The volume of mortgage applications reversed direction last week, pulling out a small gain after three straight weeks of declines. The Mortgage Bankers Association's (MBA's) Weekly Mortgage Applications Survey for the week ending September 4, was up 2.9 percent on a seasonally adjusted basis and 2.0 percent unadjusted compared to the previous week. The Refinancing Index, which had fallen a cumulative 18 percentage points over the previous three weeks, gained 3 percent and its share of mortgage activity rose to 63.1 percent from 62.5 percent of applications. The Refinancing Index was 60 percent higher than the same week in 2019, but that week had included the Labor Day holiday. The seasonally adjusted Purchase Index increased 3 percent from one week earlier and was 0.2 percent higher on an unadjusted

September 9, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Sep 9, 2020 The Uncommonly Strong Case For Locking a Mortgage Rate Fri, Sep 4, 2020 4:25PM Almost everywhere you look, low mortgage rates are in the news. Experts are claiming they'll remain low or move lower for years to come. They might be right! But that doesn't necessarily mean you should wait to refinance or to lock your rate if you're already in the loan process. It is true that mortgage rates improved noticeably earlier this week. Part of the improvement is due to overall gains in the bond market following last week's Federal Reserve scare. When the Fed updated its policy framework, the bond market was briefly spooked. A spooked bond market means higher yields/rates. The next... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 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 99.77 +0.18   95.05 100.47 UMBS 30YR 5.5 101.18 +0.15   97.47 101.61 10 YR Treasury 4.051 -0.030   3.706 4.780 MBS Live Recap: It Could Have Been a Lot Worse Wed, Sep 9, 2020 3:09PM It Could Have Been a Lot Worse Although the bond market definitely had its own reasons to weaken last Friday, stocks have been making big enough moves to complicate things.  Simply put, we've had to wonder if bonds would be doing even worse if not for massive stock selling.  Today, we got our answer.  ... (read more) MBS Price Change UMBS 4.5 97.79 +0.17 UMBS 5.0 99.78 +0.20 UMBS 5.5 101.20 +0.17 GNMA 4.5 98.16 +0.14 GNMA 5.0 100.05 +0.23 GNMA 5.5 101.06 +0.17 Pricing as of: 9/18 4:41AM EST US Treasury Yield Change 2 YR Treasury 3.523 -0.041 5 YR Treasury 3.616 -0.040 7 YR Treasury 3.801 -0.038 10 YR Treasury 4.048 -0.033 30 YR Treasury 4.645 -0.043 Pricing as of: 9/18 4:41AM EST Other News Mortgage Volume Bounced Back With Last Week's Lower Rates Wed, Sep 9, 2020 8:11AM The volume of mortgage applications reversed direction last week, pulling out a small gain after three straight weeks of declines. The Mortgage Bankers Association's (MBA's) Weekly Mortgage Applications Survey for the week ending September 4, was up 2.9 percent on a seasonally adjusted basis and 2.0 percent unadjusted compared to the previous week. The Refin... (read more) Loan Originators Posted Record Profits in Q2 Wed, Sep 9, 2020 10:15AM While servicing income was down, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks had a very profitable second quarter. They reported an average net gain of $4,548 on each loan they originated, up from a reported gain of $1,600 per loan in the first quarter of 2020, according to the Mortgage Bankers Association's (MBA) newly rel... (read more) Q2 Saw Highest Origination Volume in History, Q3 Might be Even Better Tue, Sep 8, 2020 11:58AM The second quarter of this year was a miserable on many levels, but mortgage origination volume was not one of them. Black Knight's current Mortgage Monitor reports that the second quarter saw the largest quarterly origination volume since the company began tracking it at the beginning of 2000. Low interest rates drove refinancing up by more than 60 percent ... (read more) CRM, Marketing, Fraud Products; Mortgage Apps Move Higher; LO Jobs Wed, Sep 9, 2020 11:39AM Tom Petty sang, “There's somethin' good comin,' just over the hill, somethin' good comin', I know it will. And I'm in for the long run, wherever it goes, ridin' the river, wherever it goes .” Lenders always walk a knife-edge between wanting good economic times for their customers, and having them qualify, but at the same time knowing that bad tim... (read more) Latest Video July JOLTS report sees 6.6M job openings vs. 6M expected Why the election year signals optimism despite recent market selloff Recovery could falter without more targeted, focused stimulus: Charles Dall... Here's where mortgage bailouts stand amid the pandemic Around the Web Redfin Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years as Pending Sales Surge 21% NAHB Eye on Housing Open-Ended Credit Slowly Recovers in July Calculated Risk Blog Las Vegas Real Estate in August: Sales down 9% YoY, Inventory down 36% YoY Calculated Risk Blog NMHC: Rent Payment Tracker Shows Decline in Households Paying Rent in September CNBC Job openings top expectations even as rate of hiring slows NAHB Eye on Housing Construction Job Openings Rise in July as Recovery Advances CNBC Ron Insana: Trump's threatened divorce from China unlikely to be amicable CNBC European Central Bank could announce policy tweaks this week after shock inflation data CNBC Bond king Jeffrey Gundlach says the surge in retail investor activity is 'downright terrifying' NAHB Eye on Housing Examining Rental Housing in the US: Debt & Financing Characteristics NPR Zoom Towns And The New Housing Market For The 2 Americas CNBC Mitch McConnell says Senate will vote on coronavirus stimulus plan as soon as this week Calculated Risk Blog Seattle Real Estate in August: Sales up 15% YoY, Inventory UP 8% YoY

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