Last week ultimately ended up being great for mortgage rates , but only after a somewhat abrupt increase heading into the election. On Tuesday, the average lender raised rates at the fastest pace in weeks to prepare for post-election volatility. Wednesday and Thursday saw significant improvements before rates leveled off on Friday. The new week began in a bad way before lenders were even out of bed. Early morning news about Pfizer's late stage vaccine trial sent financial markets reeling. Stocks surged to all-time highs and bonds (which dictate rates) lost ground at the fastest pace in months. The average mortgage lender raised rates by at least as much as they did last Tuesday, thus erasing a majority of the improvement seen since then. All of this is occurring in a historically low rate range

November 9, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Nov 9, 2020 Mortgage Rates Jump After Pfizer News Mon, Nov 9, 2020 3:28PM Last week ultimately ended up being great for mortgage rates , but only after a somewhat abrupt increase heading into the election. On Tuesday, the average lender raised rates at the fastest pace in weeks to prepare for post-election volatility. Wednesday and Thursday saw significant improvements before rates leveled off on Friday. The new week began in a bad way before lenders were even out of bed. Early morning news about Pfizer's late stage vaccine trial sent financial markets reeling. Stocks surged to all-time highs and bonds (which dictate rates) lost ground at the fastest pace in months.... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 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 99.49 -0.05   95.05 100.47 UMBS 30YR 5.5 101.07 0.00   97.47 101.61 10 YR Treasury 4.108 +0.004   3.706 4.780 MBS Live Recap: Bonds Reeling. Was That Enough Weakness to Find Some Support? Mon, Nov 9, 2020 3:24PM Bonds Reeling. Was That Enough Weakness to Find Some Support? Pfizer's vaccine trial update rocked markets this morning, making for the biggest hour of overnight trading volume (and the highest Treasury yields)  in months.  MBS outperformed, but not enough to prevent higher mortgage rates across the board.... (read more) MBS Price Change UMBS 4.5 97.41 -0.06 UMBS 5.0 99.49 -0.05 UMBS 5.5 101.07 0.00 GNMA 4.5 97.50 +0.00 GNMA 5.0 99.73 -0.02 GNMA 5.5 100.90 0.00 Pricing as of: 9/18 10:32PM EST US Treasury Yield Change 2 YR Treasury 3.564 0.000 5 YR Treasury 3.663 -0.004 7 YR Treasury 3.854 +0.004 10 YR Treasury 4.108 +0.004 30 YR Treasury 4.728 +0.004 Pricing as of: 9/18 10:32PM EST Other News Forbearances at Their Lowest Level Since April, But There's a Catch Fri, Nov 6, 2020 10:15AM Another round of expirations reduced the number of active forbearance plans last week. Black Knight said the number of homeowners in COVID-19 related plans fell by 137,000 during the week, after a slight uptick the week before. The 5.0 percent improvement was about what was expected for the first week of the month. At the beginning of October over 700,000 fo... (read more) Think Tank Concludes Mortgage Guidelines Could Safely be Twice as Risky Tue, Nov 3, 2020 10:49AM The Urban Institute's (UI's) Housing Finance Policy Center has updated its credit availability index (HCAI) to reflect data for the second quarter of 2020. The Index shows a slight dip from an adjusted 5.3 percent in the first quarter to 5.2 percent in the second quarter. Tightening in the GSE and government channels has driven a retraction of credit availab... (read more) Refis Help to Boost Mortgage Application Volume Wed, Nov 4, 2020 8:15AM An increase in refinancing carried overall applications onto the plus side of the ledger during the week ended October 30. The Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found a slight decline in purchase applications but a significant gain in refinancing compared to the previous week. This resulted in an increase of MBA's Marke... (read more) Correspondent, Ops Jobs; Recruiting, Non-QM, Sales, Servicing Tools; Credit and Income Shifts; Vaccine News Pushing Rates Mon, Nov 9, 2020 10:11AM First Sean Connery, and now Alex Trebek! Their time together on Jeopardy is legendary. (“Please refrain from using ethnic slurs!”) The last time I checked, “ethnic” is not a bad word, and in fact is often celebrated. How many of you are checking out Hispanic, Black, or Asian American clubs at local colleges and universities for potent... (read more) Latest Video Why this trader is a seller on the U.S. 10-year as yields rise Housing stocks see split reaction on vaccine news Dow and S&P 500 hit record highs at open on positive coronavirus vaccine ne... The 2 p.m. Bond Report: November 6, 2020 Around the Web Reuters U.S. still faces possible default wave, asset declines due to pandemic: Fed Calculated Risk Blog Leading Index for Commercial Real Estate Decreased in October news.google.com Vaccine news unleashes new momentum in stock market as hunkered-down investors flee cash - CNBC NAR - Realtor.com What a Biden Administration Will Mean for Housing-Finance Reform news.google.com E-brokers report outages as Dow jumps 1,000 points in vaccine rally CNBC Housing stocks see split reaction on coronavirus vaccine news, as mortgage rates jump CNBC V-shaped' recovery on track amid vaccine hopes and Biden win, says Goldman Sachs Calculated Risk Blog Seven High Frequency Indicators for the Economy NAHB Eye on Housing Highest Paid Occupations in Construction in 2019 CNBC Retail sector rallies 8% in a week. Four stocks to watch ahead of the holidays CNBC 'Suddenly we havehope' Cramer says the big stock pop on the positive vaccine data is justifiable CNBC Pfizer, BioNTech say late-stage trial data shows Covid vaccine is more than 90% effective in preventing infection Calculated Risk Blog GDP and Employment drag from State and Local Governments

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