As of yesterday, we knew mortgage rates were already in line with their lowest levels ever . It wouldn't have taken much to set the record today and indeed that's exactly what happened. Thus we find ourselves in a familiar situation where rates have returned slowly and steadily to an all-time low boundary after an initially volatile reaction (this time, the initial bounce was back in early March). At times like this, it's not uncommon to see a series of additional forays into what are technically "all-time lows." Will those rates be far enough away from today's to suggest that anyone waits to lock a rate if they're in a position to do so? That's a much trickier question. Many times, the additional improvements have been minimal in these situations. While there is reason to believe the current

May 15, 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 May 15, 2020 Lowest Rates Ever! (Until Next Week?) Fri, May 15, 2020 4:34PM As of yesterday, we knew mortgage rates were already in line with their lowest levels ever . It wouldn't have taken much to set the record today and indeed that's exactly what happened. Thus we find ourselves in a familiar situation where rates have returned slowly and steadily to an all-time low boundary after an initially volatile reaction (this time, the initial bounce was back in early March). At times like this, it's not uncommon to see a series of additional forays into what are technically "all-time lows." Will those rates be far enough away from today's to suggest that anyone waits to ... (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: Pieces Falling Into Place For Mortgage Market Fri, May 15, 2020 9:17AM As recently as April 21st, the fate of the mortgage market was still highly uncertain and that uncertainty was readily apparent in the ridiculously wide gap between mortgage rates and their normal benchmarks.  For instance, the average 30yr fixed rate tends to hang out in a range between 1.6 and 2.0% higher than 10yr Treasury yields.  When bond v... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.47 -0.07 GNMA 5.0 100.01 -0.06 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:38AM EST US Treasury Yield Change 2 YR Treasury 3.504 +0.016 5 YR Treasury 3.581 +0.019 7 YR Treasury 3.789 +0.021 10 YR Treasury 4.065 +0.026 30 YR Treasury 4.722 +0.032 Pricing as of: 9/9 6:38AM EST Other News Fannie Says Q2 Will be Tough, but Housing, Healthcare Should Bolster Recovery Fri, May 15, 2020 11:42AM Fannie Mae's Economic and Strategic Research (ESR) group says it expects the U.S. gross domestic product (GDP) to decline by 35 percent (annualized) in the current quarter. The loss of 4.8 percent in the first quarter, the largest decrease in six years exceeded Fannie Mae's estimate of -3.3 percent because of a larger than anticipated slowdown in personal co... (read more) MBA Says Buyers Will Return by Summer as Lockdown Ends Fri, May 15, 2020 10:42AM The Mortgage Bankers Association (MBA) says applications for financing new home purchases were down 25 percent in April compared to March and by 12 percent year-over-year. This data from MBA's Builder Application Survey (BAS) does not include any adjustment for typical seasonal patterns. "New home purchase applications severely weakened in April, which coinc... (read more) Forbearance Volume Continues, but at a Slower Pace Fri, May 15, 2020 9:10AM In its May 5 report on the number of COVID-19 forbearance plans in effect, Black Knight said the rate of new plans had slowed , but speculated they could pick up again as the May mortgage payments came due. As of May 12, that had not happened. The company reports that the number of plans had increased from a revised 4.5 million to 4.7 million. That increase,... (read more) Ops Jobs; Business Opportunities; AMC Products; Yesterday's Agency Changes Fri, May 15, 2020 9:29AM I messed up yesterday, not knowing “Bike to Work” Day was postponed until September. Getting out of the bedroom was okay on my Schwinn Varsity, but coming down the stairs was rough on “the boys.” What is also rough are margin calls. Margin calls were, and still may be, a big deal for lenders’ cash flows. There’s little poi... (read more) Latest Video Retail sales drop 16.4% in April, vs 12.3% decline expected Why this economist says 42% of coronavirus-related job losses will be perma... House Ways & Means Chair on stimulus, helping states and the SALT deduction Preliminary consumer sentiment index data for May better than expected Around the Web CNBC Real estate CEO says NYC will overcome crisis the city's obituary 'has been written many times' Reuters S&P ends higher after gyrations on reopening optimism, weak data, trade woes Reuters In patchwork restart, parts of New York and other U.S. states reopen CNBC GDP could decline by 42% in the second quarter, according to the Atlanta Fed Calculated Risk Blog NMHC: Rent Payment Tracker Finds 87.7 Percent Paid Rent as of May 13th NAHB Eye on Housing Single-Family Permits Were Solid in March Calculated Risk Blog Q2 GDP Forecasts: Probably Around 30% Annual Rate Decline Calculated Risk Blog NY Fed: Manufacturing "Business activity continued to deteriorate significantly in New York State" CNBC Mortgage rates just hit another record low CNBC House aims to pass a $3 trillion coronavirus relief package Friday Reuters Take Five: ZIRP to NIRP, a jump policymakers must consider Calculated Risk Blog BLS: Job Openings decreased to 6.2 Million in March CNBC Consumer sentiment for May comes in at 73.7, vs 65 estimated

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