Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of mortgage holders have sought forbearance arrangements--a higher number than the industry ever imagined. Mortgage investors risk heavy losses on those loans. Thus demand has dried up for the loans seen as

April 30, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.81% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.30% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Apr 30, 2020 Mortgage Rates Lowest Since Early March, But Not For Everyone Tue, Apr 28, 2020 6:24PM Mortgage rates moved down nicely last week and have either maintained or improved upon those levels this week. The catch is that the good times aren't rolling for everyone. Borrowers with lower credit scores, less equity, and especially those needing a cash-out refinance are quickly finding the landscape to be very different than the last time they received a mortgage rate quote. Coronavirus has had far-reaching effects for the economy, obviously. The impact on the mortgage market isn't nearly as publicized but it's no less significant in the context of this particular industry. Nearly 7% of m... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.05 0.00 15 Yr. Fixed 5.81% -0.04 0.00 30 Yr. FHA 6.01% -0.04 0.00 30 Yr. Jumbo 6.30% 0.00 0.00 7/6 SOFR ARM 5.89% -0.06 0.00 30 Yr. VA 6.03% -0.04 0.00 Updates Daily - Last Update: 10/31 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 99.43 -0.14   95.05 100.11 UMBS 30YR 5.5 100.97 -0.08   97.47 101.40 10 YR Treasury 4.110 +0.034   3.932 4.780 MBS Live Day Ahead: April Set to End as Narrowest Month For Bonds in 2020 Thu, Apr 30, 2020 8:47AM January, February, and especially March were wild months for bond market volatility.  Coronavirus was increasingly responsible for that volatility during that time.  It's interesting, then, and perhaps a testament to the market's ability to price in future events that April has been by far the narrowest month of the year in terms of trading range... (read more) MBS Price Change UMBS 4.5 97.38 -0.18 UMBS 5.0 99.45 -0.11 UMBS 5.5 100.98 -0.08 GNMA 4.5 97.51 -0.14 GNMA 5.0 99.56 -0.17 GNMA 5.5 100.76 -0.06 Pricing as of: 11/3 9:31AM EST US Treasury Yield Change 2 YR Treasury 3.604 +0.030 5 YR Treasury 3.722 +0.039 7 YR Treasury 3.908 +0.034 10 YR Treasury 4.111 +0.036 30 YR Treasury 4.687 +0.033 Pricing as of: 11/3 9:31AM EST Other News Pending Sales Dip 20% but Realtors See Dislocation as Temporary Wed, Apr 29, 2020 11:06AM Everyone knew that the March pending home sales report, the first real measure of the impact of the COVID-19 impact on the residential real estate markets, was going to be bad. It was that and more. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) dropped 20.8 percent compared to February, landing at 88.2. This was 16.... (read more) Mortgage Applications Show Possible Signs of an Upturn? Wed, Apr 29, 2020 8:16AM The Mortgage Bankers Association (MBA) reported a second strong week for purchase applications last week although refinancing continued to dominate the mortgage market. MBA's Market Composite Index, a measure of application volume, was down 3.3 percent on a seasonally adjusted basis during the week ended April 24 and was 2 percent on an unadjusted basis, how... (read more) Homeownership Highest in Nearly 7 Years Tue, Apr 28, 2020 6:24PM The U.S. Homeownership Rate reached its highest level in nearly seven years in the first quarter of 2020. The Census Bureau said the rate, 65.3 percent, tied with the rate in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent in the second quarter of 2016. The first quarter rate was up from 65.1 percent the previous quarter and was 1.... (read more) Broker, Digital Products; G-Rate's Penalty; Sweeping Investor Changes Thu, Apr 30, 2020 9:36AM As analysts pour through Freddie Mac’s earnings announcement this morning, when in captivity it is important to settle in quickly and efficiently . It is also important not to fall for any phone scams! Here’s your tip du jour: “When in Doubt: Hang Up, Look Up, & Call Back .” Focusing on the general population, industry pundits con... (read more) Latest Video Here's how central banks and markets are responding to the economic fallout... The Fed adds a third loan option for companies with more debt Mnuchin: Money to backstop Fed loans are 'not grants' US weekly jobless claims climb by 3.84 million, bringing total to 30 millio... Around the Web Reuters About half of U.S. states easing coronavirus restrictions as jobless numbers grow CNBC Wells Fargo says it will no longer accept applications for home equity lines of credit Redfin New Listings Lag Home-Buying Demand, Homes for Sale in Redfin Markets at 5-Year Low NAR - Realtor.com Mortgage Rates Hit New All-Time Lowsand They May Fall More CNBC New Jersey homeowners are getting some property tax relief. Here's what that means Calculated Risk Blog Hotels: Occupancy Rate Declined 62.2% Year-over-year Brookings Institution We can afford more stimulus Calculated Risk Blog Zillow Case-Shiller March Forecast: Still Showing Increasing YoY Price Gains, Mostly Pre-Crisis Reuters Fourth stimulus bill may not be needed if states bounce back: White House official Calculated Risk Blog Q1 2020 GDP Details on Residential and Commercial Real Estate NAHB Eye on Housing Builder Confidence in the 55+ Housing Market Drops Significantly in First Quarter on Coronavirus Pandemic NAHB Eye on Housing Share of Buyers Expecting Housing Availability to Improve Rises to Highest 1st Quarter Reading in Three Years CNBC The Fed is expanding the scope of its Main Street lending to include bigger businesses

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