Doug Duncan, Fannie Mae Chief Economist, offered his thoughts on the Department of Labor's June 25, 2020 report.

COVID-19 has significantly impacted the first-time homebuyer market, as the number of rate locks by potential first-time homebuyers decreased by 27% in April from March. The spread of COVID-19 reduced traffic by potential homebuyers and listings. Some states like New York, Pennsylvania and Michigan were heavily impacted. That's according to Genworth Mortgage Insurance's Chief Economist, Tian Liu.

The Consumer Financial Protection Bureau has issued two proposed rules that would extend its qualified mortgage patch and replace a current debt-to-income limit for borrowers with a price-based approach. So reports Realtor.com.