Mortgage News Roundup for Oct. 30, 2020

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.

• 3 Extra Steps You May Need to Take When Buying a New Construction Home

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.

• 1 Big Change Biden Wants to Make That Would Help Homebuyers

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.

• Redfin CEO Thinks Housing Demand Will Last Into 2021

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.

• Should You Roll Your Closing Costs Into Your Mortgage or Pay Them Up Front?

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.

• Applying for a Mortgage? Keep This Potential $5,749 Expense in Mind

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.

• 3 Reasons to Consider a Cash-Out Refinance Today

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.