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News & Insights | Mortgage News

![MortgageNews 70620](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fd0a930cb411f4de7b3c5340a6db93b82)

<br>

Here’s a look at the latest developments in the mortgage market for the week beginning 7/6/20. 

<ul>
<li><strong>Record-low refinance rates could save homeowners $3.9B per month </strong></li>
<li><strong>A wave of new layoffs could raise the bar for mortgage applicants</strong></li>
<li><strong>Forebearance rates are trending down again</strong></li>
<li><strong>New FICO score could make mortgages more accessible</strong></li>
<li><strong>NYC apartment sales hit 30-year lows</strong></li>
</ul>

<h2>Record-low refinance rates could save homeowners $3.9B per month</h2>

With rates continuing to hover near all-time lows, more Americans than ever stand to lower their monthly payments with a refinance. Are you among them? Here’s what you need to know to find out. 

As a general rule, if a borrower can lower their rate by at least three quarters of a point, their monthly payment should also drop enough to make refinancing a net gain. You can [get your estimated rates here](https://better.com/preapprovals/refinance), then compare them to your current rate to see if you fall into this category. According to research from mortgage data company Black Knight, around [13.6M homeowners may now be eligible to lower their payments](http://www.mortgagenewsdaily.com/07062020_black_knight_mortgage_monitor.asp  "external"), with an average estimated savings of $238 per month. Of those 13.6M, 5M borrowers could save upwards of $300, and 2.6 million stand to save at least $400 monthly. 

While an extra couple of hundred dollars per month could be just the buffer many homeowners need to keep their payments current, the implications for wide scale economic recovery may be even more significant. Let’s suppose every eligible homeowner were to refinance today; we’d be looking at $3.9B in aggregate savings per month. Depending on how that extra cash was used, it could be a viable alternative to forbearance or a means of stimulating the economy. 

Furthermore, [the Federal Reserve is expected](https://better.com/content/job-recovery-could-drive-mortgage-rates-up/) to support market stability with continued purchases and discussions of new policy tools. This could effectively keep rates low until the economy bounces back, leaving the door open for more homeowners to take advantage of money-saving refinances. 

<h2>A wave of new layoffs could raise the bar for mortgage applicants</h2>

The Paycheck Protection Program (PPP) instituted by the CARES Act gave forgivable loans to small businesses with the requirement that they cannot lay off additional workers during a set timeframe. For many companies, that period will come to an end between now and September. While PPP loans have saved [an estimated 15 million jobs](https://www.businessinsider.com/job-loss-layoff-wave-us-economy-stimulus-ppp-runs-out-2020-6 "external"), the money received will soon run out; up to 14% of companies who benefitted reported they [plan to start layoffs](https://www.cbsnews.com/news/paycheck-protection-program-small-businesses-plan-layoffs-despite-ppp-funds/ "external") within the next month. 

Already, an increasing share of jobs that were reported as “temporarily out of work” are now being categorized as “permanently lost,” and consumer confidence — [the most important ingredient](https://better.com/content/safe-investments-yielding-lower-returns/) in restarting the economy — is likely to take a hit. Because lenders tend to adjust their credit requirements based on the likelihood of default, lasting job losses could render mortgages unavailable for many borrowers, even at a time when rates are low and refinance opportunities abound. 

<h2>Forebearance rates are trending down again</h2>

Forbearance rates [resumed their downtrend](http://www.mortgagenewsdaily.com/07032020_covid_19_forbearance.asp "external") after a spike at the end of June. While the impact on credit availability remains to be seen, the new data could offset this week’s gloomy unemployment projections, and provide the confidence boost lenders need to avoid raising their standards for new mortgage applicants.

<h2>New FICO score could make mortgages more accessible</h2>

A [new type of FICO score](https://www.realtor.com/news/trends/new-fico-score-resiliency/ "external") designed to measure a borrower’s ability to withstand an economic crisis, regardless of their credit history, was announced this week. This gives lenders an alternative metric for determining loan eligibility, which could open up more access for low-credit applicants.  

<h2>NYC apartment sales hit 30-year lows</h2>

Manhattan apartment sales [saw their biggest plunge](https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-worst-on-record-biggest-plunge-in-30-years.html?__source=realestate%7Cnews%7C&par=realestate  "external") in 30 years this week, another key indicator that shoppers are shifting their focus from [urban centers to suburbs](https://better.com/content/high-demand-low-supply-for-suburban-homes/) this homebuying season. 

<h2>In the market for a home loan?</h2>

[Get pre-qualified at better.com](https://better.com/start), and check your custom rates. If you like what you see, you can lock your rate instantly online.

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Mortgage News: With mortgage rates near all-time lows, more Americans than ever stand to lower their monthly payments with a refinance. Find out if you’re among them.   


Refinancing Could Save Homeowners $3.9B Per Month

Blog post image for Record-low refinance rates could save homeowners $3.9B per month

Record-low refinance rates could save homeowners $3.9B per month

![ Mortgage News: Published by Better March 23, 2020](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fb49c079ed4ae4617a19bb7250128b706)

<br><br>

Here’s a look at the latest developments in the mortgage market for the week beginning 3/23/20. 

<ul>
<li><strong>Markets remain volatile due to Covid-19</strong></li>
<li><strong>The Federal Reserve pledges no-limit buy up of Mortgage Backed Securities</strong></li>
<li><strong>Mortgage rates fall as a result</strong></li>
<li><strong>Home equity becomes a more viable cash source</strong></li>
</ul>

  <h2>Volatility continues due to Covid-19</h2>

A [number of factors](https://better.com/content/4-reasons-why-coronavirus-makes-mortgage-rates-so-unpredictable/) have converged to make mortgage rates unpredictable during the coronavirus crisis. Due to uncertainty in the markets where mortgages are bought and sold, last week was one of the [most volatile on record for mortgage rates](http://www.mortgagenewsdaily.com/consumer_rates/939364.aspx). This week, that volatility will likely continue as the market reacts both to actions of the Federal Reserve (the Fed) and to expectations of stimulus from Congress. 

  <h2>The Fed ramps up asset purchases to support credit</h2>

On Monday 3/21, the Fed took another set of aggressive actions to support the economy. To encourage more lending to consumers, they eased [capital requirements](https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200323a.htm), allowing banks to lend more of their “rainy day” money. They also promised to lend to banks [overnight at 0%](https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323a.htm). Finally, and most importantly for mortgages, the Fed pledged to take an [‘as-much-as-needed’](https://themreport.com/daily-dose/03-23-2020/fed-to-purchase-mbs-in-the-amounts-needed) approach to buying mortgage-backed securities (MBS), effectively uncapping the amount they’re willing to purchase. This has already had an effect on the market, as the Fed demand for MBS drives up prices. Since MBS and mortgage rates have an inverse relationship, higher prices of MBS mean lower interest rates for borrowers. The Fed is likely to sustain these purchases, as lowering mortgage payments borrowers pay is a good way to stimulate the economy. 

<br>
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  <h2>Home equity could become a source of much needed cash for homeowners</h2>

As a result of the 2008 financial crisis, lawmakers imposed stricter regulations on mortgages, making them safer and more repayable than loans made in the time before the crisis. This has resulted in Americans, collectively, owning [homes worth nearly $30tn, but only owing mortgages worth $11tn](https://www.politico.com/news/agenda/2020/03/21/how-mortgages-can-ease-the-downturn-140317). As the economic impacts of Covid-19 make cash-on-hand increasingly important, we may see more homeowners accessing that equity with [cash-out refinancing](https://better.com/content/is-a-cash-out-refinance-right-for-you/). With lower rates supported by the Federal reserve, and [online lenders like Better Mortgage](https://better.com/preapproval/08904ed5-f8c3-4f84-8807-2f1bbda413e4) maintaining their capacity to originate loans, it may be easier than ever for consumers to leverage the value of their homes to cover expenses, make new purchases, or invest while stock prices are down. 

Want to see how current events are impacting your mortgage prospects? Get pre-qualified at [better.com](https://better.com/sign-in), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online. 

<br>

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 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">Get your custom rates</a>  
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  <h2>Resources</h2>
<ul>
<li><a href="http://www.mortgagenewsdaily.com/">Mortgage News Daily - Daily mortgage news source</a></li>
<li><a href="https://www.politico.com/">Politico - Political news source</a></li>
<li><a href="https://www.bloomberg.com/search?query=mortgage%20rates&sref=P540kFKo">Bloomberg - Financial news source</a></li>
</ul>
<br><br>

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A look at the latest developments in the mortgage market for the week beginning 3/23/20 covering the Fed’s actions to drop mortgage rates, making home equity more accessible. 

Mortgage News 3/23/20

Blog post image for Federal Reserve actions drop mortgage rates, making home equity more accessible 

Federal Reserve actions drop mortgage rates, making home equity more accessible 

![Mortgage News 5/11/20](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F211a6e1dbb6d4029aa435a89d2cee355)

<br><br>

Here’s a look at the latest developments in the mortgage market for the week beginning 5/11/20. 

<ul>
<li><strong>Home sellers nervous, buyers remain positive</strong></li>
<li><strong>Rates steadily decline, but only for the lowest risk loans</strong></li>
<li><strong>Suburban home sales rise during COVID-19 pandemic</strong></li>
</ul>

  <h2>Home sellers nervous, buyers remain positive</h2>

According to a <a href='https://www.mortgagenewsdaily.com/05072020_national_housing_survey.asp' target='_blank'>survey</a> of homebuying and selling sentiment by Fannie Mae, the majority of those looking to sell a home are worried about the current conditions. Sellers reportedly expect prices to go down over the next twelve months, though there is good reason to believe home prices [won’t suffer as they did in 2008](https://better.com/content/mortgage-news-4-27-20-covid19-pandemic-home-prices/). Nevertheless, the sentiment among potential buyers remains positive. Mortgage applications for new purchases also <a href='http://www.mortgagenewsdaily.com/05062020_application_volume.asp' target='_blank'>grew or held steady</a> for the last 3 weeks, showing that as state lockdowns start to ease, homebuying could begin to pick up steam as the season approaches. 

  <h2>Rates steadily decline, but only for the lowest risk loans</h2>

Average mortgage rates are continuing to creep down towards <a href='http://www.mortgagenewsdaily.com/consumer_rates/944093.aspx' target='_blank'>record lows</a>, but lenders are still wary of reducing rates for, or even offering, riskier loans. Factors that typically result in modest price increases like [lower FICO scores, high Loan-to-Value (LTV) ratios, and high debt-to-income ratios](https://better.com/content/the-3-most-important-numbers-for-your-mortgage-application/) are now being weighed more heavily. In addition, some lenders have <a href='https://www.latimes.com/homeless-housing/story/2020-05-07/mortgage-lending-tightens-coronavirus' target='_blank'>stopped offering riskier types of loans</a> altogether. Lenders are [taking these steps](https://better.com/content/safe-investments-yielding-lower-returns/) as they see a <a href='http://www.mortgagenewsdaily.com/05082020_covid_19_forbearance.asp' target='_blank'>growing number of loans in forbearance</a>, although the number of forbearance applications is now increasing at a slower rate. 

  <h2>Suburban home sales rise during COVID-19 pandemic</h2>

[Better.com CEO](https://www.forbes.com/sites/dianatsai/2021/10/20/how-bettercom-quietly-became-a-77b-unicorn-personal-insights-from-founder-vishal-garg/?sh=2ab7b08140d0 "external"), [Vishal Garg](https://twitter.com/vishalgarg_?lang=en "Vishal Garg"), <a href='https://finance.yahoo.com/video/suburban-homes-sales-rise-during-163244467.html' target='_blank'>spoke with Yahoo Finance</a> recently about a surprising trend; the number of Better Mortgage applicants purchasing new homes has actually increased during the COVID-19 pandemic. Last month, homebuying applications were up 36% compared to April of last year. The data suggests that despite social distancing restrictions, homebuyers are still looking to take advantage of historically low rates.

<h2>Want to see how low your mortgage rate could be?</h2>

[Get pre-qualified at better.com](https://better.com/start), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online.

<br>

 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">Get pre-qualified</a>  
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As homebuying season approaches, sellers are worried while buyers are ready to act. Rates continue to drop for low-risk loans as new home loan applications rise.  

Sellers Are Anxious But Homebuyers Are Ready To Shop

Blog post image for Sellers are anxious, but homebuyers are ready to shop

Sellers are anxious, but homebuyers are ready to shop

![Mortgage News 4/27/20](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fc37cf6e2e3144428b2a24ed144edf5b7)

<br><br> 

Here’s a look at the latest developments in the mortgage market for the week beginning  4/27/20. 

<ul>
<li><strong>Home prices decline, but unlikely to hit 2008 levels </strong></li>
<li><strong>Forbearance and delinquencies are on the rise</strong></li>
<li><strong>Fed and Treasury signal that the market may self-correct</strong></li>
</ul>

<h2>Why COVID-19 home prices are unlikely to hit 2008 levels </h2>

While the national median home price has [remained steady at about $320,000](https://www.realtor.com/news/trends/home-price-growth-slowing-coronavirus/) over the last 6 weeks, [Fannie Mae and Freddie Mac both predict](https://www.fool.com/millionacres/real-estate-market/articles/will-the-pandemic-cause-home-prices-to-drop/) a decline through the end of the year. Year-over-year price growth has already started to slow down, with prices for the week of April 12th only 0.3% higher than last year compared to 0.8% the previous week.  

There are a few reasons, however, that the current environment shouldn’t conjure up memories of 2008’s housing collapse. 

First, according to [new research by Zillow](https://www.zillow.com/research/pandemic-literature-review-26643/), historical evidence suggests that pandemics don’t necessarily lead to significantly lower home prices. During China’s 2003 SARS outbreak, for example, home prices were relatively stable. And even though the number of homes bought decreased as much as 72%, that number “snapped back” to normal when the pandemic passed. 

Second, home prices are not likely to be driven down by excess supply as they were in 2008. The number of vacant homes for sale was near a 20-year low before COVID-19, compared to a  [48% higher supply](https://fred.stlouisfed.org/series/ESALEUSQ176N) leading up to the housing crisis.

![chart](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F4dc7baf9ca7845a1a9796fd6c4b1d560)
<p class="legal">Source: <a href="https://fred.stlouisfed.org/series/ESALEUSQ176N">FRED</a></p>
<br>

The supply of new homes is also growing at a lower rate with [new construction decreasing by 23%](https://www.barrons.com/articles/march-housing-starts-new-construction-permits-covid-19-economy-51587070734) in March. 

Third, better safeguards for homeowners make “fire sales,” like the ones that [drove down prices](https://realestate.boston.com/buying/2020/04/09/experts-forecast-housing-market-amid-coronavirus/) in 2008, less likely to occur. Thanks to tighter lending standards and a huge decrease in the amount of [debt payments relative to income](https://fred.stlouisfed.org/series/TDSP), households are generally better set up for mortgage repayment than they were ten years ago. And, with newly instituted mortgage forbearance programs and [moratoria on foreclosures](https://wjla.com/news/nation-world/65-of-mortgages-protected-by-government-moratorium-on-foreclosures) providing relief from financial hardship, far fewer homeowners will lose their homes or be forced to sell. 

<h2>Fed and Treasury signal that the mortgage market is healthy enough for now</h2>

According to mortgage industry data analytics company, [Black Knight](http://www.mortgagenewsdaily.com/04242020_black_knight_first_look.asp), delinquencies rose 3.4% in March, and 6.4% of all mortgages are currently in forbearance agreements. While there has been a slowdown after the initial surge of missed payments, an uptick is expected in May. 

In spite of these trends, neither the head of the Federal Reserve nor the head of the US Treasury have indicated that they believe [these problems signal an industry-wide issue](http://www.mortgagenewsdaily.com/mortgage_rates/blog/942673.aspx) for servicers and lenders — at least not yet. While some Government Sponsored Entities (GSEs) are [providing some financial relief to select servicers](https://www.ginniemae.gov/newsroom/GinnieInBrief/Pages/Post.aspx?PostID=40), the government has opted to make servicing rights easier to transfer rather than offer a full bailout. This may connote a preference for the industry to sort itself out before additional government aid is pledged.  

Whether or not the market can recover without additional government aid remains to be seen, but it is possible. With [some states temporarily prohibiting foreclosures](https://www.nclc.org/issues/foreclosures-and-mortgages/covid-19-state-foreclosure-moratoriums-and-stays.html), and forbearance provisions in place, homeowners may eventually be able to pay back arrears through payment plans. GSEs like Fannie Mae and Freddie Mac have also offered to buy loans in forbearance — a new and unprecedented step. However, these purchases will come at a costly premium for lenders; both Fannie and Freddie plan to charge fees in exchange for buying such loans. As a result, mortgage originators will likely still have appetite to lend, but rates may be slightly higher than borrowers expect. 

<h2>Want to see how current events may impact your mortgage prospects?</h2>

[Get pre-qualified at better.com](https://better.com/start), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online.

<br><br>

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 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">Get pre-qualified</a>  
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Updates for 4/27/20: Forbearances and delinquencies rise, Fed and Treasury hold off on bailout, COVID-19 pandemic home prices not expected to hit housing crisis levels. 


Why COVID-19 home prices are unlikely to hit 2008 levels 

Blog post image for Why COVID-19 home prices are unlikely to hit 2008 levels 

![Mortgage News 4/20/20](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F8c361051258648eaa0c93b3092035949)

<br><br> 

Here’s a look at the latest developments in the mortgage market for the week beginning 4/20/20. 

<ul>
<li><strong>How a COVID-19 recession would affect mortgages vs. 2008</strong></li>
<li><strong>Servicing market shift contributes to rate volatility</strong></li>
<li><strong>Fed slows bonds purchases, rates jump slightly above all-time lows</strong></li>
<li><strong>Homebuyers are leveraging technology to shop during lockdown</strong></li>
</ul>

  <h2>How a COVID-19 recession would affect mortgages compared to the 2008 crisis</h2>

Unlike 2008’s financial crisis, which brought mortgage lending to a halt, post-2008 safeguards combined with timely and unprecedented [Federal Reserve actions](https://www.nbcnews.com/business/economy/fed-pulling-out-all-stops-which-both-good-bad-n1162041) may have ensured that lending can continue in the event of another recession. More stringent requirements have left banks [very well capitalized](https://www.bankrate.com/banking/banks-safe-healthier-now-coronavirus-shock/) with [huge inflows of deposits](https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm) to lend against. [Tighter post-2008 lending standards](https://www.seattletimes.com/business/real-estate/after-the-2008-crisis-mortgages-are-safer-but-tougher-to-come-by/) have also decreased the risk of borrower default. So even in a recession, there may still be an appetite to lend to creditworthy borrowers. 

In normal times, mortgage rates track the yield on the US 10-year treasury bond. In a recession, however, [bond yields typically go down](https://fred.stlouisfed.org/series/MORTGAGE30US) as the prices of the bonds go up. The Federal Reserve has already proven their willingness to buy [as many bonds as are necessary](https://better.com/content/mortgage-market-news-3-23-20-federal-reserve-actions-drop-mortgage-rates/) to keep that relationship stable in this crisis, so there is reason to believe that they might use their purchasing power to support the flow of credit to borrowers in any coming recession.

  <h2>Servicing market shift contributes to rate volatility</h2>

When a mortgage is sold, the Mortgage Servicing Rights (MSRs) can be sold separately from the mortgage itself. Servicing means collecting payments on the mortgage, and forwarding them to the owner of the mortgage. For this often complex work, [servicers are paid a fee](https://www.investopedia.com/terms/l/loan_servicing.asp) — usually .250% to .375% of the outstanding principal amount. This cash flow continues as long as the loan exists. Lenders can typically sell their MSRs for around 1.25% of the loan value. In 2019 alone, [$635B of servicing rights](https://www.marketwatch.com/story/heres-the-hard-truth-about-the-mortgage-markets-that-isnt-being-told-2020-04-02) were sold from big banks to non-bank servicers. 

Recently, with [5.5% of all mortgages in forbearance](http://www.mortgagenewsdaily.com/04172020_covid_19_forebearance.asp), servicers will still be on the hook to forward payments that they may or may not be able to collect. Not only do potential delinquencies affect the cash flows of servicers, but the actual operations involved become more costly as additional work is required to collect payments. No servicers want to take on additional commitments, which means lenders must retain and service the mortgages they originate themselves. This increases the risk taken on by lenders, who are likely to continue raising and lowering rates every day to manage that risk. 

  <h2>Fed slows bonds purchases, rates jump slightly above all-time lows</h2>

Mortgage rates remain near the all-time lows they hit in March, driving [refinance activity](https://www.cnbc.com/2020/04/15/weekly-mortgage-applications-rise-as-rates-hit-survey-low.html) 10% higher last week than the previous week, and nearly 200% higher than this time last year. The Federal Reserve, however, is [beginning to purchase fewer](http://www.mortgagenewsdaily.com/mortgage_rates/blog/942070.aspx) Treasuries and Mortgage Backed Securities (MBS), originally purchased in larger amounts to stabilize the mortgage market and interest rates. The faster-than-expected tapering of MBS purchases caused prices to fall, thereby slightly increasing mortgage rates for borrowers. The silver lining is: this looks like [normal functioning of mortgage markets](http://www.mortgagenewsdaily.com/consumer_rates/942091.aspx), signalling that crisis mode is on pause, and mortgage rates may remain relatively stable after last month’s wild swings.

<h2>Homebuyers are leveraging technology to shop during lockdown</h2>

Even though COVID-19 restrictions have made purchasing difficult, buyers are indicating they are still in the market for new homes. A [survey by the National Association of Realtors](http://www.mortgagenewsdaily.com/04162020_home_sales.asp) found that up to 25% of agents had facilitated a sight-unseen purchase, with many making use of virtual property tours. 10% of respondents even said they were seeing the same level of activity as before the crisis. 

<h2>Want to see how current events are impacting your mortgage prospects?</h2>

Get pre-qualified at [better.com](https://better.com/sign-in), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online. 

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A look at the latest developments in the mortgage market for the week beginning 4/20/20, and their impact on borrowers.

Mortgage News 4/20/20

Blog post image for COVID-19 vs 2008: How another recession could impact mortgages 

COVID-19 vs 2008: How another recession could impact mortgages 

![ Mortgage News: Published by Better April 13, 2020](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fe664d01ff2c946cca3beddf75451d35f)

<br><br> 

Here’s a look at the latest developments in the mortgage market for the week beginning 4/13/20.  

<ul>
<li><strong>Rates have improved, but not for all loan types</strong></li>

<li><strong>Surge in missed payments could mean more unpredictable rates</strong></li>

<li><strong>Homebuying season is delayed, but a post-shutdown boom is expected
</strong></li>

</ul>

  <h2>Rates have improved, but not for all loan types</h2>

We’re starting to see the [flattening of a volatile rate environment](http://www.mortgagenewsdaily.com/consumer_rates/941437.aspx), and rates for certain lower-risk loans have improved. This does not necessarily mean that rates for all types of loans will remain stable, however. Jumbo and non-conforming loans, which are not government guaranteed and present higher risk for lenders, still either have very high interest rates or are no longer being offered. In fact, the Mortgage Credit Availability Index, which  measures the availability of mortgages, has [decreased 37% for Jumbo loans](https://www.mpamag.com/news/mortgage-credit-availability-hits-5year-low-219409.aspx) since the start of the crisis compared to only 2.7% for conforming loans. 

Even for typical mortgages, unpredictable factors like [COVID-related volatility](https://better.com/content/4-reasons-why-coronavirus-makes-mortgage-rates-so-unpredictable/), and [strain on servicers](https://better.com/content/mortgage-news-4-6-20/) could easily cause rates to rise again. Given the level of uncertainty and continued skepticism by lenders, borrowers should be wary of timing the market, and instead [lock a rate when it makes financial sense to do so](https://better.com/content/to-refi-now-or-not-that-should-not-be-the-question/). 

 <br>
 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">Get your custom rates</a>  
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<br>

  <h2>Surge in missed payments could mean more unpredictable rates</h2>

Because so many homeowners are experiencing economic hardship, it’s predicted that the mortgage delinquency rate [could hit 10%](https://markets.businessinsider.com/news/stocks/housing-market-debt-delinquency-could-near-trillion-credit-crunch-coronavirus-2020-4-1029072964) — nearing [2008 crisis levels](https://fred.stlouisfed.org/series/DRSFRMACBS). This is particularly worrying for servicers who are on the hook for payments to holders of Mortgage Backed Securities (MBS) whether they receive them from borrowers or not. Unlike delinquencies that occurred between 2008 and 2010, which came in successive waves, these missed payments are expected to [hit all at once](https://www.nationalmortgagenews.com/opinion/the-case-for-supporting-nonbank-mortgage-servicers). This could overwhelm mortgage servicers, and potentially cause them to fail. With potential repayment issues leading servicers to slow down the purchase of servicing rights, the risk burden increasingly falls to lenders themselves. Because lenders manage large risks like this by adjusting rates and tightening credit standards, this could very well mean a return to unpredictable rates. 

The Federal Reserve has not opted to support mortgage servicers yet, but Chairman Jerome Powell and Treasury Secretary Steven Mnuchin [both indicated](https://www.housingwire.com/articles/mnuchin-on-mortgage-servicing-were-going-to-make-sure-that-the-market-functions-properly/) they are [closely watching mortgage servicers](https://time.com/5819074/federal-reserve-fed-coronavirus-lending/) in particular. 

Other agencies, however, are stepping up to ease the burden on servicers. [Ginnie Mae has announced](https://www.fool.com/millionacres/real-estate-financing/articles/ginnie-mae-to-support-loan-companies-what-will-this-mean-for-mortgages/) it will lend to servicers for any loans it backs — specifically government loans such as FHA and VA loans. Although Ginnie Mae backed loans only make up [4.25% of MBS](http://www.mortgagenewsdaily.com/04122020_covid_19_responses.asp), they often have higher risk of delinquency due to lower credit and down payment requirements. 

  <h2>Homebuying season is delayed, but a post-shutdown boom is expected</h2>

Coronavirus lockdowns have all but stopped purchase activity. Real estate experts say the spring market is not going to see much activity at all, but believe pent up demand will [drive a huge late summer market](http://www.mortgagenewsdaily.com/04092020_covid_19_impacts.asp). While activity is expected to pick up, the effect on home prices is yet to be determined. [Homes coming off the market now](https://www.curbed.com/2020/3/6/21163523/coronavirus-economic-impact-housing-market) have driven prices up a bit, but increased supply and demand could change that post-lockdown. 

<h2>Want to see how current events are impacting your mortgage prospects?</h2>

[Get pre-qualified at better.com](https://better.com/start), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator). If you like what you see, you can lock your rate instantly online.

<br>

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A look at the latest developments in the mortgage market for the week beginning 4/13/20 and the impact on borrowers. 

Mortgage News 4/13/20

Blog post image for As markets stabilize, a surge in missed payments may cause rates to swing

As markets stabilize, a surge in missed payments may cause rates to swing

![ Mortgage News: Published by Better April 6, 2020](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fd09b3671bf7144ec85a5140e09b4eb5e)

<br><br> 

Here’s a look at the latest developments in the mortgage market for the week beginning 4/6/20.  

<ul>
<li><strong>Lenders remain cautious as market volatility continues</strong></li>
<li><strong>Servicing rights purchases decrease</strong></li>
<li><strong>Economic hardship increases likelihood of default</strong></li>
<li><strong>Lenders tighten standards to mitigate risk</strong></li>
<li><strong>Title agents struggle to work around county office shutdowns</strong></li>
</ul>

  <h2>Drop in servicing rights purchases increases risk for lenders</h2>

Over the last decade, non-bank lenders have entered the mortgage industry more than before the financial crisis of 2008; [in 2008 they accounted for 24% of loan originations compared to 53% as of 2017](https://www.fdic.gov/bank/analytical/quarterly/2019-vol13-4/fdic-v13n4-3q2019-article1.pdf). 

Due to the risky loans made leading up to the 2007 mortgage crisis, and the corresponding financial crisis in 2008, higher capital regulations were imposed to ensure that banks would have enough money to continue facilitating the flow of credit should such a crisis occur. Those regulations were not, however, imposed on non-bank lenders or mortgage servicers. That's why, with increased risk of borrower default and late payment, many servicers do not have the cash to continue paying mortgage investors (typically through MBS). The Federal Reserve [likely has the authority](https://www.housingwire.com/articles/can-the-fed-help-americans-get-mortgage-forbearance/) to lend to these servicers, but so far has taken a wait-and-see approach.

Since borrower payments are likely to be reduced due to [COVID-19 relief options](https://better.com/content/mortgage-news-3-30-20/) granted to borrowers, loan servicers are now slowing down the purchase of servicing rights. This increases the risk taken on by lenders who now have to either service the loan themselves or wait longer to sell. Lenders continue raising and lowering  rates every day to manage that risk.

  <h2>As unemployment spikes, lending standards tighten</h2>

Another way lenders manage risk is to change the credit standards they lend against. Lenders anticipate the riskiest borrowers may not be able to pay back mortgages if economic conditions persist. [6.65 million people](https://www.bloomberg.com/news/articles/2020-04-02/u-s-jobless-claims-doubled-to-record-6-65-million-last-week) applied for new jobless claims last week, and with overloaded unemployment insurance processing, that number is likely undercounting. 

Here’s a sample of what tighter credit standards look like for some lenders:

<ul>
<li>Wells Fargo adjusted its minimum score requirement to 680 for all government loans (FHA, VA, and USDA)</li>
<li>US Bank requires a 680 credit score for FHA, VA, and USDA loans, and 640 for conventional loans</li>
<li>LoanDepot is requiring a 620 minimum FICO score for VA and FHA loans with a higher score (660+) for cash-out or streamline refinancing</li>
<li>Flagstar is requiring a 640 score for both purchase transactions and non-cash out refinances</li>
</ul>

Even further, some lenders are [not allowing borrowers to lock their rates](https://themortgagereports.com/64357/coronavirus-causes-mortgage-mayhem-with-new-requirements-and-no-rate-locks) or pushing rate-lock until the loan is cleared to close. This effectively forces borrowers to proceed through the loan process without knowing their rate until days before closing. 

As a 100% digital lender, Better Mortgage allows customers to lock rates 24/7. You can get pre-approved, check your custom rates and lock instantly from home anytime. 

<br>
 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">Get your rates</a>  
 </div>
<br>

  <h2>Title agents struggle to meet demand during lockdown</h2>

Title agents, or [escrow agents](https://www.investopedia.com/terms/e/escrow_agent.asp), impacted by coronavirus containment measures now have to work around county office shutdowns to keep closing procedures on track. They’ve turned to remote signing and recordation to smooth bumpy workflows. The American Land and Title Association [reports](https://www.alta.org/business-tools/county-status.cfm) that, as of April 6, only 11.8% of jurisdictions are open and operating as usual whereas 43.1% are operating in a modified state. Although title insurance companies have begun to offer gap insurance, challenges will remain for a business not set up to do all-digital transactions. 

Better’s title insurance arm is exploring options for hybrid and remote online notarization options, and there are currently no counties where Better Mortgage cannot fund a loan due to office closures.

Want to see how current events are impacting your mortgage prospects? Get pre-qualified at [better.com](https://better.com/sign-in), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online. 

<br>

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A look at the latest developments in the mortgage market for the week beginning 4/6/20 and the impact on borrowers. 

Mortgage News 4/6/20

Blog post image for Lending standards tighten to mitigate risk, title agents adapt amidst county office shutdowns

Lending standards tighten to mitigate risk, title agents adapt amidst county office shutdowns

![ Mortgage News: Published by Better March 30, 2020](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fd3b18e609bea4cd2980fa57cbe29dbd0)

<br><br>

Here’s a look at the latest developments in the mortgage market for the week beginning 3/30/20. 

<ul>
<li><strong>Market volatility leads lenders to be more risk averse</strong></li>
<li><strong>Escrow accounts are recommended for higher risk borrowers</strong></li>
<li><strong>Stimulus bill protections for homeowners may discourage new mortgages</strong></li>
<li><strong>Fannie Mae actions support new loans and protect borrowers</strong></li>
</ul>

  <h2>Lenders recommend escrow accounts for higher risk borrowers
</h2>

Unprecedented volatility in mortgage markets is leading lenders to be more risk-averse.  
Current Federal Reserve actions that usually support lower mortgage rates can have a mixed effect, and rates will likely continue to fluctuate as the economic impact of coronavirus unfolds. 

Better Mortgage is still open and lending, but like other lenders, we’re encouraging those with lower credit scores, higher debt-to-income (DTI) ratios or non-standard income to establish escrow accounts. If you’re considering refinancing or taking out a new mortgage, you can still [apply with us instantly online](https://better.com/start). 

<h2>Market volatility leads lenders to be more risk averse</h2>

The Fed’s actions to support prices may have been [too much of a good thing](https://www.cnbc.com/2020/03/29/mortgage-bankers-warn-fed-purchases-of-mortgages-unbalanced-market-forcing-margin-calls.html) for some lenders, because very unstable MBS prices make it difficult for lenders to offer low rates with confidence. So, even though MBS prices are higher now (which usually means lower mortgage rates for borrowers), lenders are still feeling the effects of volatility in that market as MBS prices fluctuate daily. 

Wary of sudden rate jumps causing loan values to fall, lenders are becoming more conservative with the [rates they offer to borrowers](http://www.mortgagenewsdaily.com/mortgage_rates/blog/939860.aspx), which may be higher than expected given the Fed’s 0% interest rate. You can read more about how Covid-19 continues to affect rates [here](https://better.com/content/4-reasons-why-coronavirus-makes-mortgage-rates-so-unpredictable/). 

<h2>Stimulus bill encourages forbearance, but may also discourage new loans </h2>

The stimulus bill passed through Congress on 3/27/2020 offered protection to many homeowners by encouraging forbearance, or the delay of loan payments. The bill, however, [did not explicitly set up a mechanism](http://www.mortgagenewsdaily.com/mortgage_rates/blog/940056.aspx) for the loan servicers (who collect mortgage payments) and, by extension, the lenders (who receive payments from servicers) to make up for lost revenue during this period. 

Government Sponsored Entities like Fannie Mae will guarantee payments for conventional loans they own. This ensures that holders of MBS still get their return on investment, though servicers may still struggle. 

For other loans, however, these guarantees don’t exist, and if no alternative source of funding (a Federal Reserve lending program to make up for lost payments, for example) is found, everyone but the most credit-worthy borrowers may have difficulty getting loans from risk averse lenders. 

<h2>Fannie Mae actions support new loans and protect borrowers</h2>

Government Sponsored Entities like Fannie Mae are [taking actions](http://www.mortgagenewsdaily.com/03232020_covid_19_responses.asp) to encourage the creation of new mortgages in the uncertain economic environment. These include waving interior appraisals, allowing for non-verbal verification of employment (VOE), and forbearance provisions for existing loans. Whether a borrower can access these forbearance provisions isn’t based on which lender originated the loan, but which investor currently owns the loan. If the current [owner of the loan is a federal agency](https://www.forbes.com/sites/alyyale/2020/03/27/heres-why-bank-of-america-ally-mortgage-holders-may-not-see-promised-covid-19-relief/#69a789e5113e), the borrower is much more likely to have protections for payments on that mortgage. 

You can use online tools like [this](https://www.forbes.com/sites/alyyale/2020/03/27/heres-why-bank-of-america-ally-mortgage-holders-may-not-see-promised-covid-19-relief/#69a789e5113e ) to learn who owns your mortgage. 

<br>

Want to see how current events are impacting your mortgage prospects? Get pre-qualified at [better.com](https://better.com/sign-in), check your custom rates, and [estimate your monthly savings](https://better.com/content/refinance-calculator/). If you like what you see, you can lock your rate instantly online. 

<br><br>

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  padding-left:25px;
  padding-top: 5px;
  padding-bottom: 5px;
  border-style: solid;
  border-width: 0px 0px 0px 3px;
  border-color: #291842;
  }
  .learnfont {
  font-size:16px !important;
  line-height: 20px !important;
  }
.footnote{
  font-size:14px !important;
  color: #767676;
  text-align:center;
  }
.charttitle{
    font-size:24px !important;
  text-align:center;
  }

  p.chartsmall {
    font-size:12px!important;
  }

    #img1 {display:block;}
#img2 {display:none}

  @media all and (max-width: 600px) {

      .mobilehide{ display: none;
  }
    #img1 {display: none;}
    #img2 {display: block;}

    p.chartsmall {
    font-size:9px!important;
  }

  .headshot{
  width:150px;

  }

}
  .equation{
    padding-top:40px;
    padding-bottom:50px;
    padding-left:30px;
    padding-right:30px;
  text-align:center !important;
    background:#291842;
  }

  p.equationtop{
font-weight:300!important;  
    color:#ffffff;
  }
  p.equationbottom{
    font-weight:700!important;   
   font-size:28px;
    color:#ffffff;
  }
  .headshot{
    padding-bottom:15px;
  width:150px;

  }
  .centerqa{
  text-align:center!important;
  }

  </style>

A look at the latest developments in the mortgage market for the week beginning 3/30/20 covering the impact of the stimulus bill and Fannie Mae’s actions.

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