According to the California Association of Realtors, home sales in the state fell to the lowest level since the Great Recession as the housing market suffered the full impact of the coronavirus pandemic in May. CAR's May report shows sales remained below 300,000 for the second straight month. “The sharp...
Opinion: Without Fed Fix, Coronavirus Rescue Could Crush Home Mortgage Market
“It’s so surprising, I couldn’t believe it was true when I first heard it. I had to double check.” That was the reaction from Wake Forest University economics professor James R. Otteson to details of the mortgage forbearance proposal in the $2 trillion coronavirus rescue package. Specifically, the CARES Act...
US Long-Term Mortgage Rates Fall; 30-Year Loan at 3.64%
WASHINGTON — U.S. long-term mortgage rates fell this week to their lowest level in 13 weeks, as financial markets roiled by U.S.-Iran conflict pushed investors toward the safety of Treasury bonds. The yield on Treasury bonds, especially the 10-year note, tends to influence mortgage rates. Mortgage buyer Freddie Mac said...
Treasury Unveils Plans to Privatize Fannie Mae, Freddie Mac
WASHINGTON — The Trump administration has unveiled its plan for ending government control of Fannie Mae and Freddie Mac, the two giant mortgage finance companies that nearly collapsed in the financial crisis 11 years ago and were bailed out at a total cost to taxpayers of $187 billion. The administration's...