Here's what you need to know this week
| June 11, 2020 | | | Mortgage News | | | As part of our mission to make homeownership simple, fair and affordable, we're committed to providing the most accurate and up-to-date information available to everyone in our community. Here's what you need to know this week. | | | |
| | May's surprise job recovery could drive mortgage rates up | | | Although economists had predicted a further loss of 8M jobs in May, the Bureau of Labor Statistics jobs report showed a net gain of 2.5M for the month. This news spurred hopes that a quick recovery has already started, with the hardest hit sector, hospitality, gaining the most jobs back. However, with good economic news comes the possibility that mortgage rates could shoot up again. As evidenced last week, signs of economic growth often trigger traders to sell bonds, causing interest rates — including mortgage rates — to rise. | | | | | | | | Refinance or forbearance: which is right for you? | | | Relief from payments can be a critical lifeline for those faced with sudden financial setbacks that could lead to foreclosure. However, for those looking to reduce their monthly debts, forbearance may not be the best option. Read more. | | | | | Federal Reserve expected to support long-term stabilization in September | | | The Federal Reserve is contemplating a rarely implemented policy of buying government debt to keep interest rates for US Treasury bonds at specified targets. This action would give investors confidence that they'll continue to see steady returns, and keep prices for US bonds high — which tends to keep mortgage rates low. Read more. | | | | | More signs of recovery in the housing market | | | With purchase applications up, and a summer homebuying boom expected, mounting evidence continues to show steady recovery in the housing market. Read more. | | | | | More on Mortgages | | | | | | For more on homebuying, homeownership, and how mortgages work, visit our resource center any time. | | | | | Questions about your mortgage application? Let's talk.
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