Mortgage News

Good morning! Today is Monday, November 30. Top health officials are asking Americans who traveled for Thanksgiving to get tested before returning to work and circulating in their communities. New York City will reopen elementary schools and reduce hybrid learning. Black Friday foot traffic plunged by half amid the pandemic while online sales rose 22 percent from a year ago. Consumers turned to Amazon and big-box chains that offer one-stop shopping. And in mortgage and housing news … NOT BUDGING: Mortgage rates didn’t budge this week from their record low, Freddie Mac reports in its weekly Primary Mortgage Market Survey. MORTGAGE APPS: Mortgage applications increased last week amid record-low interest rates and high demand for a limited number of homes on the market, the Mortgage Bankers…

Good morning! Today is Wednesday, November 25. The International Air Transport Association announced that it’s in the final development phase of a digital passport mobile app that would receive COVID-19 test and vaccination certificates. The CDC is likely to shorten the recommendation to quarantine to reduce the risk of spreading the coronavirus after exposure from the current 14 days to as few as seven with a negative test. And in mortgage and housing news … Q3 HOME PRICES: House prices in the United States surged in the third quarter of 2020, increasing 3.1 percent from the second quarter and 7.8 percent ahead of 2019 levels. CHANGE OF HEART: Wells Fargo reverses, again, on letting homeowners accept U.S. mortgage aid. RISING RISKS: A former subprime player…

Good morning! Today is Tuesday, November 24. President Trump said his administration would cooperate with President-elect Joe Biden’s transition to the White House, but continue to challenge the election. Elon Musk overtakes Bill Gates to claim the world’s second-richest ranking. New York City’s first and only Black mayor David Dinkins died at the age of 93. And in mortgage and housing news … GSE CONSERVATORSHIP: Federal Housing Finance Agency Director Mark Calabria is trying to pull Fannie Mae and Freddie Mac out of conservatorship before the Trump Administration ends on January 20.  FORBEARANCE AND DELINQUENCY: The share of mortgages in forbearance in the United States increased ever so slightly in mid-November, while a second report found that mortgage delinquencies overall were down in October.  MILLENNIAL CREDIT: About a…

Good morning! Today is Monday, November 23. More than two million air travelers passed through security checkpoints this weekend ahead of the Thanksgiving holiday. Protesters across California took to the streets in defiance of Gov. Gavin Newsom’s latest nighttime curfew orders that went into effect to clamp down on resurging coronavirus cases. The United States, Germany and UK could start Covid vaccinations in December.  And in mortgage and housing news … $6 MILLION SCHEME: Authorities indicted nine people this week allegedly involved in a $6 million scheme that preyed on Southern California victims facing foreclosure. MORTGAGE METRICS: The average mortgage takes two months to close, but with record low interest rates.  BRANCH CLOSINGS: Banks didn’t cause this recession, but they won’t escape it either. ZILLOW…

Good morning! Today is Friday, November 20. Georgia’s secretary of state must certify the state’s election results today. After a surge in Covid-19 cases, the CDC is pleading with people not to travel for Thanksgiving. President Trump will announce new rules reducing drug costs today. And in mortgage and housing news … 5-MONTH CLIMB: Existing home sales climbed for the fifth straight month in the United States in October, with all regions of the country experiencing growth, according to a monthly report released Thursday by the National Association of Realtors. 2.7: For the 13th time this year, 30-year fixed-rate mortgage rates set a new record low – this time falling to 2.72 percent, according to a Freddie Mac’s Primary Mortgage Market Survey. EMERGENCY LOANS TO HALT: Treasury…

Good morning! Today is Thursday, November 19. The New York City will close schools for in-person learning to curb Covid outbreak, while indoor dining and gyms remain open. The surge in coronavirus cases worldwide is helping researchers measure more quickly how well their vaccines protect against Covid-19. After 20 months of making changes in the jet’s software, design and training following two fatal crashes, the FAA cleared the Boeing 737 Max to fly again. And in mortgage and housing news … PROTESTS IMPACT HOUSING: More than a third of Americans living in cities say that protests this year have made them move elsewhere – or have already moved, according to a new survey released by Redfin. MORTGAGE APPS: Mortgage applications held largely steady again, with…

Good morning! Today is Wednesday, November 18. The FDA granted emergency approval to the first coronavirus test that delivers rapid results at home. Retail sales inched up with the holiday season approaching. Amazon launched an online pharmacy business. Oreo plans to release gluten-free cookies in 2021.  And in mortgage and housing news … MULTIFAMILY LOAN PURCHASE CAPS: The 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac will be $140 billion – or $70 billion for each Fannie and Freddie. BIDDING WARS: Homebuyers across the nation still faced bidding wars in October. FED NOMINATION STALLED: GOP senators didn’t secure enough votes to move forward with Judy Shelton, the Trump Federal Reserve Board nominee and outspoken central-bank critic TRUMP BANK WATCHDOG: Trump is expected to nominate an acting…

Good morning! Today is Tuesday, November 17. Southwest Airlines is encouraging people to fly now, because waiting for Covid to subside will be “far too long.” Tesla will join the S&P 500 index on Dec. 21. The second hurricane in two weeks slammed into Central America.  And in mortgage and housing news … AFFORDABLE RENT: More tenants in affordable housing made payments in October than in any month since early in the pandemic, according to a report released Monday by MRI Software. FORBEARANCE NUMBERS: The number of U.S. mortgages in forbearance dropped for the 11th week in a row, with 2.7 million homeowners still pausing their mortgage payments during the Covid-19 pandemic, the Mortgage Bankers Association announced. AIRBNB IPO: Airbnb unveiled paperwork for its initial public offering,…

Good morning! Today is Monday, November 16. Most of the nation has “uncontrolled spread” of Covid-19, topping 11 million total new cases – a million more than last weekend. Victor Glover will be the first Black crew member on the International Space Station (ISS). Glover and three other astronauts were launched into space yesterday, and are expected to reach ISS this morning. Dustin Johnson won the Masters, finishing 20-under par, breaking by two shots the record set by Tiger Woods in 1997.  And in mortgage and housing news … FREDDIE CEO RESIGNS: Freddie Mac chief executive officer David Brickman notified the company this week that he is stepping down from the role he has held since just last year, Freddie announced in an…

Good morning! Today is Friday, November 13. California becomes the second state to top 1 million Covid-19 cases, as L.A. County urges travel quarantines. Federal Reserve Chairman Jerome Powell said economic recovery from the Covid-19 shut downs is progressing, but warns the economy we knew is probably a thing of the past. The second round of the Masters continues today with Englishman Paul Casey, taking the early lead with 7 under par. And in mortgage and housing news … GRASS IS GREENER: Americans increasingly think the grass is greener elsewhere, as 26 percent say their local government’s response to the coronavirus pandemic has made them want to move away from where they currently live or change where they want to move, according to…