Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of mortgage holders have sought forbearance arrangements--a higher number than the industry ever imagined. Mortgage investors risk heavy losses on those loans. Thus demand has dried up for the loans seen as

April 29, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.81% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.30% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Apr 29, 2020 Mortgage Rates Lowest Since Early March, But Not For Everyone Tue, Apr 28, 2020 6:24PM Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of m... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.05 0.00 15 Yr. Fixed 5.81% -0.04 0.00 30 Yr. FHA 6.01% -0.04 0.00 30 Yr. Jumbo 6.30% 0.00 0.00 7/6 SOFR ARM 5.89% -0.06 0.00 30 Yr. VA 6.03% -0.04 0.00 Updates Daily - Last Update: 10/31 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.90 +0.34   95.05 100.11 UMBS 30YR 5.5 101.27 +0.22   97.47 101.40 10 YR Treasury 4.100 +0.025   3.932 4.780 MBS Live Day Ahead: 2.0 MBS Coupon Staking Its Claim; Fed Day Wed, Apr 29, 2020 10:42AM This morning, GDP came out at -4.8%, the lowest reading since Q1, 2009.  The Fed announcement and press conference will be out this afternoon.  But the most interesting development may well be the emergence of the 2.0 30yr fixed UMBS coupon in the secondary mortgage market.  What does that actually mean? Simply put, a new "bucket" is ope... (read more) MBS Price Change UMBS 4.5 97.87 +0.31 UMBS 5.0 99.91 +0.35 UMBS 5.5 101.28 +0.22 GNMA 4.5 97.94 +0.29 GNMA 5.0 99.98 +0.25 GNMA 5.5 100.96 +0.14 Pricing as of: 11/3 3:28AM EST US Treasury Yield Change 2 YR Treasury 3.588 +0.015 5 YR Treasury 3.705 +0.022 7 YR Treasury 3.893 +0.020 10 YR Treasury 4.101 +0.025 30 YR Treasury 4.676 +0.023 Pricing as of: 11/3 3:28AM EST Other News Pending Sales Dip 20% but Realtors See Dislocation as Temporary Wed, Apr 29, 2020 11:06AM Everyone knew that the March pending home sales report, the first real measure of the impact of the COVID-19 impact on the residential real estate markets, was going to be bad. It was that and more. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) dropped 20.8 percent compared to February, landing at 88.2. This was 16.... (read more) Mortgage Applications Show Possible Signs of an Upturn? Wed, Apr 29, 2020 8:16AM The Mortgage Bankers Association (MBA) reported a second strong week for purchase applications last week although refinancing continued to dominate the mortgage market. MBA's Market Composite Index, a measure of application volume, was down 3.3 percent on a seasonally adjusted basis during the week ended April 24 and was 2 percent on an unadjusted basis, how... (read more) Homeownership Highest in Nearly 7 Years Tue, Apr 28, 2020 6:24PM The U.S. Homeownership Rate reached its highest level in nearly seven years in the first quarter of 2020. The Census Bureau said the rate, 65.3 percent, tied with the rate in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent in the second quarter of 2016. The first quarter rate was up from 65.1 percent the previous quarter and was 1.... (read more) Digital, Customer Service Products; FHA COVID News; 1st Quarter GDP Takes a Big Hit Wed, Apr 29, 2020 10:26AM While in captivity it is important to observe the impact of your words during meal times. (Warning: Rated R for language.) Measuring the financial impact of the government-instituted changes is now a focus. Credit-card payments are one of the first places where the effects will show up, and are often the first loans people stop paying when money is tight. Th... (read more) Latest Video Powell appears dovish on economic outlook: Bank of America's Meyer Federal Reserve leaves rates unchanged till economy back on track Fed's Powell says the economy will likely need more support in order for 'r... Fed's not any hurry to withdraw these measures to support economy during pa... Around the Web Reuters Wall St. surges on promising coronavirus drug CNBC Powell says the economy will likely need more support from the Fed for the recovery to be 'robust' Reuters Wall St jumps on coronavirus drug hopes; Fed in focus Redfin Homebuyers Confront Credit Crunch as Coronavirus Puts Lenders on Edge CNBC 8-month 'structured lockdowns' could halve economic damage from the coronavirus, research claims Reuters McConnell says business protection a condition for next COVID bill Calculated Risk Blog NAR: Pending Home Sales Decrease 20.8% in March Reuters Fed likely to renew pledge to use all tools to brace economy CNBC Gilead reports 'positive data' on remdesivir coronavirus drug trial CNBC US first-quarter GDP shrank 4.8%, vs 3.5% decline expected NPR Poll: Half Of Americans Financially Affected By Coronavirus Reuters Much of U.S. economy still plugging along despite coronavirus pain CNBC Manhattan Real Estate New Listings Plunged 85% in the Last Week of March

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