Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet The simple version of the story: mortgage rates aren't moving lower nearly as quickly as the bond market suggests they should be.  There are some very good reasons for that.  Today's video discusses those as well as the lock/float implications. Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) US Q2 GDP -32.9 vs -34.1 f'cast , -5.0 prev Jobless Claims 1.434m vs 1.450m f'cast , 1.422m prev Continued Claims 17.018m vs 16.2m f'cast , 16.151m prev Market Movement Recap 08:37 AM No major reaction to GDP/Claims.  This follows general strength in the overnight session leaving 10yr yields a total of 2.6bps lower on the day at .551. UMBS 2.0s are an eighth of a point higher on the day at 103-12 (103.375). 11:49 AM Little-changed after the morning's modest rally, but potentially seeing resistance in Treasuries at .54%.  UMBS 2.0 is hitting resistance at 103-14 (103.44).  Stocks are well off their lows now, but still down on the day. 03:47 PM Bonds have held ground quite well despite a relatively big recovery in stocks.  10yr yields remain near lows of day and MBS near highs--little changed from the last update.

July 30, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jul 30, 2020 Mortgage Rates Fall Nicely, But The Going Gets Tougher From Here Wed, Jul 29, 2020 4:34PM Mortgage rates improved nicely overnight. The average lender's morning rates were very close to the lowest levels ever . This was a distinct possibility based on yesterday afternoon's bond market movement. Mortgage rates are most directly influenced by mortgage-backed bonds which trade thousands of times a day. It's not feasible for mortgage lenders to change rate quotes that frequently. Instead, they wait for the market to move by a certain amount before making any changes. By yesterday afternoon, we'd clearly seen enough movement as several lenders had already updated rates for the better. F... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.69 +0.11   95.05 100.47 UMBS 30YR 5.5 101.14 +0.11   97.47 101.61 10 YR Treasury 4.071 -0.010   3.643 4.780 MBS Live Recap: Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet Thu, Jul 30, 2020 3:55PM Bonds Break The Range, But Mortgage Rates Are Dragging Their Feet The simple version of the story: mortgage rates aren't moving lower nearly as quickly as the bond market suggests they should be.  There are some very good reasons for that.  Today's video discusses those as well as the lock/float implication... (read more) MBS Price Change UMBS 4.5 97.71 +0.08 UMBS 5.0 99.70 +0.11 UMBS 5.5 101.14 +0.11 GNMA 4.5 98.10 +0.08 GNMA 5.0 99.99 +0.17 GNMA 5.5 101.01 +0.13 Pricing as of: 9/17 11:31PM EST US Treasury Yield Change 2 YR Treasury 3.537 -0.026 5 YR Treasury 3.636 -0.020 7 YR Treasury 3.822 -0.017 10 YR Treasury 4.071 -0.010 30 YR Treasury 4.673 -0.015 Pricing as of: 9/17 11:31PM EST Other News Pending Home Sales Continue Remarkable Rebound Wed, Jul 29, 2020 10:59AM Pending home sales soared again in June, although the liftoff was relatively shallow compared to the 43 percent increase in May. The National Association of Realtors'® (NAR's) Pending Home Sales Index (PHSI). The index, a forward-looking indicator based on contracts to purchase existing homes, rose 16.6 percent compared to May, and increased year-over-ye... (read more) Freddie Mac's Volume Increased in June, Delinquencies Skyrocketed Wed, Jul 29, 2020 9:22AM Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 14.2 percent in June compared to a 5.5 percent gain in May. The portfolio balance at the end of the period was $2.46 trillion compared to $2.407 trillion at the end of May and $2.239 trillion a year earlier. The growth rate for the year to date is 9.0 percent.... (read more) Mortgage Apps Pull Back for the First Time in a Month Wed, Jul 29, 2020 8:37AM Mortgage application volume declined for the first time in four weeks during the week ended July 24. The Mortgage Bankers Association (MBA) said is Market Composite Index, a measure of that volume, was down 0.8 percent on a seasonally adjusted basis from the prior week and down 1 percent before adjustment. The Refinance Index dipped 0.4 percent from the prev... (read more) LO, AE Jobs; Retention, Valuation Tools; LOS Survey; Economic News/Cap Markets Thu, Jul 30, 2020 9:42AM Lenders are “tonning it,” as indicated by Fannie Mae’s net income of $2.5 billion for the second quarter of 2020, compared with net income of $461 million for the first quarter of 2020. But with most of us hunkered down, the economy continues to hunker down as well, as shown by GDP down nearly 33 percent. Why own stock in United Airlines &n... (read more) Latest Video How commercial real estate companies are faring during the coronavirus pand... White House economist Joe LaVorgna: We're viewing massive GDP plunge as a '... U.S. weekly jobless claims total 1.434 million US Q2 GDP shrunk by a record 32.9%, vs 34.7% expected Around the Web CNBC How the HEALS Act compares to the HEROES Act Redfin How Much Does a Home Inspection Cost? NAHB Eye on Housing Housing Share of GDP Climbs to 13-Year High CNBC What it's like to face eviction in a public health crisis CNBC Homeowner expected relief from a mortgage deferral, instead got a bill for $4,700: 'I about fell over' Redfin Survey: Almost Half of Recent Homebuyers Made an Offer Sight-Unseen, the Highest Share on Record Calculated Risk Blog Hotels: Occupancy Rate Declined 38% Year-over-year Calculated Risk Blog Comments on Weekly Unemployment Claims Calculated Risk Blog Q2 GDP: Investment CNBC GOP HEALS Act gives some businesses a second shot at Paycheck Protection Program loans NAHB Eye on Housing Builder Confidence in the 55+ Housing Market Rebounds in Second Quarter CNBC U.S. weekly jobless claims total 1.434 million, vs 1.45 million expected CNBC U.S. second-quarter GDP plunged by a record 32.9%, vs 34.7% expected

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