Weekly Mortgage News Roundup for October 2, 2020

by Christy Bieber | Updated July 28, 2021 - First published on Oct. 2, 2020

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Whether you're looking to buy a home or refinance one, we've got the news you need.

Mortgage rates remained near record lows this week, but while rates have stayed stable, that doesn't mean nothing has changed in the world of housing and home loans. Check out some of the top mortgage news stories of the week to keep yourself up to date.

Although it's impossible to predict what will happen to mortgage rates, there's good reason to believe today's low rates should last for a while. The Federal Reserve is likely to keep the benchmark interest rate very low and will probably continue purchasing mortgage-backed securities for the foreseeable future as well -- both of which help to keep interest rates down for homebuyers.

Your spouse's bad credit can affect your ability to secure a mortgage loan, but you have options. You may be able to work with your spouse on improving his or her credit score or can sometimes qualify for a mortgage on your own if your income is high enough.

In many real estate markets, home sellers receive multiple offers very quickly after a house goes on the market. If you want to win a bidding war for a home you love, you need to make sure you have mortgage pre-approval; that you're willing to work on a timeline set by the seller; and that you offer a higher deposit.

If you're shopping for a new house, make sure you know how much you can spend on a mortgage payment; how much time you'll have available to spend maintaining your home; and whether you have enough emergency savings to feel comfortable taking on the responsibility of homeownership.

In the time of COVID-19, buying a home virtually may be the best option for many. Purchasing a home virtually may be easier than you expect due to the level of detail you can get online, but you'll need a detailed home inspection and a well-worded purchase contract to protect your interests.

It's undoubtedly a seller's market right now, but does it make sense to sell your home and buy another? Selling and purchasing a new home can be a smart move if you're relocating to a low-cost-of-living area, or if you can qualify for a low-interest loan to offset housing prices. Otherwise, while you may get a great price for the home you're selling, you could be forced to pay a lot for your new home purchase or may not even be able to find a home you like as housing inventory is limited right now.

Whether you're buying your first home, changing your living situation, or considering a mortgage refinance, The Ascent has the news you need to keep tabs on the home loan industry as well as on today's wild housing market. Keep tuning in to our latest mortgage coverage to stay up to date on all things mortgage-related.

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