Removing barriers to Black Homeownership, Summer home buying, interest rates and more...
NAREB president Donnell Williams takes on lending discrimination
The National Association of Real Estate Brokers President Donnell Williams released a statement Wednesday in response to the national civil unrest America is currently facing.
NAREB chose to take an economic perspective in regard to black Americans battling COVID-19, racial injustice, discrimination, prejudice and inequality. To aid in the ongoing fight, Williams encouraged voting, completing the census and a proposed amendment of the Department of Housing and Urban Development’s Section 184, which provides low-interest mortgage loans to other minority groups but currently does not include black Americans.
“It’s a new day. If nothing else, the year 2020 has shown us that business as usual is over and some rules were made to be broken,” Williams said. “The National Association of Real Estate Brokers pivots to embrace these changes as we continue to work to have a positive impact upon black lives across the country.”
June mortgage rates forecast
With mortgage rates so low, June is a good time to refinance. There’s no need to rush, though: interest rates might remain near record lows for months.
The 30-year fixed-rate mortgage averaged 3.365% APR in May in NerdWallet’s daily rate survey.
This was the second-lowest average for the 30-year fixed in the history of NerdWallet’s survey, just behind April’s average of 3.363% APR.
Mortgage rates were remarkably stable all month, with the average 30-year fixed varying less than one-quarter of a percentage point from its lowest to its highest rate.
Purchase mortgage applications spike 18% over last year
Applications for purchase mortgages gained for the seventh consecutive week to a level that was 18% higher than a year ago, further evidence that we’re headed into a strong summer home-buying season.
The fallout from the coronavirus pandemic has hit renters especially hard, Tara Raghuveer, director of KC Tenants, a tenants rights group in Kansas City, tells CNBC Make It. Relative to homeowners, tenants typically have lower incomes and savings and less job stability, according to the Urban Institute, making them “more vulnerable than homeowners during this unstable time.”
While the COVID-19 crisis is widening the gap between lower- and higher-income homeowners, it is also widening a racial gap, according to data from the Urban Insitute. According to the report, titled “How Economic Crises and Sudden Disasters Increase Racial Disparities in Homeownership,” the homeownership gap between people of color and white people often worsens amid a recession because people of color are disproportionately harmed.
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