According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 3rd July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.2% on a seasonally adjusted basis from one week earlier.
The June 28th 2020, Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey reports that the total number of loans now in forbearance decreased by 8- basis points from 8.47% of servicers’ portfolio volume in the prior week to 8.39% as of June 28, 2020.
The Atlanta Fed believes COVID-19 spike in key states could lead to higher foreclosure rates.
A data and analytics provider for mortgage industry estimates that 90% of homeowners could lower monthly payments with current mortgage rates.
Consumer confidence increased in Canada for the 10th straight week according to Bloomberg Nanos Canadian Confidence Index.
The FHFA has announced that both Fannie Mae and Freddie Mac are going to be allowing services to extend forbearance for multifamily property owners with existing forbearance agreement for up to three additional months, totaling forbearance up to six months.
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 2nd July 2020.
Dealers continue to report strong sales to their contractor customers jobsites but noted that deliveries for Friday were a bit on the light side.
According to the Bureau of Labor Statistics (BLS) total nonfarm employment increased by 4.8 million jobs in June and the unemployment rate has dropped to 11.1%.
The U.S. Department of Labor is reporting that an additional 1.427 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 27th.