Here's what you need to know this week
| July 1, 2020 | | | Mortgage News | | | Here's a look at the latest developments in mortgages, homeownership, and beyond. | | | |
| | How rising delinquencies and forbearances could affect mortgage rates | | | Last week saw an increase in the number of loans in forbearance, wiping out almost half of the improvement since its peak. The number of delinquent loan payments has also risen to its highest level in 2 years. This count, so far, has not included loans in forbearance, but the total will likely climb due to the inclusion of forborne loans that have gone without payment for more than 3 months. | | | | | | |
| | Economic impact uncertain as markets await new COVID-19 case counts | | | After spikes in COVID-19 case counts and hospitalizations in southern and western regions, a few of the hardest hit states, such as Texas and Florida, will pause their reopenings. Major economic data this week, like the June jobs report, will show how the recovery was progressing before these pauses; while they may provide some hope for a possible recovery, forward-looking case counts will largely determine how the markets fare. Read more | | |
| | High demand for starter homes drives prices up | | | Historically low mortgage rates have increased the demand for starter homes, especially in suburban areas, pushing the cost of such homes above the rest of the market. Read more | | |
| | New data shows a record-breaking home purchase rebound in May | | | Pending home sales surged 44% in May as home purchase activity rebounded from COVID-19 lockdowns. 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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