Daily Newsletter: Monday June 1, 2020

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June 1, 2020

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Compare Mortgage Rates from Local Lenders for Jun 1, 2020

Mortgage Rates Start Higher But Finish Lower

Mon, Jun 1, 2020 4:43PM

Mortgage rates pulled off a repeat performance of last Friday's intraday drama. The average lender began the day in higher territory as bond markets were weaker in the morning. Bonds recovered nicely and mortgage lenders were more than willing to adjust rate sheets accordingly. After being in slightly weaker shape compared to Friday's latest levels, the average lender was noticeably better than Friday by the end of the day. What does "noticeably better" look like in objective terms? Depending on your existing rate and scenario, it might not look like much. The industry is pecking away at an al... (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

MBS Live Recap: Timing of Today's Volatility Could Create Some Opportunity

Mon, Jun 1, 2020 2:57PM

There's no way to predict the future for rates and markets, but there are occasionally tactical opportunities. (read more)

MBS	Price	Change
UMBS 5.0	99.76	+0.29
UMBS 5.5	101.27	+0.14
UMBS 6.0	102.52	+0.04
GNMA 5.0	100.06	+0.23
GNMA 5.5	101.20	+0.08
GNMA 6.0	102.16	+0.03
Pricing as of: 9/8 5:33PM EST

US Treasury	Yield	Change
2 YR Treasury	3.492	-0.026
5 YR Treasury	3.564	-0.026
7 YR Treasury	3.770	-0.031
10 YR Treasury	4.043	-0.044
30 YR Treasury	4.693	-0.076
Pricing as of: 9/8 5:33PM EST

Other News

UI Takes a Deep Dive Into May's Mortgage Market

Mon, Jun 1, 2020 11:26AM

The Urban Institute (UI) releases a regular report, Housing Finance at a Glance , a "chartbook" loaded with charts and commentary on mortgage activity . Much of the May chartbook's material, is retrospective, reaching back as far as Q4 2019 where there is a time lag in data collection. Much of it, residential construction data, home price indices, negative e... (read more)

Builder Incentives Kept April Home Sales Strong

Mon, Jun 1, 2020 12:15PM

As was reported last week, new home sales in April were much, much better than expected. There may or may not be a cause and effect going on here, but two recent posts in the National Association of Home Builders' (NAHB's) Eye on Housing blog indicate that builders are at least trying to preserve some market momentum. While builder confidence cratered in Apr... (read more)

April's Forbearance Requests Slow to a Relative Trickle

Fri, May 29, 2020 9:14AM

Black Knight says its research is showing that the numbers of new forbearance plans for homeowners financially affected by the COVID-19 pandemic have slowed to a trickle compared to the tidal wave in early April. Only 7,000 new plans were put in place during the week ended May 26 compared to a 325,000-net increase in the first week of May and 1.4 million in ... (read more)

Processor, LO Jobs; Referral, Accounting Products; Webinars and Training

Mon, Jun 1, 2020 8:56AM

I was speaking to a successful long-time real estate agent this weekend who is as busy as she’s ever been. Couples are weary of working from home in a one-bedroom apartment. In talking about families leaving the city, she observed, “No family wants to push an elevator button to go home.” Redfin is in the news, not only talking about bidding... (read more)

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Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.

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