U.S. Reports 60,000 New Cases

The U.S. just recorded a record spike of 60,000 new coronavirus cases yesterday. There’s talk that it could hit 100,000 cases.

Despite the virus news, it looks like some folks are rushing back to the housing market. Mortgage applications are up 33% in the last year.

Home prices gains continue to accelerate, so low mortgage rates are giving buyers much-needed help. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 dropped to 3.26% from 3.29%. Points, including the origination fee, for loans with a 20% down payment decreased to 0.35 from 0.36.

The market is holding steady this morning. We have new highs in FactSet (FDS) and Moody’s (MCO).

Posted by on July 8th, 2020 at 10:31 am


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