Forgotten Your Password?

Need to Register?

Mark Hemingway

Mortgage Market Update for July 28th

Tuesday, July 28, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

As more and more Americans return to work the number of forbearance filings have been declining week over week. The Mortgage Bankers Association reports that the total number of loans now in forbearance fell to 7.74% from 7.80% as of July 19, 2020. In addition, the MBA estimates 3.9 million homeowners are in forbearance plans. "The share of loans in forbearance declined by a smaller amount than in previous weeks, as the pace of borrowers exiting forbearance slowed," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist.

Home prices saw solid gains year over year in May as the economy reopened after the pandemic induced shutdown. The S&P Case-Shiller 20-City Home Price Index rose 3.7% from May 2019 to May 2020, down from 3.9% in April. Prices were up 0.4% from April 2020 to May 2020. In addition, the National Composite Index increased by 4.5%. "More data will obviously be required in order to know whether May's report represents a reversal of the previous path of accelerating prices or merely a slight deviation from an otherwise intact trend," said spokesperson Craig J. Lazzara.

Didn't find the answer you wanted? Ask one of your own.

Get an answer
Subscribe to our news feed.