Two Urban Institute (UI) researchers pose a pertinent question in a recent paper. Laurie Goodman and Aaron Klein ask, "What is the purpose of the Fed lowering short term rates to zero and buying hundreds of billions of mortgages to lower mortgage interest rates if people cannot functionally access a mortgage?" They point out that the mortgage process, whether to purchase a home or refinance it, has a long to-do list including title searches, appraisals, applicant employment and income verification, notarization, closings, and recording of the transaction in county offices. If any of those items cannot be checked off, the ability to get a mortgage is jeopardized. With much of the world shut down in order to mitigate the COVID-19 pandemic, the entire process could be broken. Given the massive

April 23, 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 23, 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 99.59 -0.37   95.05 100.50 UMBS 30YR 5.5 101.03 -0.20   97.47 101.61 10 YR Treasury 4.081 +0.050   3.643 4.780 MBS Live Day Ahead: How Long Before Forbearance Premium is Priced Out of Rates? Thu, Apr 23, 2020 10:03AM I'm making an executive decision.  It's time to simplify the discussion even more than we already have when it comes to what's freaking the mortgage market out.  (If you're not up to speed on yesterday's news, you'll need to get caught up HERE.) Of course, "freaked out" is a relative term.  After all, the average lender is offering 30yr fixe... (read more) MBS Price Change UMBS 4.5 97.63 -0.41 UMBS 5.0 99.59 -0.37 UMBS 5.5 101.03 -0.20 GNMA 4.5 98.02 -0.14 GNMA 5.0 99.82 -0.38 GNMA 5.5 100.89 -0.32 Pricing as of: 9/17 7:52PM EST US Treasury Yield Change 2 YR Treasury 3.564 +0.060 5 YR Treasury 3.656 +0.070 7 YR Treasury 3.839 +0.068 10 YR Treasury 4.081 +0.050 30 YR Treasury 4.688 +0.036 Pricing as of: 9/17 7:52PM EST Other News What's Working and What Needs to Change For Mortgage Process -Urban Institute Thu, Apr 23, 2020 2:21PM Two Urban Institute (UI) researchers pose a pertinent question in a recent paper. Laurie Goodman and Aaron Klein ask, "What is the purpose of the Fed lowering short term rates to zero and buying hundreds of billions of mortgages to lower mortgage interest rates if people cannot functionally access a mortgage?" They point out that the mortgage process, whethe... (read more) Covid Impacts New Home Sales, Largest Decline in 7 Years Thu, Apr 23, 2020 11:59AM The Census Bureau and Department of Housing and Urban Development's report on new home sales in March is the first real time indication of the impact the COVID-19 mitigation is having on total sales. The report on existing homes, released a few days ago, largely reflected the closing of contracts booked in February and early March. New home sales are counted... (read more) 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) Sales, Marketing, Cap. Mkts. Products; Agencies and Forbearance Loan Purchases Thu, Apr 23, 2020 10:16AM Other than things like a mother’s love, most things have prices, and Fannie and Freddie set theirs for buying loans in forbearance in the form of tacking on loan-level pricing adjustments (LLPAs): 500 basis points (5 percent) for loans where any borrower is a first-time homebuyer, and 700 basis points (7 percent) for all other loans. (More below.) The ... (read more) Latest Video Home prices will decline nationally, but only briefly: Michelle Meyer Here's what you need to know about Gilead's 'flopped' Remdesivir drug trial New home sales miss expectations in March Markets had anticipated more jobs losses, says BNY Mellon's Jeff Mortimer Around the Web Redfin Six Charts That Show the Latest Trends in the Housing Market CNBC An unemployment rate of 23%? 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