At face value, the bonds that underlie the mortgage market didn't sustain too much damage today. If there was nothing else to inspire lender rate changes, we might not be too much worse vs yesterday. Unfortunately, there is an absolutely massive source of motivation that unexpectedly burst on the scene last night. If you're not already up to speed on it, READ THIS . As far as today is concerned, rates got torched . This is no surprise. Regulators just instantly doubled to fees they charge to provide guarantees for the mortgage market. Lenders will be forced to pay those fees on all loans that are already locked. Consumers will foot the bill for everything else. Strikingly, the pull-back from lenders is much bigger than the 0.5 points imposed by the GSEs because of the way the announcement was

August 14, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Aug 14, 2020 Mortgage Rates Pummeled By Regulatory Drama Thu, Aug 13, 2020 6:04PM At face value, the bonds that underlie the mortgage market didn't sustain too much damage today. If there was nothing else to inspire lender rate changes, we might not be too much worse vs yesterday. Unfortunately, there is an absolutely massive source of motivation that unexpectedly burst on the scene last night. If you're not already up to speed on it, READ THIS . As far as today is concerned, rates got torched . This is no surprise. Regulators just instantly doubled to fees they charge to provide guarantees for the mortgage market. Lenders will be forced to pay those fees on all loans that ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.5 101.29 0.00   97.47 101.61 UMBS 30YR 6.0 102.45 +0.00   99.66 102.50 10 YR Treasury 4.037 -0.003   3.621 4.780 MBS Live Day Ahead: Are Rates Ready To Be Done With This Correction? Fri, Aug 14, 2020 9:57AM First thing's first, any conversation about rates in a mortgage market context would be incomplete without considering this week's regulatory drama.  Specifically, FHFA just more than DOUBLED G-fees for refinances.  Read all about it in the mega recap HERE.  This surprise move threw lenders for a loop and most of them pulled pricing back sig... (read more) MBS Price Change UMBS 5.0 99.91 0.00 UMBS 5.5 101.29 0.00 UMBS 6.0 102.45 +0.00 GNMA 5.0 100.22 -0.03 GNMA 5.5 101.25 +0.02 GNMA 6.0 102.01 +0.03 Pricing as of: 9/16 1:06AM EST US Treasury Yield Change 2 YR Treasury 3.536 -0.001 5 YR Treasury 3.605 +0.005 7 YR Treasury 3.788 -0.004 10 YR Treasury 4.038 -0.003 30 YR Treasury 4.658 -0.003 Pricing as of: 9/16 1:06AM EST Other News Forbearances Decline for Second Week, Falling Below 4 Million Fri, Aug 14, 2020 10:05AM Two entities, Black Knight and the Mortgage Bankers Association (MBA) have been tracking loans in forbearance plans since the start of the pandemic. They have diverged a bit in their numbers over the last half year, but both agree, in their most recent reports, that there are now fewer than 4 million borrowers in plans. MBA, in their report earlier this week... (read more) MBA Predicts New Home Sales Surge in July Thu, Aug 13, 2020 12:14PM The Mortgage Bankers Association (MBA) is predicting another strong month for new home sales. The association says its Builder Application Survey (BAS) data for July 2020 shows mortgage applications for new home purchases increased 39 percent compared to a year ago and is up 1 percent compared to June. This would be the second consecutive month of annual inc... (read more) What Pandemic? Home Prices Continue Gains in Q2 Thu, Aug 13, 2020 8:15AM Home prices continued to rise during the second quarter of the year, although at a slower pace than before the advent of the pandemic. The National Association of Realtors® (NAR) said its quarterly survey of metropolitan areas found that single-family home prices rose on an annual basis in 96 percent or 174 of the 181 markets it covers. Prices increased ... (read more) Controller, MLO Jobs; ROI, Broker, AI, Jumbo Products; Compliance and State-Level Legal News Fri, Aug 14, 2020 10:11AM Hundreds of thousands of people in the lending industry, their borrowers, and vendors are grappling with the refi price hit announced Wednesday evening by FHFA Director Calabria. From the Carolinas I received this from Rhonda M. “We are into the J’s now for Atlantic named storms. Wonder if Hurricane Jalabria might work?” In one sense it is ... (read more) Latest Video Fed is going to have buy more Treasurys if we get a stimulus deal: Chief in... July retail sales rise 1.2 percent versus forecasts of 2.3 percent Industrial production data rises 3 percent versus 2.8 percent expected Consumer sentiment index beats expectations, 72.8 vs 71 expected Around the Web CNBC These business owners who took PPP money will have their loan forgiveness reduced Calculated Risk Blog Q3 Preview: Real GDP as a Percent of Previous Peak Redfin Home Prices Up 8% as Supply Fell 22% to a New All-Time Low in July Calculated Risk Blog Q3 GDP Forecasts Calculated Risk Blog Industrial Production Increased 3.0 Percent in July; Still 8.4% Below Pre-Crisis Level NAHB Eye on Housing Housing Rebound: Year-over-Year Gains for June Single-Family Permits CNBC Retail sales for July rose 1.2% vs. 2.3% estimate CNBC There's still a lot of confusion about stimulus checks CNBC The U.S. has already invested billions on potential coronavirus vaccines. Here's where the deals stand CNBC Treasury yields come off highs after jobless data beats estimates NAR - Realtor.com Why Refinancing Your Mortgage Is About To Get More Expensive CNBC Coronavirus relief stalemate could drag on for weeks Calculated Risk Blog Hotels: Occupancy Rate Declined 33% Year-over-year

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