Fannie Mae and Freddie Mac (the GSEs) have provided details for their streamlined refinance programs that were originally announced by the Federal Housing Finance Agency (FHFA) last month. The programs, named "RefiNow" by Fannie Mae and "Refi Possible" by Freddie Mac, will be available starting June 5 for Fannie Mae's borrowers but not until August 30 through Freddie Mac. The programs are designed to encourage eligible low-income borrowers to refinance and lower their interest rates and monthly mortgage payments. In its original announcement FHFA said it expected borrowers who refinanced through the initiative to save between $100 and $250 a month. While there are process differences between the two programs, their basic outlines are the same. The no cash-out loans are available to borrowers

May 7, 2021 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 May 7, 2021 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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News Fannie/Freddie Provide Details on New Refi Options Thu, May 6, 2021 10:47AM Fannie Mae and Freddie Mac (the GSEs) have provided details for their streamlined refinance programs that were originally announced by the Federal Housing Finance Agency (FHFA) last month. The programs, named "RefiNow" by Fannie Mae and "Refi Possible" by Freddie Mac, will be available starting June 5 for Fannie Mae's borrowers but not until August 30 throug... (read more) Forbearance Exits Soar as More Plans Expire Fri, May 7, 2021 10:15AM There was a sharp decline in the number of loans in forbearance during the week ended May 4. Black Knight says this has come to be the norm during the early weeks of each month. Overall forbearance volumes dropped by 105,000, a 4.5 percent improvement. The company, in its weekly report, said there are another 73,000 active plans with terms that expired at th... (read more) Accounting, Ops, MLO Jobs; AMC, Lead, Warehouse Products; Financial Transparency; Employment Figures Sink Rates Fri, May 7, 2021 10:11AM It’s Friday, so how ‘bout some non-mortgage supply and demand stuff? Let me start with an apology to Willie Mays’ family (who may or may not read this daily mortgage commentary) for missing his 90 th birthday yesterday. (Years ago he was known for welcoming all ‘trick or treat’ kids, from anywhere, at Halloween, so we went. Yep,... (read more) Latest Video The 3pm Bond Report - May 7, 2021 The 2pm Bond Report - May, 7 2021 April jobs report will give Fed policy cover: Wharton professor Jeremy Sieg... Yellen: I believe we will reach full employment in 2022 Around the Web Calculated Risk Blog AAR: April Rail Carloads down 10.1%, Intermodal Up 10.4% Compared to 2019 Reuters Yellen says U.S. debt ceiling could pinch in summer Reuters Biden says jobs report underscores need for his economic policies CNBC Watch live: Treasury Secretary Janet Yellen discusses the April jobs report CNBC Homebuyers are the most pessimistic they've been in a decade thanks to tight supply, high prices CNBC Inflation watch: Why the Fed is paying close attention to this chart Fannie Mae HPSI Dips as Consumers' Pessimism Toward Homebuying Conditions Sets Survey Record CNBC U.S. added just 266,000 jobs in April, and March payrolls revised lower CNBC Treasury yields climb ahead of key April jobs report CNBC April jobs expected to top 1 million as consumers boost the economy Calculated Risk Blog Goldman April Payrolls Preview CNBC Fed warns about potential for 'significant declines' in asset prices as valuations climb Reuters Fed's Mester says policy will remain accommodative for some time

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