Mortgage

Banks will be able to put off getting an appraisal for 120 days following the close of certain real estate transactions.

The number of people with mortgages seeking to have their payments paused or reduced jumped between March 30 and April 5 as the economic effects of the novel coronavirus outbreak stretches household balance sheets, a survey from the Mortgage Bankers Association showed on Monday.

The change highlights how banks are quickly shifting gears to respond to the darkening U.S. economic outlook.

Here’s what that means for both individuals and the industry in the long run.

Five of the nation's largest banks have agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said.

Record-low mortgage rates means easy money, faster loan payoffs.

Rock-bottom Treasury yields may drag rates on a 30-year fixed mortgage to the 2 percent range from the current average of 3.5 percent.

The median percent of purchases financed with a mortgage was 88 percent.

LendingTree CEO Doug Lebda admitted he's talked to business owners who say coronavirus is having "a major, major impact" on them, especially if their companies' supply chains are in Asia.

In an emergency action on Tuesday, the Federal Reserve announced a 50 basis-point reduction in its benchmark federal funds rate.

That percentage spikes among young homeowners.

Only 3.5 million homes with mortgages in the U.S., roughly one in 15, were “seriously underwater."

The Northern Virginia home, called The Falls, was previously owned by AOL co-founder James V. Kimsey, who died in 2016. The property had been listed for $62.95 million.