My Neighbor’s House

My neighbor put their house on the market at the beginning of March for $700,000 and due to the COVID-19 outbreak has had very little traffic.  Over the weekend, just when they thought there was no hope of selling their home a group of pranksters teepeed their house.  Now they are under contract for $5.7 million!

(I thought a little real estate humor may help boost your spirit today!)

Conventional & Government Rates Diverge

Conventional mortgage rates are mostly unchanged from last week but government interest rates have spiked!  There is less investor appetite for government loans at this time because it is perceived that the performance of these loans given the current economic conditions will be difficult.  The assumption is that a greater number of FHA, VA, and USDA borrowers will request forbearance relief which hurts the mortgage servicing entity.  Speaking of forbearance…..

Forbearance

Have you heard from any of your past customers regarding forbearance options?  If not, I can almost certainly guarantee you will in the coming days.  In this week’s video I provide a summary of what I think consumers should consider when making a decision regarding forbearance options. Please feel free to share this with others!

Current Outlook: floating