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: Mortgage Rate Watch Mortgage Rates Lowest Since Early March, But Not For Everyone 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... (read more) MBS Commentary MBS Live Day Ahead: 2.0 MBS Coupon Staking Its Claim; Fed Day 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... (read more) Housing News Pending Sales Dip 20% but Realtors See Dislocation as Temporary 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) sai... (read more) Housing News Mortgage Applications Show Possible Signs of an Upturn? 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 perce... (read more) Rob Chrisman Digital, Customer Service Products; FHA COVID News; 1st Quarter GDP Takes a Big Hit 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 p... (read more) Housing News Homeownership Highest in Nearly 7 Years 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 ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 6:38AM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 6:38AM EST 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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