Contracts for existing home purchases rose for the fourth straight month in August and more than doubled the increase expected by most analysts. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) rose from 122.1 in July to 132.8 in August, an increase of 8.8 percent. The PHSI, based on contracts to purchase existing single-family houses, townhouses, condos, and cooperative apartments, is now at an all time high and is 24.2 percent above its level in August 2019. The index is also up 44.6 points from the point to which it plunged in April after the widespread business closures and stay-at-home responses to the COVID-19 pandemic. Most analysts had looked for a strong report, but still didn't come close to predicting the actual gains. Those polled by Econoday

September 30, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.13% -0.12%   6.11% 7.26% 15 Yr. Fixed 5.71% +0.00%   5.54% 6.59% 30 Yr. Jumbo 6.15% -0.10%   6.15% 7.45% Compare Mortgage Rates from Local Lenders for Sep 30, 2020 Mortgage Rates Still Sideways to Slightly Lower Tue, Sep 29, 2020 3:59PM The average mortgage lender continues to offer top tier conventional 30yr fixed rates in the "high 2% to low 3%" neighborhood. Exactly where any given quote will reside in that neighborhood depends on several factors. The most important of those is the re-introduction of the new adverse market fee for all conventional refinances. If you're not up to speed on that, here's some additional background . The adverse fee is the most important factor because it instantly accounts for a change of at least 0.125% in rate for refinances. Purchase mortgages are officially unaffected, but they've been cau... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.13% -0.12 0.00 15 Yr. Fixed 5.71% 0.00 0.00 30 Yr. FHA 5.91% -0.08 0.00 30 Yr. Jumbo 6.15% -0.10 0.00 7/6 SOFR ARM 5.65% +0.01 0.00 30 Yr. VA 5.92% -0.09 0.00 Updates Daily - Last Update: 9/16 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 5.0 99.97 +0.01   95.05 100.50 UMBS 30YR 5.5 101.26 +0.03   97.47 101.61 10 YR Treasury 4.024 -0.007   3.643 4.780 MBS Live Recap: Bonds Finally Make a Move. How Serious Is It? Wed, Sep 30, 2020 4:35PM Bonds Finally Make a Move. How Serious Is It? After more than 2 months of a narrow sideways range and more than 3 weeks of an increasingly narrow trading range, bond yields finally broke out today.  Is this the start of a new trend toward higher rates or just an incidental byproduct of a few key events?  Th... (read more) MBS Price Change UMBS 4.5 98.04 +0.00 UMBS 5.0 99.97 +0.02 UMBS 5.5 101.26 +0.03 GNMA 4.5 98.16 +0.01 GNMA 5.0 100.26 +0.05 GNMA 5.5 101.17 -0.04 Pricing as of: 9/17 4:52AM EST US Treasury Yield Change 2 YR Treasury 3.509 +0.006 5 YR Treasury 3.583 -0.003 7 YR Treasury 3.767 -0.004 10 YR Treasury 4.020 -0.011 30 YR Treasury 4.638 -0.013 Pricing as of: 9/17 4:52AM EST Other News Pending Home Sales Just Hit a New All-Time High Wed, Sep 30, 2020 10:04AM Contracts for existing home purchases rose for the fourth straight month in August and more than doubled the increase expected by most analysts. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) rose from 122.1 in July to 132.8 in August, an increase of 8.8 percent. The PHSI, based on contracts to purchase existing sing... (read more) Mortgage Applications Slowed as Many Rush to Beat the Adverse Market Fee Wed, Sep 30, 2020 8:34AM Mortgage application volume has fallen into an up and down pattern over the last few weeks and last week went to the negative side. The Mortgage Bankers Association said its Market Composite Index decreased 4.8 percent on a seasonally adjusted basis during the week ended September 25 and lost 5 percent on an unadjusted basis. The Refinance Index fell by 7 pe... (read more) Perfect Storm For Home Prices? Tue, Sep 29, 2020 11:35AM The growth of home prices nationally continued to accelerate in July according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The National Index, which covers all nine U.S. census divisions, rose 4.8 percent in July on an annual basis compared to a 4.3 percent year-over-year gain in June. There was 0.8 percent appreciation month-ov... (read more) Servicing, MLO, Ops Jobs; Compliance, Jumbo Products; Webinars and Training; Housing, Jobs, and Stable Rates Wed, Sep 30, 2020 9:58AM Welcome to the start of Fat Bear Week in Alaska. (There’s even a Park Service bracket with the favorites... expect upsets!) It’s probably easier to forecast the fattest bear than it is to predict forbearance trends, although MCT’s “ MSR Forbearance in 2020: Challenges and Recommendations addresses the “here and now” about ... (read more) Latest Video Dallas Fed's Kaplan: Worried rates at zero will push investors out on risk ... Sec. Mnuchin says progress made but no deal on new stimulus Labor market still in a 'ditch,' San Francisco Fed's Daly September Chicago PMI: 62.4 vs. 52.1 expected Around the Web CNBC Fed's Daly calls for more fiscal help to get the economy out of a 'big ditch' Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Increased in August CNBC Near-zero interest rates may be needed for up to 3 years, says Dallas Fed's Robert Kaplan news.google.com I'm a financial planner, and there are 2 home-buying mistakes I've seen during the pandemic - Business Insider CNBC Changes will be made for next Trump vs. Biden debate 'to maintain order' after ugly first round CNBC These cities are at risk of a housing bubble as home prices inflate worldwide Calculated Risk Blog Q2 GDP Revised up to -31.4% Annual Rate CNBC Private sector jobs up 749,000 in September, vs 600,000 estimate, ADP says CNBC Christine Lagarde hints at a major tweak for the ECB's inflation target CNBC Treasury yields mixed; debate, coronavirus treatment, stimulus in focus Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in July news.google.com We're at War': New York City Faces a Financial Abyss - The New York Times CNBC JPMorgan predicts a 10% rally for the S&P 500 and names the U.S. sectors to watch

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