Foreclosures and evictions for mortgages insured by the Federal Housing Administration, Fannie Mae, and Freddie Mac will be suspended for several weeks in response to the coronavirus outbreak.President Donald Trump announced Wednesday that he had directed the Department of Housing and Urban Development to suspend foreclosures and evictions for mortgages insured through the FHA until the end of April. This will “allow households who have an FHA-
Fewer new homes were started last month, and challenges likely lie ahead for the new-home sector during the coronavirus concerns, the National Association of Home Builders reports.Total housing starts in February fell 1.5% to a seasonally adjusted annual rate of 1.60 million units, the Commerce Department reported Wednesday. Housing permits—a gauge of future construction—also dropped last month, tumbling 5.5% to 1.46 million.Still, single-fam
Cities across the country are issuing temporary bans on evictions as the COVID-19 outbreak worsens. From coast to coast, cities such as San Francisco, Miami, and Baltimore are enacting moratoriums on evictions. State lawmakers in New York have proposed legislation for a moratorium on evictions and foreclosures. Further, the Real Estate Board of New York, a trade group that represents developers and property managers, has issued a three-month mora
The Federal Reserve called an emergency meeting Sunday to slash its benchmark rate to zero—its second response to the volatile economic reaction to the coronavirus outbreak. The Fed also said it would buy $700 billion in Treasury and mortgage bonds. After the Fed’s last emergency cut on March 3, mortgage rates plunged to all-time lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 3.29% for the week ending March 5. Could rates
After hitting a record low last week, rates reversed course this week and inched up. Rates still remain at “extraordinary levels,” Freddie Mac said in its weekly rate report.The 30-year fixed-rate mortgage climbed from last week’s 3.29% record low average to 3.36% this week.“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” says Sa
Borrowers came in swarms last week to take advantage of another massive drop in mortgage rates. Mortgage application activity, which includes refinances and home purchases, surged 55.4% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 192% higher year over year.The bulk of the increase came from homeowners refinancing their mortgages into lower rates. Applications for
Borrowers who are unable to make their monthly mortgage payments due to COVID-19, also known as the coronavirus, have options to postpone payments, according to a new statement released by the Federal Housing Finance Agency. FHFA Director Mark Calabria reminded mortgage servicers this week to offer forbearance options to those who are affected as the virus continues its spread through the U.S.“To meet the needs of borrowers who may be impacted
The ultra-wealthy may be looking to expand their real estate portfolios. The industry is watching closely as the number of high-net-worth individuals grows: About 31,000 more ultra-rich people emerged globally in 2019, which is an annual growth rate of 6%, according to a new report from U.K.-based real estate firm Knight Frank and New York brokerage Douglas Elliman. The growth rate of the ultra-rich, or those with a net worth of at least $30 mill
The 30-year fixed-rate mortgage this week fell to its lowest average on record—3.29%—since Freddie Mac began tracking such data in 1971. And borrowers rushed to lock-in.Mortgage applications rose 10% last week compared to a year ago, says Sam Khater, Freddie Mac’s chief economist. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive f
Homeowners were in a rush to take advantage of lower mortgage rates, as weekly refinance applications surged 26%, the Mortgage Bankers Association reported Wednesday. Refinance volume is now nearly 224% higher than a year ago.Mortgage rates are falling due to fears of an outbreak of the new coronavirus in the U.S. The average 30-year fixed-rate mortgage dropped to 3.57% last week from 3.73% a week earlier, the MBA reports. A year ago, rates avera
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