit availability fell to its lowest level in more than six years in August as the industry manages its way through the coronavirus pandemic. END TO LOW: Why the run of record low mortgage rates may be ending.   SHIFT IN MARKET? Two housing indicators may hint at a turn in the market. Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks. SMALL…

Mortgage Roundup (9/11/20) – Rates, Recovery & The Fed

Good morning! Today is Friday, September 11.  Fires are forcing 10 percent of Oregonians to flee their homes. The NFL kicked off its season with 17,000 fans in the stands to watch the Kansas City Chiefs beat the Houston Texans. Victoria Azeranka beat Serena Williams in three sets and will face Naomi Osaka in the U.S. Open final.   And in mortgage and housing news … ANOTHER RECORD: The 30-year fixed-rate mortgage dropped to 2.86 percent this week, the lowest rate in history, according to Freddie Mac’s weekly Primary Mortgage Market Survey released. CHUGGING ALONG: The housing market remains strong and is resisting the typical fall slowdown, realtor.com’s Weekly Recovery Report showed. THE FED SWAP: The Federal Reserve bought $29.7 billion of mortgage bonds and sold $8 billion.   LOW-CREDIT REFINANCING: For…

Mortgage Roundup (9/10/20) – GSE, PMI & Cares Act

Good morning! Today is Thursday, September 10.  A new poll shows more than half of households in the four largest U.S. cities struggled financially during the coronavirus pandemic. American Airlines said it may seek more money from the U.S. Treasury to help with its ailing finances. Oregon’s governor put the state on high alert status as wildfires destroy hundreds of homes.  And in mortgage and housing news … FORBEARANCE REPORT: The share of mortgages in forbearance in the United States dipped slightly last week, though 3.6 million homeowners continue to have their payments paused, according to the latest survey released by the Mortgage Bankers Association. MORTGAGE APPS: Mortgage applications increased slightly for the week while remaining significantly higher than last year’s levels, according to the weekly Mortgage…

Mortgage Roundup (9/9/20) – Trends, Wars & Stock

Good morning! Today is Wednesday, September 9. Congress is at an impasse over another coronavirus stimulus package. Wildfires continue to burn across parts of California, Oregon and Washington. Jennifer Brady tallies another straight-set victory to advance to the US Open semifinals. And in mortgage and housing news … MONTHLY HOUSING TRENDS: Median listing prices surged 10 percent to a record $350,000 in the United States in August as houses on the market remain scarce this summer, according to the Monthly Housing Trends report released by realtor.com. BIDDING WARS: Redfin reports that 54.5 percent of offers on its homes faced bidding wars last month – down slightly from 57.3 percent in July. GSE STOCK OFFERING: One of the steps in the process to recapitalize and release Fannie Mae…

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…