Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Expand chart
Data: Federal Home Loan Mortgage Corporation; Chart: Axios Visuals

The $2.2 trillion coronavirus stimulus is helping existing homeowners but also causing dislocations in the U.S. mortgage market. This, combined with the pandemic, is weakening access to and demand for mortgages even with rates at record lows.

Why it matters: In addition to the expected downturn in the housing market from nationwide shelter-in-place orders, the current shock is making it harder and more expensive for individuals, especially those with lower credit scores and less cash, to get a mortgage.

  • Growing purchases by corporate entities and investors over the past decade already have spiked prices and pushed many individuals out of the housing market.
  • The end result of the COVID-19 crisis may be that even more Americans are unable to buy a home.

What's happening: As a result of the CARES Act provision allowing delays in mortgage payments for borrowers with government-backed mortgages of at least 90 days and up to one year, forbearance requests are pouring in at an unprecedented rate.

By the numbers: Forbearance requests rose by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, MBA reported earlier this week.

  • Mortgage applications have decreased significantly in recent weeks, dropping 18% percent for the week ending April 3 from the prior week. Purchases rates fell by 33%.

What we're hearing: Many first time buyers and those with mortgages insured by the Federal Housing Administration or so-called high-balance or jumbo loans, "are going to see higher rates," Mike Fratantoni, chief economist at the Mortgage Bankers Association, tells Axios.

  • "And there is a point at which they’re just not going to be able to get a loan from nearly as many lenders as they would have three weeks ago."

Go deeper: The coronavirus economy will devastate those who can least afford it

Go deeper

1 hour ago - World

Scoop: Jake Sullivan discussed Saudi-Israel normalization with MBS

Photo illustration: Sarah Grillo/Axios. Photo: Jim Lo Scalzo/EPA/Bloomberg and Michael Brochstein/SOPA Images/LightRocket via Getty Images

White House national security adviser Jake Sullivan raised normalization with Israel during his recent meeting with Saudi Crown Prince Mohammed bin Salman, three U.S. and Arab sources tell Axios.

Why it matters: Saudi Arabia would be the biggest regional player to sign onto the "Abraham Accords" peace agreement with Israel, and such a major breakthrough would likely convince other Arab and Muslim countries to follow suit.

Tech's leaky world

Illustration: Annelise Capossela/Axios

Tech companies are learning what everyone in Washington already knows: Leaks of confidential info are inevitable, and "plumbing" operations to close them rarely work.

Why it matters: Most tech firms talk up the power of transparency but prefer to keep details of their operations secret from competitors and the public. Researchers, regulators and the media are increasingly relying on information provided by dissident employees and whistleblowers to see inside companies' workings.

Updated 2 hours ago - Politics & Policy

First look: Harris wants more union membership in fed workforce

Vice President Kamala Harris speaks at a virtual town hall with Sen. Tammy Duckworth (D-Ill.) on Oct. 14. Photo: Anna Moneymaker/Getty Images

Vice President Kamala Harris and Labor Secretary Marty Walsh will today announce new guidelines to encourage federal workers to join unions, according to a White House official.

Why it matters: The Biden administration wants to bolster the collective bargaining power of workers across the country – and they are starting at home, with changes in the federal workforce.