Good morning! Today is Friday, September 25. House Democrats prepared a new Covid-19 economic aid package. Thousands of airline employees will be laid off Oct. 1 if Congress doesn’t extend aid. Another Covid-19 vaccine entered final-stage trials. And in mortgage and housing news … ORIGINATION FLEXIBILITY: The Federal Housing Finance Agency announced that it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency. MORTGAGE RATES: Mortgage rates ticked up slightly for the week but remained near historic lows, Freddie Mac announced in its Primary Mortgage Market Survey. CARES ACT END: Millions of forbearance plans will hit their initial expiration date in September and October. What happens next? FIXING FLOOD INSURANCE: For decades lawmakers have ignored broad structural…
Good morning! Today is Thursday, September 24. Two officers were shot and a suspect is in custody amid night of unrest after a grand jury decision on the Breonna Taylor case. Walmart is using drones to deliver Covid-19 tests. California will phase out the sale of new gasoline-powered cars by 2035. And in mortgage and housing news … WELLS FARGO APOLOGY: Wells Fargo CEO Charlie Scharf apologized for telling employees that the banking giant was failing to meet diversity goals because there were not enough qualified minorities in the industry. HOME PRICES: House prices increased 1 percent in July from the previous month – while jumping 6.5 percent from July 2019, according to a report released by the Federal Housing Finance Agency. MORTGAGE APPS: Applications for home…
Good morning! Today is Wednesday, September 23. The U.S. Covid-19 death toll now exceeds 200,000. The FDA will announce tougher standards for a Covid-19 vaccine that make it unlikely one will be cleared by Election Day. Tik Tok fans in India are in withdrawal after their country banned the music-sharing app. And in mortgage and housing news … NY ESCAPE: Of the top 10 markets that have cooled down since last year, four are New York City boroughs – the Bronx, Queens, Brooklyn and Staten Island, according to a new study released by Redfin. Manhattan was excluded from the study due to a lack of data. NEW QUICKEN OFFERINGS: Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new…
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…
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…
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…
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…
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…
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…
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…
