By | Rachel Brooks
Staff | Telegraph Local
Above, Barbara Corcoran of The Corcoran Group real estate appears on The Breakfast Club, May 27.
Mortgage rates nose-dive as post coronavirus markets continue to struggle. This was reported by Yahoo Finance Money Wise on May 28. The report states that new mortgage rates have gone “astonishingly low” and then from there to “almost ridiculously low.” This follows another report by Yahoo Finance that states a series of large-scale bankruptcies have swept the U.S. These bankruptcies are the largest in the United States since 2009.
Freddie Mac corroborated these reports from Yahoo Finance.
“The avg. 30-Yr FRM hits all-time low of 3.15% http://freddiemac.com/pmms
Chief Economist @TheSamKhater: “Purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase as of last week—a remarkable turnaround given the sharp contraction in the economy,” said Freddie Mac via a tweet that shared statistical charts from Khonos Marketing.
Yahoo reports that the increasingly lower mortgage rates are pulling people out of COVID-19 shutdown and into the housing market.
Markets Insider reports that U.S. mortgage rates have dropped to a record low for the third time since March. Markets Insider cited Freddie Mac as their source in saying that the average 30-year fixed mortgage has fallen to 3.15%. This is the lowest rate since the Freddie Mac survey began in 1971. Before it reached this new record, the rate had fallen to 3.23% in April and 3.29% in March.
Markets Insides cited the Mortgage Bankers Associations Wednesday report as their source.
“”The housing market is continuing its path to recovery as various states reopen, leading to more buyers resuming their home search,”said Joel Kan, the MBA’s associate vice president for economic and industry forecasting.
Forbes also released a report that will help people to take advantage of the slumping mortgage rates. The post was written by Brenda Richardson, Forbes’ senior contributor for real estate.
For some, the massive decrease in mortgage costs is not enough. For some such as Bernie Sanders, there is a belief that the cost of mortgages should be waived until the crisis is over.
“We must cancel rent and mortgage payments until this crisis is over.
We must halt evictions and foreclosures until this crisis is over,” said Sanders in a tweet that was posted at 3:53pm on May 27. Sanders made these comments directly after The New York Times posted a story warning about an “avalanche of evictions”in America due directly to COVID-19 crisis.
At the same time as Sanders warns of mass evictions, others state that large mortgage suppliers are in the process of manipulating mortgage finances. Comments to this end were made by The New York Times best-selling author Rick Wilson.
“2007 called and they want their old tricks back…
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds,” said Wilson in a tweet that captioned a post sharing an article by ProPublica.
Rick Wilson was sharing a report by Pro Publica’s Whistleblower that states Wells Fargo in particular is responsible for manipulation of mortgage funds. ProPublica warns that continued manipulation of the mortgage funds could result in another mortgage market collapse.