Markets Overview:
Emergency cuts to the Fed funds and discount rates made in early March did not stabilize markets as hoped.
On March 23rd, the Fed announced plans to inject funds into the Mortgage Bond Market. Their purchases should lead to lower mortgage rates.
The Fed’s intervention comes after investors have sold bonds to raise cash, causing a drop in prices and increases to what had been record low rates.
Housing and Home Financing:
The real estate and mortgage industries face challenges implementing steps that normally require in-person communication, including home tours, appraisals, inspections, and document recording in the county clerk’s office.
Government housing regulators are providing leniency for some required steps, such as appraisals and employment verification. If you are in the home purchase or refi process, please be patient while these policies are implemented.
Regulators are also working on guidelines to support mortgage relief for people directly impacted by the virus.
Consumer watchdogs expect an increase in spam attempts during this crisis. If you receive an offer of mortgage relief assistance by text, phone or email, please do not respond directly or follow any links. Instead, verify by reaching out to your mortgage loan servicer (the company you pay each month).
Emergency cuts to the Fed funds and discount rates made in early March did not stabilize markets as hoped.
On March 23rd, the Fed announced plans to inject funds into the Mortgage Bond Market. Their purchases should lead to lower mortgage rates.
The Fed’s intervention comes after investors have sold bonds to raise cash, causing a drop in prices and increases to what had been record low rates.
Housing and Home Financing:
The real estate and mortgage industries face challenges implementing steps that normally require in-person communication, including home tours, appraisals, inspections, and document recording in the county clerk’s office.
Government housing regulators are providing leniency for some required steps, such as appraisals and employment verification. If you are in the home purchase or refi process, please be patient while these policies are implemented.
Regulators are also working on guidelines to support mortgage relief for people directly impacted by the virus.
Consumer watchdogs expect an increase in spam attempts during this crisis. If you receive an offer of mortgage relief assistance by text, phone or email, please do not respond directly or follow any links. Instead, verify by reaching out to your mortgage loan servicer (the company you pay each month).