Mortgage Interest Rates

U.S. Long-Term Mortgage Rates Ease; 30-Year at 3.24%

It’s the 4th straight week that the 30-year home loan stayed below 3.30%; the average rate on the 15-year fixed-rate mortgage slipped to 2.70%.

WASHINGTON (AP) – Long-term U.S. mortgage rates eased this week in a housing market battered by the shutdown spurred by the coronavirus pandemic. Rates hovered near all-time lows as the benchmark 30-year home loan stayed below 3.30% for the fourth straight week.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan declined to 3.24% from 3.28% last week. A year ago, the rate stood at 4.06%.

The average rate on the 15-year fixed-rate mortgage slipped to 2.70% from 2.72% last week.

Sales of existing homes plunged 17.8% in April to a 4.33 million rate, the slowest pace since 2011, the National Association of Realtors reported Thursday. The normally busy spring homebuying season has been upended. At the same time, however, home prices have been rising.

Bleak data, meanwhile, continues to pour in showing the economic damage from the virus that shut down wide swaths of business and social life. The government reported Thursday that the number of Americans filing for unemployment benefits because of the pandemic has surged to nearly 39 million since widespread shutdowns began two months ago.

The continuing stream of heavy job cuts reflects an economy that is sinking into the worst recession since the Great Depression of the 1930s. The nonpartisan Congressional Budget Office estimated this week that the economy is shrinking at a 38% annual rate in the April-June quarter. That would be by far the sharpest quarterly contraction on record.

Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Are Short sales again in our future?

I’ve done many for clients in my 33+ years in real estate. Read this article:

https://www.npr.org/2020/04/27/843547334/3-4-million-homeowners-skip-payments-but-many-are-scared-say-congress-needs-to-a

Mortgage Rates Hit All-Time Low – 3.23%

By Kerry Smith

The pandemic-slowed economy pushed the average 30-year mortgage rate to its lowest point in at least 50 years – since Freddie Mac started tracking rates in 1971.

WASHINGTON – The pandemic-slowed U.S. economy pushed the average 30-year mortgage rate to its lowest point in at least 50 years, according to Freddie Mac, which started tracking rates in 1971.

The size and depth of the secondary mortgage market is helping keep rates at record lows, Freddie Mac says. Today’s low rates are driving higher refinance activity and a modest uptick in demand for new-home purchases.

However, not everyone can take advantage of today’s low rates. In some cases, banks have tightened lending restrictions and are making loans only to well-qualified buyers or home refinancers. In addition, some potential homebuyers in January are now out of work as applications for unemployment skyrocket.

At 3.23%, the average 30-year fixed-rate mortgage is down 0.10% week-to-week (from 3.23%) and 0.91% compared to this same time last year.

The 15-year fixed-rate mortgage dropped to 2.77% this week. That’s down .0.09% from last week (from 2.86%) and down 0.83% year-to-year.

The 5/1 hybrid adjustable-rate mortgage averaged 3.14 % this week.

Economists at Fannie Mae predicted this week that 30-year rates could go as low as 2.9% in 2021, however it’s unclear yet what effect the COVID-19 pandemic will have over the long term.

“In our view, the negative shock will apply to both the home purchase and rental markets. On the demand side, early indications are that the purchasing benefit of lower interest rates are being offset by the downturn in employment,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.

“On the supply side, the number of listings is falling, as those with homes to offer may either be hesitant to allow strangers to tour their home or worry that the lack of demand is placing downward pressure on the sales price they might otherwise receive,” Duncan adds.

© 2020 Florida Realtors

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Dr. Tony Fauci

“He’s 79 years old. An immunologist by trade. Worked for 6 presidents. He’s already been awarded the Presidential Medal of Freedom. He’s helped America navigate AIDS, Ebola, Swine Flu, H1N1 and now Corona. He is the Hero we need right now. Whatever he says to do… do it! I don’t know how the world thanks a person like this but I’m just hopeful we have the fortitude as a nation to listen to him. Prayers to you Dr Anthony S. Fauci. Some hero’s wear lab coats instead of capes!”
~Jim Weinstein.
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Anthony Stephen Fauci; born December 24, 1940) is an American physician and immunologist who has served as the director of the National Institute of Allergy and Infectious Diseases (NIAID) since 1984.
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Listen to this man.

Served under 6-Presidents:
Ronald Regan (R), George H W Bush (R), Bill Clinton (D), George W Bush (R), Barack Obama (D) & Donald J Trump (R).

Anthony Stephen Fauci; born December 24, 1940) is an American physician and immunologist who has served as the director of the National Institute of Allergy and Infectious Diseases (NIAID) since 1984. Listen to this man.

Feds Issue Paycheck Protection Program Loan Applications

Small businesses and sole proprietors can submit applications starting Friday, and independent contractors can apply starting on April 10. Employers who maintain minimum payroll levels and employees (at least 75% of their average) are eligible for loan forgiveness.

ORLANDO, Fla. – The Treasury Department released the application for the SBA 7(a) Paycheck Protection Program (PPP) loans, which can help small businesses maintain employment through loans that are forgivable over time under the mandated circumstances.

The Treasury Department also released a summary guide of the program to help borrowers understand the program’s rules.

While the application is up, however, Treasury Department has set a schedule for businesses to submit the applications:

Small businesses and sole proprietors can apply beginning this Friday, April 3

Independent contractors and the self-employed can apply beginning next Friday, April 10

Applications should be sent directly to Small Business Administration (SBA) lenders, which can be found using a search tool on SBA’s website.

The Paycheck Protection Program is new. It was created by the just-passed CARES Act to provide small businesses (500 employees or fewer), sole proprietors, and the self-employed/independent contractors impacted by COVID-19 with loans of 2.5-times their average monthly payroll expenses (up to $10 million) to cover payroll, mortgage interest, rent and utilities for an 8-week period during the crisis.

Employers who maintain payroll levels of at least 75% of their average, and the same number of employees, are eligible for loan forgiveness.

The National Association of Realtors® (NAR) also offers information on its website about the loan program and how it applies to typical real estate job categories.

“There are still some questions as to whether a small business should include independent contractors in its employee numbers and payroll costs,” says NAR’s Senior Policy Representative, Commercial Issues Erin K. Stackley, Esq. “What we know for certain is that independent contractors can apply for their own 7(a) PPP loans. (NAR is) seeking clarity on that question from the Treasury and the SBA and will have the answer soon.”

The Paycheck Protection Program is a different type of loan than the SBA’s disaster loan program. The SBA lists all available types of potential loans on a single page, as well as an application for an SBA disaster loan.

More information on the various programs, including the Paycheck Protection Program, should be released shortly.

© 2020 Florida Realtors®

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Hillsborough County to Open 2-Quarantine and Isolation Sites

Joining communities across the nation, Hillsborough County will open quarantine and isolation sites at 10 a.m. on Thursday, April 2 to house residents and family members impacted by COVID-19 coronavirus. The sites will allow isolation of residents who have tested positive for coronavirus or quarantine of those exposed.

The sites will help prevent further spread of the virus by providing shelter, food, telemedicine options, and basic services such as laundry and sanitation for residents who are able to care for themselves but unable to stay in their own home.

The sites – two adjacent hotels on East Fowler Avenue in Tampa with a total of 362 rooms – will be managed by Hillsborough County and the Department of Health in Hillsborough County (DOH – Hillsborough). By stepping up to assist the community and leasing these facilities to Hillsborough County, 111 jobs have been preserved.

Residents eligible to use the sites must first be pre-screened by DOH – Hillsborough. Those housed at the sites could include single individuals or family members like a spouse and child.

Hillsborough County has signed a six-month lease with both hotels to serve as quarantine and isolation sites. The length of time the facilities will stay open and whether additional sites will be opened will be determined by local conditions. The length of time individuals will stay in the quarantine or isolation sites will be determined by the Department of Health and each person’s specific needs.

The two sites are the Quality Inn & Conference Center, 2701 E. Fowler Ave. in Tampa, and West Wing Hotel, 2501 E. Fowler Ave. The sole entrance for those using the sites will be the Quality Inn, 2701 E. Fowler Ave.

When the quarantine and isolation sites are no longer needed, both hotels will undergo medical-grade cleaning and sanitation. Hillsborough County extends its deep gratitude to both hotels for their willingness to serve as community partners and provide valuable shelter and services to those affected by the COVID-19 coronavirus pandemic.

Media will not be provided access to the property.

Get Connected. Stay Alert.

For more information on COVID-19, and any other potential emergency in the county, visit HCFLGov.net/StaySafe and sign up for the HCFL Alert system.

Hillsborough County to OpenAdditionally, you can follow Hillsborough County on social media at Facebook, Twitter, and Nextdoor for updates. For general County information, call (813) 272-5900, the County’s main information line.

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