MORTGAGE NEWS: Homebuying is going virtual as demand surges

Here's what you need to know this week

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July 16, 2020 Mortgage News Here's a look at the latest developments in mortgages, homeownership, and beyond.

Could virtual homebuying become the new normal? As home purchase demand continues to rise, this summer's surge in coronavirus cases may raise concerns about the residential real estate industry's reliance on the in-person viewing experience. Without viable alternatives to open houses and live showings, renewed COVID-19 containment efforts could postpone an already delayed homebuying season. The good news is that such alternatives do exist, and they're already being used in the field. Read the article

Housing market confidence surges as buyer preferences shift Confidence in the state of the housing market surged in the last month, with 61% of survey respondents saying it's a good time to buy and 41% say it's a good time to sell, up from under 50% and 30% respectively at their lowest in April. This renewed confidence reflects the increase in purchase volume resulting from pent-up demand for housing in the months leading into the summer market. Read more.

Rates may continue to drop, but loans are becoming harder to get Mortgage rates may have room to continue pushing record lows, but the availability of credit is continuing to shrink for all but the most qualified buyers; an industry-wide index that measures mortgage credit availability is down 30% from February.

Forbearance extensions could slow economic recovery While June saw a big decline in the rate of loans in forbearance, down to levels last seen in April, more of the loans are extending their protections, which could increase the chance of a long, slow recovery.

More on Mortgages The definitive homebuying checklist Refinance or forbearance: which is right for you? How to choose the right neighborhood when buying a house For more on homebuying, homeownership, and how mortgages work, visit our resource center any time. Keep learning Questions about your mortgage application? Let's talk. P: +14155238837 E: hello@better.com

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