Is it possible that home buyers are adjusting more quickly to this brave new virus-driven world than was hoped? Will Americans now do the whole home purchase shtick from their living room couch? A survey the National Association of Realtors® (NAR) conducted among its members this week found that one-quarter of them had facilitated a purchase contract where their customers had not physically seen the property . Those buyers had visited a median of only three homes, either virtually or in person, before signing a contract. NAR's 2019 Profile of Home Buyers and Sellers found buyers typically looked at nine homes before buying. NAR chief economist Lawrence Yun said, "Expect second quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick

April 16, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Apr 16, 2020 Mortgage Rates Move Modestly Lower, But Caveats Remain Wed, Apr 15, 2020 5:16PM Mortgage rates had a reasonably calm and logical day--not something we've been able to say very often recently. It was calm in the sense that today's average rates didn't fall too far from yesterday's and intraday movement wasn't too extreme. It was logical in the sense that the improvement coincided with stronger trading levels in mortgage bonds. That logic is typically taken for granted. After all, if mortgage bonds are improving, it means investors are willing to pay higher prices for mortgages. Paying a higher price for a bond/mortgage is the same thing as being repaid a lower yield (i.e. ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: Who's Lying? Thu, Apr 16, 2020 10:25AM Coronavirus has made for some of the biggest market movement and volatility in the history of financial markets.  It's also resulted in a wide range of predictions about the future of the economy.  There's good reason for this, to be sure.  If there was ever an event that forced us to consider extreme market movement, the largest, most immedia... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 7:02AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.061 +0.022 30 YR Treasury 4.719 +0.029 Pricing as of: 9/9 7:02AM EST Other News Pandemic? Not a Problem for These Sight-Unseen Buyers Thu, Apr 16, 2020 1:44PM Is it possible that home buyers are adjusting more quickly to this brave new virus-driven world than was hoped? Will Americans now do the whole home purchase shtick from their living room couch? A survey the National Association of Realtors® (NAR) conducted among its members this week found that one-quarter of them had facilitated a purchase contract whe... (read more) This Chart of New Home Construction Looks Surprisingly Good Despite Biggest Hit in 40 Years Thu, Apr 16, 2020 10:41AM While the March residential construction report from the U.S Census Bureau is grim, one can find a small glimmer of optimism in the fact that, while housing starts fell off a cliff, there was much less damage done to permits . Perhaps this means builders are envisioning a pause in construction rather than a total collapse. Robert Dietz, an economist with the... (read more) Fannie/Freddie Regulator and CFPB Agree Will Share Mortgage Servicing Info Wed, Apr 15, 2020 1:15PM The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) have made arrangements to share information during the COVID-19 national emergency. CFPB is a big portal for and repository of consumer complaints about providers of financial services and has agreed to make that information as it relates to mortgage servicers along... (read more) Appraisal, Sales, Processing Products; Training From Home; Vendor Tidbits Thu, Apr 16, 2020 9:16AM Unlike 2008, when, arguably, the lenders, banks, and investment banks, via lending & underwriting policies and lax securitization procedures, were the villains and scapegoats, this time around banks and lenders can help save people. We are not the villains. And while I’m at it, health care workers and those in the food service, regardless of their ... (read more) Latest Video Valley Bank CEO explains how his regional bank is working with the SBA on c... Fed's Williams: Seen material improvement in liquidity Former Philadelphia Fed president Charles Plosser on Fed's response to coro... Three experts break down latest unemployment and housing start data Around the Web Calculated Risk Blog CAR on California March Housing: Sales down 6.1% YoY Reuters U.S. lawmakers argue over coronavirus response as small business program runs out CNBC Fed's Williams says 'our work is not done' to try to repair economic damage from coronavirus Reuters Fed's Bostic: Small business may need up to $500 bln monthly in support through crisis CNBC The New York retail real estate market is reeling because of coronavirus, as rents tumble Calculated Risk Blog Lawler: Redfin Selected Housing Market Data CNBC Small business rescue loan program hits $349 billion limit and is now out of money NAHB Eye on Housing New Index for Remodeling Activity Debuts in Q1 2020 Calculated Risk Blog Philly Fed "Manufacturing firms reported continued weakening" in April Calculated Risk Blog Housing Starts decreased to 1.216 Million Annual Rate in March Reuters U.S. weekly jobless claims top 5.2 million in latest week CNBC 'It may be in August' Larry Fink says businesses reluctant to reboot without mass testing Reuters Fed's Kashkari says major U.S. banks should raise $200 billion in capital: FT

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