Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mortgage rates via mid-day price changes. Bonds loved what the Fed had to say because the announcement unequivocally committed to ongoing bond purchases in amounts equal to what we've seen in recent weeks. In a nutshell, the Fed will continue to be the single biggest buyer of new mortgage debt. When demand for that debt is strong, mortgage bond prices move higher. When prices move higher, rates move lower. Today's mortgage rate move is NOT related to the Fed forecasting near-zero rates through 2022. Those forecasts pertain to the Fed Funds Rate which

June 11, 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 Jun 11, 2020 Mortgage Rates Surge Lower After Fed Announcement Wed, Jun 10, 2020 5:07PM Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mortgage rates via mid-day price changes. Bonds loved what the Fed had to say because the announcement unequivocally committed to ongoing bond purchases in amounts equal to what we've seen in recent weeks. In a nutshell, the Fed will continue to be the single biggest buyer of new mortgage debt. When demand for that debt is strong, mortgage bond prices... (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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Recap: Bonds Back in Business; More New All-Time Low Rates Thu, Jun 11, 2020 4:53PM Bonds Back in Business; More New All-Time Low Rates What a difference a week makes!  Last week, the order of the day was to lament the negative momentum shift that took bond yields up and out of established ranges.  Now we're already in a position to confirm a return to those ranges.   ... (read more) MBS Price Change UMBS 5.0 99.75 -0.03 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.51 -0.03 GNMA 5.0 100.06 -0.02 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/9 12:39AM EST US Treasury Yield Change 2 YR Treasury 3.494 +0.007 5 YR Treasury 3.567 +0.006 7 YR Treasury 3.772 +0.004 10 YR Treasury 4.046 +0.006 30 YR Treasury 4.692 +0.002 Pricing as of: 9/9 12:39AM EST Other News Equity Cushion May Prevent Another Housing Crisis Thu, Jun 11, 2020 11:56AM Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With the current crisis, an equity buffer becomes pretty important. The narrow margins that allowed mortgaged homeow... (read more) Credit Access Retreats Back to Six-Year Lows Wed, Jun 10, 2020 10:10AM Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 129.3, the lowest level in six years. All four of the MCAI components moved lower, indicating tighter underwrit... (read more) Quarantines Lift, Mortgage Volume Explodes Wed, Jun 10, 2020 10:09AM The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions on individuals and businesses imposed in response to the COVID-19 pandemic. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 9.3 percent on a seasonally ad... (read more) LO, Training Jobs; Construction, VA IRRRL, Loss Mit Programs; No "V-shaped" Recovery Thu, Jun 11, 2020 9:08AM Despite the early stages of quarantine and captivity seeming to drag, the year is rushing along. They always do. The Chairman of the Federal Reserve tells us not to expect a “V-shaped” recovery, details in Capital Markets section below. We have only ten days until the Summer Solstice, not technically the “longest” day of the year (the... (read more) Latest Video Mortgage rates fall below three percent for the first time ever Treasury Secretary Steven Mnuchin on PPP, commercial rent, future stimulus US producer price index rises 0.4% in May US weekly jobless claims total 1.542 million, vs 1.6 million estimate Around the Web CNBC Quicken Loans, the largest U.S. mortgage lender, is planning an IPO, sources say NAR - Realtor.com What Recession? Summer Home-Buying Season Heats Up as Prices Surge Reuters A month into reopening, no clear turn for U.S. economy or pandemic Calculated Risk Blog Houston Real Estate in May: Sales Down 20.7% YoY, Inventory Down 8.3% YoY NAHB Eye on Housing Building Materials Prices Move Higher in May CNBC Manhattan's empty apartments: New leases plunge 62% in May Reuters Dow slumps 5% on fears of spurt in virus infections, economic worries CNBC Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave Calculated Risk Blog Hotels: Occupancy Rate Declined 45.3% Year-over-year, Eighth Consecutive Week of Slightly Higher Demand Calculated Risk Blog CoreLogic: 1.8 Million Homes with Negative Equity in Q1 2020 CNBC Treasury Secretary Mnuchin says 'we can't shut down the economy again' CNBC US weekly jobless claims total 1.542 million, vs 1.6 million estimate CNBC Dems, GOP continue to spar over extension of extra $600 in unemployment benefits

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