Let's keep this short and simple. There are some major misconceptions out there today and for many of you, it's very important to address them. What are the misconceptions? Misconception 1: Rates are lower today than they were yesterday This one is very easy to clear up. It's a frequent Thursday occurrence, actually. It stems from the weekly release of Freddie Mac's mortgage market survey which admittedly only collects responses on Mon-Wed. In other words, if rates were lower on Mon, Tue, Wed this week compared to the same 3 days last week, Freddie's survey will say as much. From there, the scores of journalists who rely on this survey for their weekly mortgage rate coverage will pump out headlines that neglect to mention the Mon-Wed caveat. The net effect is that Today's rates could be higher

August 28, 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 Aug 28, 2020 Don't Be Fooled By Today's Mortgage Rate News Thu, Aug 27, 2020 3:46PM Let's keep this short and simple. There are some major misconceptions out there today and for many of you, it's very important to address them. What are the misconceptions? Misconception 1: Rates are lower today than they were yesterday This one is very easy to clear up. It's a frequent Thursday occurrence, actually. It stems from the weekly release of Freddie Mac's mortgage market survey which admittedly only collects responses on Mon-Wed. In other words, if rates were lower on Mon, Tue, Wed this week compared to the same 3 days last week, Freddie's survey will say as much. From there, the sc... (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 4.048 +0.009   3.621 4.780 MBS Live Recap: Nice Recovery Today, But Is It a Trap? Fri, Aug 28, 2020 4:45PM Nice Recovery Today, But Is It a Trap? If the Fed is doubling down on its inflation goals, it makes sense for bonds to be afraid--at least a little bit.  But with today seeing yields hold the same ceiling as yesterday, are we already in a position to ask "was that it?"  Or are markets just waiting to sell m... (read more) MBS Price Change UMBS 5.0 99.74 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.04 Pricing as of: 9/9 12:01AM EST US Treasury Yield Change 2 YR Treasury 3.498 +0.010 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.007 10 YR Treasury 4.048 +0.009 30 YR Treasury 4.699 +0.008 Pricing as of: 9/9 12:01AM EST Other News Fannie/Freddie Extend Foreclosure Relief to Year's End Fri, Aug 28, 2020 11:13AM Both government sponsored enterprises (GSEs) have announced that their nationwide suspension of single-family foreclosures and evictions has been extended through the end of the year. The suspension, one of several relief options Fannie Mae and Freddie Mac originally announced in March when the COVID-19 national emergency was invoked, has been extended on sh... (read more) Highest Home Sales Since 2005. Can It Last? Thu, Aug 27, 2020 10:17AM July marked the third consecutive outsized increase in the Pending Home Sales Index (PHSI) produced by the National Association of Realtors® (NAR) It also was the third of three July sales measures to surprise analysts. NAR said the PHSI, a leading indicator of home sales based on newly signed purchase agreements, rose 5.9 percent from 116.1 in June to 1... (read more) Freddie Mac Reminds Disaster Victims: Mortgage Relief is Available Thu, Aug 27, 2020 8:16AM While the Gulf Coast escaped the threat of two simultaneous hurricane hits, the remaining storm, Hurricane Laura, looks like an historically dangerous one. It, and the wildfires ravaging California, has prompted Freddie Mac to restate its disaster relief policies. Homeowners can request forbearance of their mortgage payments if they are affected by a preside... (read more) Ops Jobs; Broker Extension, Secondary Revenue, Compliance Tools; Deep Look Into new Fed Policy Fri, Aug 28, 2020 10:37AM I remember when I would travel to exotic places like London, England, Lima, Peru, or Biloxi, Mississippi. From Southern California, thank you to Carey A. sent along this interesting site in which you can take a drive in most of the cities in the world , listening to that city’s local radio station! Listening is an art, and the “bad lip reading&rd... (read more) Latest Video August Chicago PMI comes in at 51.2 vs 52.5 expected Consumer Sentiment Index at 74.1 versus 72.9 estimate Philadelphia Fed's Patrick Harker on consumer spending, inflation and more U.S. personal income rose 0.4% in July Around the Web CNBC Fed's Bullard says the recession is over but rates will 'stay low for a long time' NAR - Realtor.com Millennials Help Power This Year's Housing-Market Rebound CNBC Homeowners, in foreclosure, will also face tax implications. What you should know Calculated Risk Blog Lawler: July Residential Home Sales/Inventories in Selected Counties with Beach/Mountain Resort Areas Calculated Risk Blog Q3 GDP Forecasts CNBC Economy, jobs, cost of living top Covid-19 fears as voters worry about their finances, CNBC/Change Research poll finds CNBC Fed's Harker says it will take 'a while' for jobs market to heal, would be OK with inflation at 2.5% CNBC Improvement in coronavirus mortgage bailout stalls, as more borrowers struggle to make payments Calculated Risk Blog Personal Income increased 0.4% in July, Spending increased 1.9%, Core PCE increased 0.3% CNBC Fed's Mester says recovery will be 'a slow one' and more economic support is needed CNBC Next up for the Federal Reserve: Convincing the markets it can do what it says it will do CNBC Treasury yields tick higher as markets digest Fed's 'robust' policy change FHFA FHFA Announces Public Listening Sessions on Re-Proposed Capital Rule for the Enterprises

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