The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing financial distress as the result of the pandemic and, as of last Friday, approximately 5 percent of GSE loans had entered forbearance agreements. Servicers are contractually required to forward monthly principal and interest payments to mortgage-backed security (MBS) investors even when homeowners are not making payments on the underlying loans. While servicers maintain reserves for this purpose, it has been feared that the expected high utilization of forbearances may become an unmanageable burden, especially for smaller companies. Today's information

April 21, 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 Apr 21, 2020 Mortgage Rates Slightly Higher to Start The Week Mon, Apr 20, 2020 5:56PM While the industry has come to terms with recent challenges in terms of day-to-day volatility, mortgage rates remain higher than they otherwise would be based on financial markets. In other words there are gold standard benchmarks that serve as the foundation for mortgage rates. Chief among these is the price of mortgage bonds. Up until March 2020, the relationship between rates and mortgage bonds was reliable and boring enough that there was no need to look elsewhere to explain day-to-day rate movement. Since then, however, it's a completely different story. Ingredients that don't usually cha... (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 99.70 +0.12   95.05 100.47 UMBS 30YR 5.5 101.15 +0.12   97.47 101.61 10 YR Treasury 4.068 -0.013   3.706 4.780 MBS Live Day Ahead: MBS Less and Less Willing to Keep Pace Tue, Apr 21, 2020 9:22AM Given that yields are in an extremely low range with no past precedent, it's easy to glance at the chart, shrug one's shoulders, and conclude "oh well, just another day with the 10yr  under 1.0%."   In other words, when we've spent our entire lives watching yields well over 1.0%, the difference between .55% and .65% isn't as meaningful as th... (read more) MBS Price Change UMBS 4.5 97.71 +0.09 UMBS 5.0 99.70 +0.12 UMBS 5.5 101.15 +0.12 GNMA 4.5 98.10 +0.08 GNMA 5.0 100.00 +0.17 GNMA 5.5 101.02 +0.13 Pricing as of: 9/18 12:43AM EST US Treasury Yield Change 2 YR Treasury 3.537 -0.026 5 YR Treasury 3.634 -0.022 7 YR Treasury 3.819 -0.020 10 YR Treasury 4.068 -0.013 30 YR Treasury 4.672 -0.016 Pricing as of: 9/18 12:43AM EST Other News FHFA Limits Servicer Obligations for Loans in Forbearance Tue, Apr 21, 2020 12:31PM The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing financial distress as the result of the pandemic and, as of last Friday, approximately 5 percent of GSE loans h... (read more) Number of FHA Loans in Forbearance Doubles in One Week Tue, Apr 21, 2020 10:17AM There are now two entities tracking forbearance statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black Knight. The information they are providing is critical, and we did summarize both reports last week, but covering both is probably overkill. Until one report proves to be measurably more informative than the other or we find a way t... (read more) Covid Fallout Fails to Stop March Home Sales, 97 Months of Annual Growth Tue, Apr 21, 2020 11:33AM Existing home sales fell back last month from their unexpectedly good performance in February, but still maintained their long record of annual increases. The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhomes, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.27 million ... (read more) AE Jobs; LOS, Correspondent Products; Approaching Webinars; Federal Reserve's Recent Actions Tue, Apr 21, 2020 9:58AM Another stimulus package is in the headlines but no one is talking about inflation being a concern with near-term oil futures prices actually below zero. Oil producers are in a tight spot. And when in a tight spot it is important to panic. Uh, I mean, not panic . It is nice to talk about exit strategies, and returning to normal. But heck, when this is over, ... (read more) Latest Video Many buyers are looking to renegotiate deals before closing: Luxury realtor Existing home sales fall 8.5% in March, vs. 7.5% expected New MBA survey: Nearly 6% of home loans are in forbearance Mortgage market getting relief from Fannie and Freddie Around the Web Reuters JPMorgan Chase plans to return employees to work in phases: memo NPR Bipartisan Deal Reached On $484 Billion More Coronavirus Aid Calculated Risk Blog A few Comments on Weekly and Continued Unemployment Claims Calculated Risk Blog Lawler: Las Vegas Home Sales Plunged in First Half of April Redfin How to Move During the Coronavirus Pandemic Reuters U.S. congressional leaders say near deal on more coronavirus funding Calculated Risk Blog Comments on March Existing Home Sales Reuters U.S. could see biggest ever second-quarter GDP decline: White House adviser Hassett CNBC March home sales drop 8.5% as sellers take properties off the market and the coming months look worse Reuters U.S. economy likely set for U-shaped recovery after deep rut: Reuters poll Reuters U.S. coronavirus response deepens divide as Trump suspends immigration CNBC Schumer says he believes Senate will pass small business bill Tuesday, with 'agreement on just about every issue' CNBC Treasury yields move lower after historic oil price plunge

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