Mortgage Rates tick higher on stock market rally

Please click below to watch this week’s update which includes information on current interest rates, the stock market rally, and an update on mortgage forbearance:


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Current Outlook: floating

Mortgage rates hold steady, a guess at unemployment rate, and credit tightens further

Please click below to watch this week’s update:


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Current Outlook: floating

Forbearance continues to constrict availability of credit

Please click below to watch this week’s update which includes information on current interest rates, an explanation of the ill effects of forbearance, and an outlook for home prices:

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Current Outlook: floating

Interest rate tick higher, mortgage forbearance causes credit squeeze

Please click below to watch this week’s update which includes information on current interest rates and an update on the mortgage forbearance relief law:


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Current Outlook: neutral

Can unemployment benefits be used to qualify for a mortgage?

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Mortgage rates level out but credit requirements tighten

Please click below to watch this week’s update which includes information on current interest rates, volatility, changes to Jumbo loan programs, and the employment picture:



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Current Outlook: floating

Pitfalls of Mortgage Forbearance

Last week various mortgage institutions announced a new program designed to help struggling homeowners weather the present economic downturn.  It allows homeowners who qualify to suspend mortgage payments for up to 12 months and avoid late fees and late payments reported on their credit record.  However, the program has pitfalls that homeowners need to be aware of.  Please watch this video to learn what consumers should be asking BEFORE they agree to the forbearance program:

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Mortgage Forbearance relief and how it is impacting consumers

My Neighbor’s House

My neighbor put their house on the market at the beginning of March for $700,000 and due to the COVID-19 outbreak has had very little traffic.  Over the weekend, just when they thought there was no hope of selling their home a group of pranksters teepeed their house.  Now they are under contract for $5.7 million!

(I thought a little real estate humor may help boost your spirit today!)

Conventional & Government Rates Diverge

Conventional mortgage rates are mostly unchanged from last week but government interest rates have spiked!  There is less investor appetite for government loans at this time because it is perceived that the performance of these loans given the current economic conditions will be difficult.  The assumption is that a greater number of FHA, VA, and USDA borrowers will request forbearance relief which hurts the mortgage servicing entity.  Speaking of forbearance…..

Forbearance

Have you heard from any of your past customers regarding forbearance options?  If not, I can almost certainly guarantee you will in the coming days.  In this week’s video I provide a summary of what I think consumers should consider when making a decision regarding forbearance options.


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Current Outlook: floating

Mortgage rates back down to all-time lows

After increasing to multi-year highs at the tail end of last week home loan rates have started the week back down to all-time lows.  Watch this weeks video which includes an update on mortgage rates, my outlook on housing prices, and some initiatives that Fannie Mae is taking to help support homeowners and the housing industry:

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Why mortgage rates are increasing in the face of massive stock declines

Under normal circumstances we expect mortgage rates to improve when stocks decline.  You can CLICK THIS LINK to learn why.

However, as we can all attest these are anything but normal circumstances.  Despite the US stock market experiencing some of the biggest sell-offs in history mortgage rates are actually increasing off all-time lows.  Why the change in dynamic between stocks and home loan rates?  I have recorded a special video to explain the four factors which are turning the relationship upside down:

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