As many Paycheck Protection Program borrowers approach the end of their loan terms, confusion persists about the eligibility requirements for loan forgiveness. The program, which was created under the CARES Act, has been a lifeline to many small businesses forced to reduce operations or close their doors entirely due to the COVID-19 pandemic. The Small Business Administration, which operates PPP, and the Treasury Department have released several
Borrowing costs fell this week, with the 30-year fixed-rate mortgage setting a new record low for the third time in the last few months. The 30-year fixed-rate mortgage averaged 3.15% this week, the lowest average in Freddie Mac’s records dating back nearly 50 years.“These unprecedented rates have certainly made an impact, as purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase of last week—a remarkable
Homebuyers are entering the market at a much brisker pace than many economists forecasted. Mortgage applications for home purchases continue their upward streak, rising 9% last week compared to the previous week, the Mortgage Bankers Association reports. This marks the sixth consecutive gain for home purchase applications and a 54% increase since early April.“The home purchase market continued its path to recovery as various states reopen, lead
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
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