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Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of mortgage holders have sought forbearance arrangements--a higher number than the industry ever imagined. Mortgage investors risk heavy losses on those loans. Thus demand has dried up for the loans seen as
Rob Chrisman
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As analysts pour through Freddie Mac’s earnings announcement this morning, when in captivity it is important to settle in quickly and efficiently . It is also important not to fall for any phone scams! Here’s your tip du jour: “When... (read more)
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Mortgage Rate Watch
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Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing... (read more)
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MBS Commentary
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January, February, and especially March were wild months for bond market volatility. Coronavirus was increasingly responsible for that volatility during that time. It's interesting, then, and perhaps a testament to the market's ability to... (read more)
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Housing News
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Everyone knew that the March pending home sales report, the first real measure of the impact of the COVID-19 impact on the residential real estate markets, was going to be bad. It was that and more. The National Association of Realtors® (NAR) sai... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) reported a second strong week for purchase applications last week although refinancing continued to dominate the mortgage market. MBA's Market Composite Index, a measure of application volume, was down 3.3 perce... (read more)
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Housing News
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The U.S. Homeownership Rate reached its highest level in nearly seven years in the first quarter of 2020. The Census Bureau said the rate, 65.3 percent, tied with the rate in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent ... (read more)
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