Impact of Government Shutdown on Mortgage Industry
Despite the ongoing government shutdown, the mortgage industry continues to operate, with some positive developments. For instance, HUD has opened a suggestions window for improving the HECM (reverse mortgage) product.
“Where do amputees get prosthetics on a budget? The secondhand store.”
USAA has taken steps to support military service members and federal employees affected by the shutdown, providing over $232 million in no-interest loans to approximately 62,000 members. Eligible members can apply for a no-interest loan equal to one net paycheck, up to $6,000.
- USAA has processed tens of thousands of additional payment relief offers for banking and insurance products.
- Treasury and mortgage rates remain elevated despite the shutdown and Fed’s rate cuts.
A discussion on the reasons behind elevated Treasury and mortgage rates will be presented in the Capital Markets Wrap at 3PM ET.
Author's summary: Shutdown affects mortgage industry.