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Coronavirus fears cause mortgage rates to plunge to 8-year low PUBLISHED MON, FEB 24 2020 Diana Olick coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. They could sink even lower.... The average rate on the popular 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily. That is for borrowers with strong financials and credit scores. Aggressive lenders will be at 3.25% today, and 3.375% will be the new going rate for the average lender, said Matthew Graham, chief operating officer at Mortgage News Daily. That rate hit 3.34% for one day in the summer of 2016, before spiking much higher that fall. Before that, rates were this low in 2012. While rates generally follow the 10-year yield, there are certain market factors that keep rates above a certain level. When rates fall this quickly, it’s not so much that big banks draw the line on mortgage rates, but rather, the underlying Mortgage Backed Securities (MBS) market refuses to improve as quickly as the Treasury market, said Graham. Both mortgages and Treasuries are feeling the impact of coronavirus panic. That’s pushing rates lower. But mortgages also become less valuable to investors if they get paid off too quickly. And those payoffs, or refinances, are surging right now. Applications to refinance a home loan are up around 165% annually, according to the Mortgage Bankers Association. Mortgage applications to purchase a home have not been as strong, due to the severe shortage of homes for sale. Builders, however, may be getting a boost, especially those putting up more affordable homes. Another barrier to entry for some buyers is still-tight lending standards. Sean Dobson, CEO of Amherst Holdings, which does have a mortgage arm, said tight lending is why his company got into the single-family rental business. Unless you have a large down payment or unless you have a very solid amount of free cash flow that’s underwritable, and we forget about this because the Uber driver might not have income that is fungible from a mortgage lenders perspective, or the people working 3 or 4 jobs, or the contributors to CNBC who contribute to a few places, they may literally have trouble qualifying for a mortgage, said Dobson.

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REAL ESTATE Signs point to reheating in housing market as home price gains stop slowdown. S&P Case-Shiller July index says PUBLISHED TUE, SEP 24 2019 Diana Olick... The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.2% annually in July, the same gain reported in June. Prices are still cooling in the largest cities, however. The 10-City Composite rose 1.6% annually, down from 1.9% in the previous month. The 20-City Composite posted a 2% annual gain, down from 2.2% in June. Seattle was the only city to show an annual price decline, down 0.6%. San Francisco, Los Angeles and New York were barely in the positive. GS: Existing home sales Open House San Rafael Calif Real estate agents arrive at a brokers tour showing a house for sale with a list price of $1.3 million May 17, 2007 in San Rafael, California. Getty Images Home price gains have been shrinking since March 2018, but now signs point to reheating in the housing market. The much-watched S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.2% annually in July, the same gain reported in June. Prices are still cooling in the largest cities, however. The 10-City Composite rose 1.6% annually, down from 1.9% in the previous month. The 20-City Composite posted a 2.0% annual gain, down from 2.2% in June. The hottest cities for home price appreciation were Phoenix, Las Vegas and Charlotte, North Carolina. Home prices in Phoenix rose 5.8% year over year. In Las Vegas, they were up 4.7%, and Charlotte saw a 4.6% increase. Seven of the 20 cities reported greater price increases in the year ending July 2019 versus the year ending June 2019. Homeowner equity hits an all time high, here’s what it means Home price gains remained positive in low single digits in most cities, and other fundamentals indicate renewed housing demand, said Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices. According to the National Association of Realtors, the YOY change in existing home sales was positive in July for the first time in a number of months, and housing supply tightened since peaking in June. Overall, home price gains are strongest in the Southwest (Phoenix and Las Vegas) and Southeast (Charlotte and Tampa), with other cities posting solid gains. These include Minneapolis, up 4.2% annually, and Detroit, up 4.1%. Seattle was the only city to show an annual price decline, down 0.6%. San Francisco, Los Angeles and New York were barely in the positive. Mortgage rates had been rising through much of 2018, making housing more expensive. That likely put downward pressure on prices. But rates began falling at the start of this year, and most sharply in mid-spring, giving buyers more purchasing power again. Lower mortgage rates usually bring more buyers to the market, increasing competition and prices along with it.

MOVING? THESE TIPS FROM SERIAL MOVERS CAN HELP MAKE PACKING UP YOUR HOME EASIER When you've moved 85 times, you're officially a packing expert. Here, super movers share how they saved thousands on fees, and a near-perfect box labeling technique. (You'll thank us when you unpack.) When you've moved 17 times in 18 years like Doug Levy, an emergency communications consultant in Corte Madera, California, you learn a few things about the practical and unexpected side of moving. Fi...Continue reading

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