Mortgage News Roundup for Oct. 30, 2020

by Christy Bieber | Oct. 30, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Masked couple at table with documents and computer.

Image source: Getty Images

Here's all the news you need to know about mortgage rates, the housing market, and more from this past week.

Mortgage rates have remained near record lows for another week, but just because rates haven't changed much doesn't mean there's no news about mortgage loans and housing. Here's what's happened the week ending Oct. 30, 2020.

Purchasing a new construction home raises different challenges than purchasing an existing house. Learn about the three extra steps you may need to take if you're purchasing a new build, including getting conditional approval.

Former Vice President Joe Biden is proposing a tax credit that could make homeownership much more accessible for average Americans. Learn more about the $15,000 tax credit that the Democratic nominee has in mind.

Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Americans were given the right to put their mortgage loans into forbearance. The number of people taking advantage of this protection has now declined -- but does this mean the economy is recovering?

Why Better Mortgage scored a coveted 5-star rating from our experts

Why Better Mortgage scored a coveted 5-star rating from our experts

This is one of the top lenders we've used personally to secure big savings. No commissions, no origination fee, low rates. Get a loan estimate instantly!

Learn More

It's difficult to get a mortgage as a self-employed person, largely because of changes made in the wake of the housing market collapse in 2008. But that doesn't mean you don't have options if you work for yourself. Find out what they are here.

Demand for housing is high because of record low mortgage rates and because many people are relocating out of cities. The CEO of Redfin believes demand will likely last into 2021. Here's why.

If your mortgage forbearance ends before your financial situation improves, you still have options. A couple include requesting an extension on your forbearance or asking your lender about a loan modification. Learn more about each of these approaches to handling your loan.

You may have the option to borrow to cover your closing costs. There are pros and cons to doing this, though, which you need to know before making the decision about which approach is best.

The Ascent's research revealed that average closing costs nationwide total $5,749. This includes the property taxes you may owe to the current owner of the home. Find out the factors that affect closing costs and some options for how to come up with the cash.

A cash out refinance involves taking money out of your home by securing a new mortgage loan for more than you currently owe. You'll use your new loan to repay your existing one and get extra cash back. Here are three reasons why you may want to consider this financial move.

Whether you're considering buying a home or refinancing your mortgage or are just interested in all things housing-related, the Ascent has you covered. Keep checking in with our mortgage coverage to stay up to date on all the news you need to know.

Today's Best Mortgage Rates

Chances are, mortgage rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new purchase. Click here to get started by scanning the market for your best rate.

About the Author