Weekly Mortgage News Roundup for Nov. 13, 2020

by Christy Bieber | Nov. 13, 2020

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Check out our top mortgage news stories for the week of Nov. 13.

As the middle of November approaches, homebuyers have had good news. Mortgage rates have stayed very low and an increasing number of people who are on the market for a property are finding affordable options.

That's just the tip of the iceberg when it comes to the news of the week. Read on to find out what's been happening in the world of housing and mortgage loans.

Housing affordability has improved since last year, but the majority of people still think they can only afford a small number of homes in their local market. Learn more about how would-be homebuyers view current housing prices.

There are now fewer people who have paused payments on their home loans. That's good news as forbearance doesn't erase debt but instead only stops mortgage payments temporarily. See how forbearance rates have fallen and learn more about whether that's good news for the economy and for homeowners.

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Mortgage rates are extremely low, but demand for new mortgages has dropped. High housing prices and limited inventory are the big reasons why that's happening. With dropping demand, get some advice on whether it might make sense for you to buy a home this year even if market conditions may not be perfect.

While demand for new mortgages may not be as high as it was, homeowners with existing mortgages are still clamoring to take advantage of today's low rates. In fact, many more people have applied for refinance loans in recent months.

Some homebuyers could be setting themselves up for financial disaster if they waive the right to inspect a property they're interested in purchasing. Find out why giving up the right to an inspection could be a move you come to regret.

Many homeowners have put their loans into forbearance because of financial hardship during the coronavirus crisis. If you're one of them, there may be circumstances where it makes sense to try to make payments even though you don't have to. This article will help you decide if making payments during a forbearance period is right for you.

If your appraisal comes in too low, you may not be able to qualify for the home loan you'd planned on taking out. You have options when this happens, including appealing the appraisal or making a larger down payment. Find out what to do if this happens to you.

Whether you're thinking about buying a new house or are planning to refinance your current mortgage loan, it's helpful to stay up-to-date on news affecting both home loans and the housing market. The Ascent has you covered. Keep following our mortgage coverage to stay in the know.

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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.

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