Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Mortgage Refinancings Hit Record High as Economy Sputters · 9 Sep 2020 podcast

If you have the resources, the financial resources to weather what's going on right now, if you have a job when you can work from home, if you have some savings to get you through, you can really take advantage of refinancing an asset like a house if you have one.

But for renters, for people even trying to make the transition from renting to home ownership, things have gotten a lot harder as lenders have tightened credit scores and things like that.

Yeah, millions of people are facing eviction right now.

So...

It is a very stark contrast from this booming mortgage market.

So purchases are down.

We're down in the second quarter about 8% year over year.

But that's actually not that much considering the sharp drop off in sales we saw in April and May specifically.

So they really have recovered quite a bit.

June was a good month for home sales.

And then last month in July, home sales rose by almost 25%, which is the largest monthly gain on record.

So you really see some of that demand you would typically expect in the spring that was kind of covered up this year coming back into the housing market right now.

It's kind of ironic because the uncertainty in the economy and expectations by investors, by consumers, by the Fed, by everyone basically for the economy to go through a slow recovery, that's what's causing these low rates, the economic uncertainty.

But at the same time, these low rates allow the sector of the economy, the housing market, to kind of stay afloat and allow those who can benefit from it to get really good deals to borrow at a cheaper cost.

Some of the conventional wisdom is that the housing market could spur recovery for the economy, but that isn't likely to happen until purchases become a greater share of mortgage originations over refis, which are by far the leader right now.

And that's because of the value add you get from each origination.

So with a purchase, you spend a lot more.

You add a lot more to the economy.

You're renovating things around the house.

You're hiring movers, things like that.

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