Mortgage rates were very slightly higher today after being modestly lower over the weekend, but in general, remain very close to the lowest levels in more than 3 years. They weren't too much higher than current levels even before the coronavirus outbreak took center stage, but the virus definitely deserves credit for the extra downward momentum in recent weeks. Given that Chinese equities markets are already indicating the financial market psyche has shifted, it may only be a matter of time before US bond markets (which dictate mortgage rates) follow suit. That's not to say that bonds must follow stocks. If that were the case, we wouldn't see bond yields close to all-time lows while stocks are at all-time highs. Rather, it's simply a comment on the fact that Chinese equities serve as a good

February 11, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Feb 11, 2020 Mortgage Rates May Be Pressured Higher As Virus Fears Ebb Tue, Feb 11, 2020 3:51PM Mortgage rates were very slightly higher today after being modestly lower over the weekend, but in general, remain very close to the lowest levels in more than 3 years. They weren't too much higher than current levels even before the coronavirus outbreak took center stage, but the virus definitely deserves credit for the extra downward momentum in recent weeks. Given that Chinese equities markets are already indicating the financial market psyche has shifted, it may only be a matter of time before US bond markets (which dictate mortgage rates) follow suit. That's not to say that bonds must fol... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.60 +0.15   95.05 100.11 UMBS 30YR 5.5 101.09 +0.10   97.47 101.40 10 YR Treasury 4.085 -0.024   3.932 4.780 MBS Live Day Ahead: Powell Testimony, Skittish Markets, MBS Roll Tue, Feb 11, 2020 10:10AM Amid a dearth of important economic data between now and Friday, the bond market doesn't have much to do when it comes to pricing in bigger-picture economic fundamentals.  Even then, the word around the campfire is that traders are planning on giving much more credence to global economic data collected after January 24th, when the coronavirus fear reall... (read more) MBS Price Change UMBS 4.5 97.55 +0.13 UMBS 5.0 99.60 +0.15 UMBS 5.5 101.09 +0.10 GNMA 4.5 97.54 +0.04 GNMA 5.0 99.81 +0.17 GNMA 5.5 100.88 +0.09 Pricing as of: 11/4 3:22AM EST US Treasury Yield Change 2 YR Treasury 3.581 -0.028 5 YR Treasury 3.694 -0.030 7 YR Treasury 3.877 -0.028 10 YR Treasury 4.085 -0.024 30 YR Treasury 4.666 -0.027 Pricing as of: 11/4 3:22AM EST Other News Renters Mistakenly Believe They're Paying Less Than Owners Tue, Feb 11, 2020 3:45PM Renters questions in a new Freddie Mac survey expressed a rather unfortunate misconception . In its new Profile of Today's Renter and Owner , the company said it found that "An unprecedented number of renters believe renting is more affordable than owning . Eighty-four percent of respondents stated that belief, up 17 percentage points from the February 2018 ... (read more) Realtors Say Legal Weed Biz a Plus For Housing Tue, Feb 11, 2020 3:40PM It seems as though legalized marijuana is said to be good for almost everything. Now a new study from the National Association of Realtors (NAR) has added real estate to the list. The impact is clearer when it comes to commercial properties, but agents saw differences in the residential sector as well where medical and/or recreational use of the substance ha... (read more) Home Builders Report Much-Needed Residential Construction Job Gains Mon, Feb 10, 2020 11:01AM Last Friday's January Employment Situation report from the Bureau of Labor Statistics was a good one; total payroll employment increased by 225,000, but probably no one was happier about it than the National Association of Home Builders (NAHB). The report was an excellent one when it comes to hopes for resolving one of the constraints NAHB seems as hurting i... (read more) Non-QM, Marketing, Digital Products; Shifts in Non-Conforming and ATR, QM Patch Tue, Feb 11, 2020 8:51AM In 1988, there was only one city in America where the average home price was over six times the annual median income. Today there are more than twenty. Experts think that hat number will only increase as home values continue upward in the nation's largest 100 cities. Thirty years ago, you could buy a home in 72 of the largest 100 cities in America with less ... (read more) Latest Video Housing stocks nearing major milestone for first time in 14 years Fed probably won't cut rates, but they should: LaVorgna Fed's Jerome Powell asked about Trump's Dow pullback tweet Fed's Powell: We expect to continue repo operations into April Around the Web CNBC Household debt jumps the most in 12 years, Federal Reserve report says Reuters Trump lashes out at Fed while Powell testifies before U.S. House committee Reuters Fed's Powell says economy in good place, warns on coronavirus Calculated Risk Blog NY Fed Q4 Report: "Household Debt Tops $14 Trillion as Mortgage Originations Reach Highest Volume since 2005" NAHB Eye on Housing Renewed Hiring in Construction Calculated Risk Blog BLS: Job Openings "Fell" to 6.4 Million in December Calculated Risk Blog Small Business Optimism Increased in January CNBC Powell stresses that Fed is 'closely monitoring' coronavirus for hit to China and the world CNBC Treasury yields tick higher ahead of Fed Chair Powell's testimony Reuters Fed Chair Powell likely to give Congress largely positive economic update Calculated Risk Blog Payroll Employment and Seasonal Factors CNBC Why the bond market looks so worried about the coronavirus outbreak CNBC What to look for when Fed Chair Powell meets with Congress this week

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