Fannie Mae's April Economic Developments summary is, like Freddie Mac's, relatively optimistic only because they see the impact of the pandemic as being very short lived. However, in the interim, some of the numbers they forecast are hard to hear. In March, as the COVID-19 crisis loomed, Fannie's Economic and Strategic Research Group reduced outlook for economic growth over the entire year from 2.2 to 1.8 percent. They now expect it to contract by 3.1 percent. Much of the negative impact from the pandemic is expected in the current quarter and it will be a lulu, a reduction of 25.3 percent on top of a projected loss of 3.3 percent in Quarter 1. Based on an end to the social distancing orders in late May and a gradual resumption of business activity in June, there will be above average growth

April 17, 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 17, 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: Will 12+ Week Streak Continue For Friendly Fridays? Fri, Apr 17, 2020 9:46AM If I accidentally jinxed it, the damage was already done in yesterday's MBS Huddle video, so we might as well talk about it.  "Talk about what," you might ask?  The clockwork-like tendency for MBS prices to close higher on Fridays vs Thursdays (or Thursday vs Wednesday on the case of the holiday-shortened week last week).  The blue boxes poi... (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 7:04AM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.012 5 YR Treasury 3.576 +0.015 7 YR Treasury 3.785 +0.017 10 YR Treasury 4.062 +0.022 30 YR Treasury 4.720 +0.030 Pricing as of: 9/9 7:04AM EST Other News Fannie Mae Predicts Short But Excruciating Downturn Fri, Apr 17, 2020 12:59PM Fannie Mae's April Economic Developments summary is, like Freddie Mac's, relatively optimistic only because they see the impact of the pandemic as being very short lived. However, in the interim, some of the numbers they forecast are hard to hear. In March, as the COVID-19 crisis loomed, Fannie's Economic and Strategic Research Group reduced outlook for econ... (read more) Forbearance Agreements Hitting Smaller Servicers Hard Fri, Apr 17, 2020 1:33PM It is only a little more than a month into the COVID-19 crisis, but mortgage forbearances are already adding up. Black Knight has begun tracking that activity extrapolating an estimate of the active mortgage universe from a sample of loans. The company will be providing forbearance information on a daily basis. Black Knight estimates that, as of April 16, th... (read more) March Closings Dominated by Refinancing Fri, Apr 17, 2020 9:28AM Declining interest rates in March pushed the refinance share of closed loans higher again according to information in Ellie Mae's March Origination Insight Report . The average rate for all 30-year fixed-rate mortgages closed during the month was the lowest since January 2013, 3.65 percent, 21 basis points lower than the average in February. Conventional loa... (read more) Webinars and Events; CFPB HMDA News; Agency, Investor, and Vendor Changes Continue Fri, Apr 17, 2020 9:10AM While in captivity, watching the time, and waiting for release , can seem like forever. We’re always waiting for something, whether it is the CFPB rolling out its proposal for new non-QM guidelines near the end of May, or Ginnie rolling out eNote and eSignature capabilities, hopefully before then. Lenders are waiting for the legal teams to comb through... (read more) Latest Video Leading economic indicators decline 6.7% in March, vs. 7.2% drop expected Santelli Exchange: Hormats on markets and reopening the economy NY Fed's John Williams: Economy won't return to 'full strength' by end of 2... China GDP contracts 6.8% in Q1, marking the weakest report on record Around the Web Reuters Retailers, restaurants, hotels get 18% of small business bailout cash: SBA Calculated Risk Blog Lawler: Early Read on Existing Home Sales in March Reuters NY Fed's markets head says bank is trying to match 'speed and the scale' of pandemic Reuters NY Fed markets head says central bank will be transparent with new lending facilities Calculated Risk Blog Q1 GDP Forecasts: Around -7% SAAR Calculated Risk Blog Seattle Real Estate in March: Sales up 17.6% YoY, Inventory down 30.1% YoY CNBC Nearly 3 million borrowers have filed for mortgage relief, and the industry is crying for help Calculated Risk Blog BLS: March Unemployment rates increased in 29 States CNBC Homebuilding just had its worst month since 1984. What traders see ahead for the group CNBC Fed's Bullard proposes way to 'end the crisis': Pay all costs for companies developing tests Calculated Risk Blog Phoenix Real Estate in March: Sales up 3.4% YoY, Active Inventory Down 22% YoY CNBC The Fed needs to be careful with how it supports the bond market, says ETF issuer Reuters Futures jump on Trump's restart plan, coronavirus drug hopes

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