Mortgage Rates Heading Back Down

Mortgage rates are heading back down after the recent bump up. Rates on long bonds have stabilized somewhat after the turmoil in credit markets the past couple of weeks.

Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.

(dynamic chart with current info)

Today’s Mortgage Rates & Lenders Today’s Bond Rates

Fannie Mae Announces Payment Relief for Mortgage Borrowers

This week Fannie Mae announced details of their plan to help borrowers impacted by the coronavirus pandemic. Their plan can help borrowers unable to make mortgage payments and can reduce or suspend mortgage payments and eliminate late fees up to 12 months. They are also able to suspend reporting to credit bureaus about past due payments.

Additionally, they will be suspending evictions and foreclosures for 60 days.

They can also provide broader financial planning help with a needs assessment and personalized recovery plan. Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/covid19assistance.

 


Fannie Mae Assistance Options for Homeowners Impacted by COVID-19

March 18, 2020

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. We want to remind those impacted by COVID-19 of available mortgage assistance and relief options. Under Fannie Mae’s guidelines for single-family mortgages:

Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
Foreclosure sales and evictions of borrowers are suspended for 60 days
Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
Homeowners in a forbearance plan will not incur late fees
After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification
Fannie Mae also offers help navigating the broader financial effects of this national […]

Freddie Mac Announces Enhanced Relief for Mortgage Borrowers

This week Freddie Mac announced an expansion of its forbearance program to help borrowers impacted by the coronavirus pandemic. Their plan can help borrowers unable to make mortgage payments and can provide payment relief up to 12 months. They are also able to suspend reporting to credit bureaus about past due payments.

Additionally, they will be suspending evictions and foreclosures until mid-May or possibly longer depending up how things develop.

To contact Freddie Mac about your mortgage contact them here: https://myhome.freddiemac.com/mortgage-help/contact.html

 


Freddie Mac Announces Enhanced Relief for Borrowers Impacted by COVID-19

Company suspends single family foreclosure sales and evictions; confirms and expands forbearance and modification programs

MCLEAN, Va., March 18, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today announced it is taking numerous actions to protect those affected, either directly or indirectly, by the novel coronavirus, known as COVID-19. Specifically, for its Single-Family business, the company announced a nationwide suspension of all foreclosure sales and evictions of borrowers living in homes owned by the company. It also announced a variety of additional mortgage relief options, including an expansion of its forbearance program, to incorporate additional impacted borrowers. The company also has reminded Servicers of its existing suite of mortgage relief options to assist borrowers, while also making additional disaster related loan modifications available.

These measures are effective immediately and apply to borrowers who are unable to make their mortgage payments due to a decline in income resulting from the impact of COVID-19, regardless of whether they have contracted the virus.

Forbearance plans provide borrowers with payment relief for up to 12-months and suspend borrower late charges and penalties. It also suspends reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a […]

30 Year Mortgage Rates Continue To Rise

Mortgage rates were on the rise again this past week after 30 Year Fixed Rate Mortgages previously hit record lows a few weeks ago and demand for loans shot up rapidly. Rates on long bonds were also up this past week and contributed to the rise.

Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.

(dynamic chart with current info)

Today’s Mortgage Rates & Lenders Today’s Bond Rates

Prime Rate Drops To 3.25%

After today’s 1.00% emergency rate decrease in the target range for the Fed Funds Rate, banks adjusted their Prime Rates with a corresponding decrease from 4.25% to 3.25%. These changes are effective for many banks tomorrow, March 16, 2020.

Update March 16, 2020: Rate decrease confirmed.

Note: Due to the emergency rate cut being on a Sunday, we were not able to complete our usual bank survey for full confirmation. We are making the change to our reported rate based upon a limited survey of banks and expect full confirmation on Monday.

In addition to interest rate decreases for commercial loans and credit cards, expect rate decreases in many consumer loans which are based upon the Prime Rate – for instance home equity loans, car loans, and personal loans. Mortgage loans track bond rates and don’t always see a direct correlation to Fed Funds and Prime Rate changes.