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Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 16, 2020.
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Share of Mortgage Loans in Forbearance Declines to 5.92%
The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 40 basis points from 6.32% of servicers' portfolio volume in the prior week to 5.92% as of October 11, 2020. According to MBA's estimate, 3.0 million homeowners are in forbearance plans.
Over 6 Million Renters and Homeowners and 26 Million Student Debt Borrowers Missed September Payments
Over 6 million households did not make their rent or mortgage payments and 26 million individuals missed their student loan payment in September, according to third-quarter 2020 research released today by the Mortgage Bankers Association's (MBA) Research Institute for Housing America (RIHA).
Appraisal Organizations Join Forces to Support Training, Ethics to Combat Bias
The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers today announced their collective support for the development of additional training that addresses unconscious bias in valuation, and for each organization to individually review its Code of Ethics and other governing documents to further ensure awareness and compliance among its membership and the valuation profession as a whole.
September New Home Purchase Mortgage Applications Increased 38.2 Percent
The Mortgage Bankers Association Builder Application Survey data for September 2020 shows mortgage applications for new home purchases increased 38.2 percent compared from a year ago. Compared to August 2020, applications decreased by 5 percent.
Remodeling Industry Confidence Surges in Third Quarter
The National Association of Home Builders (NAHB) released its Remodeling Market Index (RMI) in the third quarter of 2020, posting a reading of 82. The finding is a signal of residential remodelers’ strong confidence in their markets, for projects of all sizes. The demand for home improvement is robust given the importance of home for Americans as the economy recovers and adapts from the impacts of Covid-19.
In COVID's Wake, Millennials Driving Nation's Desire for Bigger Homes, Outdoor Space
NAR conducted a pair of Community and Transportation Preference Surveys in 2020 to accurately register the impacts of the coronavirus. The latest iteration shows younger Americans – particularly those with children – have been most affected, although those who live in walkable communities register a higher quality of life than those who live in less walkable areas.
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Pandemic speeds remote online notarization
To date, 26 states have authorized some form of RON legislation. The Mortgage Bankers Association and American Land Title Association have championed uniform RON legislation, which includes a model bill. Due to the pandemic, several states of have temporarily authorized RON or accelerated the implementation of enabling legislation.

US long-term mortgage rates fall to low; 30-year at 2.81%
U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the tenth time this year. Home loan rates have marked a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year mortgage fell to 2.81% from 2.87% last week. By contrast, the rate averaged 3.69% a year ago.

U.S Mortgage Rates Slide to another All-Time Low
Mortgage rates fell to another all-time low in the week ending 15th October. Following a 1 basis point fall in the week prior, the 30-year fixed rate fell by 6 basis points to 2.81%. Compared to this time last year, 30-year fixed rates were down by 88 basis points.

A $13.5 Billion SPAC Sensation Will Buy Your House
Opendoor buys houses, refurbishes them and sells them a few months later. Essentially, it flips homes. The company rejects that description, however, and would prefer you called it an "iBuyer" - a technology-enabled, one-stop shop for homeowners who want to sell quickly with as little friction as possible. You enter your home address on the website, and some details about the state of the property and its features, and it makes you an offer.

Compass expands into title and escrow with Modus deal
Compass is getting into the title and escrow business - two ancillary service lines that could boost its earnings as it works toward profitability. On Monday, the residential firm said it signed a definitive agreement to buy Modus, a title and escrow startup that's raised $12.5 million.

Record-low mortgage rates boost buying power, but home prices cancel that out
Record-low mortgage rates have spurred homebuying in recent months. For those who qualify, rates below 3 percent bring buying power - and rock-bottom rates help ease the affordability squeeze that has gripped the housing market. This welcome trend comes with a wrinkle, however: Home prices have surged so much that the savings from historically low rates are a wash. The National Association of Realtors says the median home price jumped 11.4 percent from August 2019 to August 2020.

This local company aims to level the playing field in Denver's hypercompetitive housing market
In the midst of possibly the toughest market to buy a home in the Denver metro's history, one local company aims to level the playing field for buyers competing against all-cash offers. Accept.inc is a Denver-based fintech lender that allows homebuyers to essentially turn any offer into an all-cash one, giving some buyers a fighting chance in a Denver-area market that has turned hypercompetitive as the pool of available listings shrinks.


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