The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae and Freddie Mac) loans to offer forbearance plans to their borrowers and this requirement was codified by Congress in the CARES Act. Borrowers using those plans have soared into the millions. When the mandate was announced, there was concern from several quarters about the advances of principal and interest (P&I) payments servicers are required to make to investors in mortgage-backed securities even when borrowers are not paying on their loans. Servicers are also responsible for homeowner insurance premiums and property taxes. When these

May 11, 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 May 11, 2020 Mortgage Rates End Week on Low Note (The Good Kind) Fri, May 8, 2020 6:59PM Mortgage rates ended the week on a low note (in a good way), falling in line with their best recent levels. This put some lenders in line with April 30th's offerings which is a great place to be considering they marked the 2nd lowest rates of all-time. To see anything better, you'd have to go back to early March. In other words, today's rates are essentially the lowest in 2 months. But as has been and will continue to be the case, that statement comes with caveats. While day-to-day volatility has died down in terms of rate changes, different lenders are still farther apart from one another tha... (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 99.79 +0.20   95.05 100.47 UMBS 30YR 5.5 101.21 +0.17   97.47 101.61 10 YR Treasury 4.050 -0.031   3.706 4.780 MBS Live Day Ahead: Fed Buying UMBS 2.0 Coupons This Week Mon, May 11, 2020 8:51AM Bonds lost ground last week, overall, with 10yr yields rising the better part of 10bps.  MBS lost ground as well, but not UMBS 2.0 coupons.  These are the up-and-comers.  Now this week, the Fed has added them to their list for daily purchase operations.  What will this mean for bonds and rates? First off, this news hit on Friday afte... (read more) MBS Price Change UMBS 4.5 97.76 +0.13 UMBS 5.0 99.75 +0.16 UMBS 5.5 101.18 +0.15 GNMA 4.5 98.14 +0.12 GNMA 5.0 100.03 +0.21 GNMA 5.5 101.04 +0.15 Pricing as of: 9/18 8:45AM EST US Treasury Yield Change 2 YR Treasury 3.530 -0.034 5 YR Treasury 3.622 -0.034 7 YR Treasury 3.809 -0.030 10 YR Treasury 4.060 -0.021 30 YR Treasury 4.668 -0.019 Pricing as of: 9/18 8:45AM EST Other News Local Governments are Preparing for Forbearance Fallout Mon, May 11, 2020 10:07AM The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae and Freddie Mac) loans to offer forbearance plans to their borrowers and this requirement was codified by ... (read more) Servicers on the Hook as 4.1 Million Loans Now in Forbearance Fri, May 8, 2020 11:21AM Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of all active mortgages and accounts for $890 billion of unpaid mortgage principal. Fannie Mae and Freddie Mac gu... (read more) Fannie Mae Sentiment Index Plunges to Nine-Year Low Thu, May 7, 2020 5:05PM Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. The HPSI is calculated from responses to six questions from the monthly National Housing Survey (NHS). Five of t... (read more) Recruiting Tool; Webinars and Training; Deep Dive on Jobs Number; California May do What? Mon, May 11, 2020 9:09AM In the last two months everyone figured out the difference between “WFH” and “WTF,” and many in captivity are looking forward to being released , if only temporarily. My cat Myrtle, who wants to maintain my “work at home” (WFH) productivity, had employee monitoring software installed on my laptop! Plenty of LOs & AEs a... (read more) Latest Video How real estate agents plan to handle open houses amid coronavirus pandemic Pay attention to consumer and business behavior over next few weeks: El-Eri... Steven Mnuchin: Treasury can spend more during crisis because of low intere... B. Riley FBR's Grant: Fed will start buying corporate bonds, high-yield bon... 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