In its early April survey of builders for its Housing Market Index the National Association of Home Builders (NAHB) added questions about the impact of the pandemic on construction. While many states have limited "non-essential" business activity, the Department of Homeland Security's guidance has given state and local governments the option of classifying residential construction as essential and many have done so. NAHB asked builders whether construction was allowed in the areas where they build and 78 percent responded in the affirmative. But, even where construction is permissible, effects of COVID-19 may inhibit it or at least slow it down and as NAHB pointed out earlier, at least half of homebuilders have put projects on hold. One potential problem is the need for construction inspections

April 22, 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 Apr 22, 2020 Mortgage Rates Slightly Higher to Start The Week Mon, Apr 20, 2020 5:56PM While the industry has come to terms with recent challenges in terms of day-to-day volatility, mortgage rates remain higher than they otherwise would be based on financial markets. In other words there are gold standard benchmarks that serve as the foundation for mortgage rates. Chief among these is the price of mortgage bonds. Up until March 2020, the relationship between rates and mortgage bonds was reliable and boring enough that there was no need to look elsewhere to explain day-to-day rate movement. Since then, however, it's a completely different story. Ingredients that don't usually cha... (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 99.65 +0.07   95.05 100.47 UMBS 30YR 5.5 101.12 +0.08   97.47 101.61 10 YR Treasury 4.079 -0.002   3.706 4.780 MBS Live Day Ahead: The Boring Business of Trading an Inevitable Future Wed, Apr 22, 2020 9:36AM While there may be a good amount of drama and suspense when it comes to watching coronavirus take its toll on the economy, there's no mystery.  This isn't like past recessions where a realization gradually sets in.  We may not know exactly how big the hit will be, but we know it's inevitable, big, and immediate.   All of the above is ... (read more) MBS Price Change UMBS 4.5 97.67 +0.05 UMBS 5.0 99.66 +0.08 UMBS 5.5 101.12 +0.09 GNMA 4.5 98.07 +0.05 GNMA 5.0 99.97 +0.14 GNMA 5.5 100.99 +0.11 Pricing as of: 9/17 9:42PM EST US Treasury Yield Change 2 YR Treasury 3.543 -0.021 5 YR Treasury 3.642 -0.014 7 YR Treasury 3.827 -0.012 10 YR Treasury 4.076 -0.005 30 YR Treasury 4.677 -0.011 Pricing as of: 9/17 9:42PM EST Other News Covid Pandemic Making "Virtual" Inspections a Reality Wed, Apr 22, 2020 10:56AM In its early April survey of builders for its Housing Market Index the National Association of Home Builders (NAHB) added questions about the impact of the pandemic on construction. While many states have limited "non-essential" business activity, the Department of Homeland Security's guidance has given state and local governments the option of classifying r... (read more) February Home Prices Stay Their Course, Increase 5.7% Annually Wed, Apr 22, 2020 10:52AM House price growth continued to accelerate through February on the Federal Housing Finance Agency's (FHFA's) Housing Price Index with the U.S. index posting a monthly gain of 0.7 percent in February. The January increase was originally reported as 0.3 percent, a sharp decline compared to the previous months, but that estimate has now been revised to 0.5 perc... (read more) Purchase Applications Stabilizing, Refis Rage On Wed, Apr 22, 2020 8:26AM Purchase application volume was up slightly last week, the first gain since early March. Refinancing and overall volume, however, were flat. The Mortgage Bankers Association said its Market Composite Index, a measure of volume, decreased 0.3 percent on a seasonally adjusted basis during the week ended April 17. On an unadjusted basis it rose 0.1 percent. The... (read more) Digital Products; GSE and Large Investor Adjustments; Bond Market Quiet: A Good Thing Wed, Apr 22, 2020 10:01AM While in captivity it is important to amuse oneself . And here’s a tender song – the video is only 30 seconds. By the way, the residential industry is not the only one that is seeing forbearance requests. In the commercial sector, in 30 days over 5,000 borrowers reached out to master servicers, requesting $100.7 billion, about 17% of the CMBS uni... (read more) Latest Video Federal Housing Finance Agency to buy mortgages in forbearance amid coronav... Many buyers are looking to renegotiate deals before closing: Luxury realtor Existing home sales fall 8.5% in March, vs. 7.5% expected New MBA survey: Nearly 6% of home loans are in forbearance Around the Web Reuters U.S. Treasury market faces structural issues even as liquidity improves Reuters U.S. House expects to pass $500 billion coronavirus bill, avoids fight over remote voting Calculated Risk Blog NMHC: "April Apartment Market Conditions Showed Weakness Amid COVID-19 Outbreak" NPR READ: What's In The Latest Coronavirus Relief Bill Reuters U.S. Treasury chief warns larger firms could face probes over payroll money CNBC Fannie and Freddie will now buy loans in mortgage bailout program, in a bid to loosen lending Reuters U.S. Treasury chief looks for most if not all of U.S. economy to be open later in summer Calculated Risk Blog FHFA: House Prices up 5.7% YoY in February NAR - Realtor.com The Bestand WorstPlaces for Renters To Hunker Down During the Coronavirus Crisis NAHB Eye on Housing Virus Affecting Homeowners' Willingness to Remodel Reuters Safe as houses? Trading from home tests bank defences during crisis NAR - Realtor.com Is the U.S. Hurtling Toward Another Housing Crash? FHFA FHFA Announces that Enterprises will Purchase Qualified Loans in Forbearance to Keep Lending Flowing

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