Refinance

Rates are forecasted to remain at the current low levels for the rest of 2020, driving steady refinance volume.

Record-low interest rates allowed homebuyers to purchase $32,000 more house for the same monthly payment compared to last July, boosting affordability to the highest level since 2016.

The combined impact of coronavirus forbearance periods ending while low rates persist means large workloads for title insurers, appraisers and others.

While low interest rates drove up new insurance written, the increased defaults stymied overall performance.

The government-sponsored enterprise reported net earnings of $2.55 billion, up from $461 million in the first quarter.

The annual survey and ranking of mortgage servicers found that while trust is increasing, borrowers were frustrated with some digital interactions and long wait times with call centers.

But refis bring overall mortgage application fraud risk back to its record low, First American said.

Mortgage applications decreased 0.8% from one week earlier as the latest spread of COVID-19 weighed on the minds of consumers looking to buy or refinance, according to the Mortgage Bankers Association.

CoreLogic said more refinancings and fewer investor purchase mortgages drove its index down to a level last reached in the third quarter of 2010.

Almost six in 10 completely agreed that company-provided technology met or exceeded their expectations.