Despite a 0.07 week-over-week increase in forbearance requests, the Mortgage Bankers Association said homeowners' financial situations are turning around
'High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications,' Joel Kan of the Mortgage Bankers Association said
4.2 million Americans are now using forbearance programs. However, the rate at which loans are going into forbearance is slowing, suggesting conditions are stabilizing
As of May 10, 8.16% of all mortgages were in forbearance, up from 7.91% on May 3 — the smallest increase since March, according to the Mortgage Bankers Association
The total number of mortgage loans in forbearance increased from 7.54% of servicers' portfolio volume. Ginnie Mae held the largest share of loans in forbearance
Thirty-year, fixed-rate mortgages fell to 3.43%, from 3.45% last week, marking a historic new low, according to the Mortgage Bankers Association
Opinion
A provision of the CARES Act allows for mortgage payment relief to help struggling families, but it could have an unintended negative effect on the real estate industry
The average contract interest rate for 30-year, fixed-rate mortgages dropped to 3.45%, its lowest level since the Mortgage Bankers Association began its weekly survey
The lender will require a 700 credit score and 20% down for mortgages
The Mortgage Bankers Association's Sara Singhas explained how mortgage forbearance and repayment works and what homeowners should do if they need more time
The Mortgage Bankers Association said the decrease is due to stricter lending standards and increased likelihood of loan forbearance and defaults
Mortgage application activity increased by 15.3%, and the refinance index increased 26% during the week ending March 27
The administration didn't make clear how borrowers might catch up on payments later on
The presidential hopeful wants to make Freddie Mac and Fannie Mae a 'single, fully government-owned mortgage guarantor' that benefits taxpayers, community banks
The 5% gain in the Market Composite Index was due to strength on the refinancing side