For those financially impacted by the COVID-19 pandemic, knowing where to look for updates on information about aid programs has proven challenging. But several government agencies have stepped in with resource tools to help homeowners and renters.The latest comes from mortgage financing giants Fannie Mae and Freddie Mac, which launched new initiatives to help homeowners and renters who have been affected by the pandemic.Fannie Mae launched “He
The 30-year fixed-rate mortgage continued to near its lowest average on record. The lowest average on Freddie Mac records dating back to 1971 is 3.23%, which was set the week ending April 30. This week, 30-year fixed-rate mortgages averaged close to that, at 3.24%.“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” sa
The number of homes for sale has shrunk since the COVID-19 pandemic began. Some sellers pulled their listings, making it tougher for buyers to find a home and compounding the issue in many markets that were already inventory-starved before the pandemic.Indeed, protections against COVID-19 have exacerbated the housing shortage, realtor.com® reports. In April, the number of new listings fell 45% year over year.“Inventory has been low and has con
Buyers are reemerging in the housing market much faster than anticipated. Mortgage applications are often an indicator of future home buying activity, and applications for home purchases have increased for five consecutive weeks. After increasing 6% last week compared to the previous week, applications for home purchases are now just 1.5% lower than a year ago, the Mortgage Bankers Association’s seasonally adjusted index shows.The rebound is si
Which lenders are offering some of the lowest rates? Their historical track record may offer some insights into which banks borrowers may want to investigate.The Mortgage Reports analyzed data on every loan from the 24 largest lenders in 2018 and 2019 to identify which tended to offer the lowest interest rates and fees.The lenders topping their list for most competitive 30-year mortgage rates are:USAA: best mortgage rates and fees combined (milit
Borrowers with top-notch credit are scoring mortgage rates lower than the record average lows being reported. Freddie Mac announced the 30-year fixed-rate mortgage averaged 3.28% for the week ending May 14, but home shoppers with stellar credit could snag one with a rate of about 2.5%, according to The Mortgage Reports.The Mortgage Reports’ daily rate survey shows that rates for 30-year, fixed rates for FHA and VA loans have fallen to 2.75%, in
The Federal Housing Finance Agency announced Thursday that it is extending a moratorium on foreclosures and evictions for mortgages backed by Fannie Mae and Freddie Mac until at least June 30. Originally, the moratorium was set to expire May 17, but the FHFA decided to change course as the nation continues to feel the economic effects of the COVID-19 pandemic. “During this national health emergency, no one should be forced from their home,” F
Record low mortgage rates are sticking around. The week ending May 14 marks the sixth consecutive week that mortgage rates have stayed at or near all-time lows. The 30-year fixed-rate averaged 3.28% this week, Freddie Mac reports.“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” says Sam Khater, Freddie Mac’s chief economist. “Although purchase applications reached a new low i
Mortgage financing giants Fannie Mae and Freddie Mac announced that homeowners in forbearance can request payment deferrals and tack any missed payments on to the end of their loan term, without penalty or added interest.Under forbearance, homeowners are still required to repay any missed payments. But the government-sponsored enterprises made clear in an announcement Wednesday that borrowers do not have to repay them all at once.Freddie Mac stat
As states reopen, buyers are reemerging faster than expected, proving market resiliency against the COVID-19 pandemic. Applications to purchase a home posted their fourth consecutive weekly increase, rising 11% last week, the Mortgage Bankers Associations reported Wednesday.Applications are still 10% lower than a year ago but the annual loss continues to shrink each week. For example, last week’s purchase volume was down 19% annually. A month a
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