Here's what you need to know this week
| July 9, 2020 | | | Mortgage News | | | Here's a look at the latest developments in mortgages, homeownership, and beyond. | | | |
| | Record-low refinance rates could save homeowners $3.9B per month | | | According to research from mortgage data company Black Knight, around 13.6M homeowners may now be eligible to lower their payments, with an average estimated savings of $283 per month. Are you among them? Here's what you need to know to find out. | | | | | | |
| | A wave of new layoffs could raise the bar for mortgage applicants | | | While Paycheck Protection Program loans have saved an estimated 15 million jobs, the money received will soon run out; up to 14% of companies who benefitted reported they plan to start layoffs within the next month. Read more | | |
| | Forebearance rates are trending down again | | | Forbearance rates resumed their downtrend after a spike at the end of June. While the impact on credit availability remains to be seen, the new data could offset this week's gloomy unemployment projections. Read more | | |
| | New FICO score could make mortgages more accessible | | | A new type of FICO score designed to measure a borrower's ability to withstand an economic crisis, regardless of their credit history, was announced this week. Read more | | |
| | NYC apartment sales hit 30-year lows | | | Manhattan apartment sales saw their biggest plunge in 30 years this week, another key indicator that shoppers are shifting their focus from urban centers to suburbs this homebuying season. | | |
| | 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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