The U.S. homeownership rate in the third quarter fell back slightly from the prior quarter. The second quarter saw the highest level for homeownership since the second quarter of 2008. Homeownership in the third quarter, according to the U.S. Census Bureau, was 67.4 percent, 0.5-point decrease from the previous period, but up from 64.8 percent in the third quarter of 2019. That rate ties with the second quarter of 2009 as the second highest rate since the onset of the housing crisis. The rate was highest in the Midwest and South at 71.2 percent and 70.8 percent and substantially lower in the Northeast (62.0 percent) and West (62.1 percent). All four regions posted annual increases. The rate increased for all age groups. Those under the age of 35 jumped from 37.5 percent in the third quarter

October 27, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Oct 27, 2020 Mortgage Rates Modestly Lower to Start New Week Mon, Oct 26, 2020 3:47PM Mortgage rates were lower today for the average lender, but just how low remains a matter of great debate. To be fair, there's no active debate raging behind the scenes. Rather, there are a few weeks' worth of news headlines claiming "all-time low mortgage rates," and then there is the objective truth (which is a bit different from those news headlines). We've talked about the discrepancy quite a bit recently (here is the most recent and most thorough discussion ). It has to do with 2 shortcomings of popular rate surveys: stale/limited data and a "purchase-only" focus. Stale data can cause pro... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 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 5.5 101.31 +0.18   97.47 101.61 UMBS 30YR 6.0 102.43 +0.03   99.66 102.50 10 YR Treasury 4.037 -0.030   3.621 4.780 MBS Live Recap: Bonds Looking Better This Week, But Risks Remain Tue, Oct 27, 2020 4:33PM Bonds Looking Better This Week, But Risks Remain Today's release of FHFA's home price index showed a sharp acceleration in price growth, with the annual total at 8.0% by the end of August.  If prices completely stopped moving up in Sept, that puts new conforming loan limits on pace for $545k+.  Meanwhile, w... (read more) MBS Price Change UMBS 5.0 99.96 +0.33 UMBS 5.5 101.32 +0.19 UMBS 6.0 102.48 +0.08 GNMA 5.0 100.32 +0.32 GNMA 5.5 101.31 +0.18 GNMA 6.0 102.04 +0.03 Pricing as of: 9/15 4:06PM EST US Treasury Yield Change 2 YR Treasury 3.534 -0.019 5 YR Treasury 3.600 -0.030 7 YR Treasury 3.784 -0.032 10 YR Treasury 4.034 -0.032 30 YR Treasury 4.655 -0.026 Pricing as of: 9/15 4:06PM EST Other News Homeownership is Growing, Especially Among Younger Age Groups Tue, Oct 27, 2020 12:07PM The U.S. homeownership rate in the third quarter fell back slightly from the prior quarter. The second quarter saw the highest level for homeownership since the second quarter of 2008. Homeownership in the third quarter, according to the U.S. Census Bureau, was 67.4 percent, 0.5-point decrease from the previous period, but up from 64.8 percent in the third q... (read more) Spring Buying Season Shifts, Home Prices Rocket Higher Tue, Oct 27, 2020 11:23AM The impact of low interest rates and pent up buyer demand played out in sharply increasing home prices in August. Both the Federal Housing Finance Agency (FHFA) and S&P CoreLogic Case-Shiller indices posted significant appreciation on an annual basis and acceleration in that appreciation compared to prior months. CoreLogic Deputy Chief Economist Selma He... (read more) Freddie's Loan Volume is Up, Delinquency Rate Begins to Retreat Tue, Oct 27, 2020 11:00AM Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 17.5 percent in September compared to a 27.7 percent gain in August. The portfolio balance at the end of the period was $2.570 trillion compared to $2.533 trillion the prior month and $2.295 trillion a year earlier. The growth rate for the year to date is 13.7... (read more) Encompass, Correspondent, MLO Jobs; Pricing, Subservicing, Marketing Tools; California Investor Disaster News Tue, Oct 27, 2020 10:55AM Etch A Sketch is buying Rubik's Cube? Who can keep up? What does a lender do when they’ve hit operational capacity, and don’t want to disappoint LOs with 60-day purchase turn times and refis taking 90? Increase the margin and make the price less attractive. Nearly every business does the same thing, including home builders. I am hearing stories o... (read more) Latest Video Are markets in a holding pattern until the election? The 9 a.m. Bond Report: October 27, 2020 October consumer confidence index misses expectations at 100.9 vs 102 estim... U.S. durable goods orders rose 1.9% in September, vs 0.5% increase expected Around the Web NAHB Eye on Housing Homeownership During the Third Quarter: Technical Issues CNBC The psychology of buying a house: Is it a key to happiness or just a source of stress? NAR - Realtor.com Struggling Rental Market Could Usher in Next American Housing Crisis Calculated Risk Blog Note: October Employment Report Will Show a Decrease of 147,000 Temporary Census Workers Calculated Risk Blog HVS: Q3 2020 Homeownership and Vacancy Rates CNBC Home prices in August see biggest gains in more than two years, S&P Case Shiller says CNBC Millions poised to lose unemployment benefits in 'enormous cliff' at year's end Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases Slightly to 5.90%" CNBC Stock market turbulence could last until the election, followed by a relief rally, strategists say Calculated Risk Blog Dallas Fed: "Texas Manufacturing Expands for Fifth Straight Month" in October news.google.com It 'looks like the clock has run out' on a new stimulus, says Fundstrat's Washington strategist Calculated Risk Blog A few Comments on September New Home Sales NAHB Eye on Housing Expectations for Housing Availability Improve

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