IBuyers, that new label for real estate agencies that buy homes from sellers rather than just listing them, are back in the hunt. Redfin announced late last week that its RedfinNow subsidiary was about to resume operations, joining Opendoor and Offerpad which have already reopened after COVID-19-driven shutdowns. Zillow has said it would gradually relaunch its Zillow Offers division in upcoming weeks. But Redfin CEO Glenn Kelman made a more startling statement as well. In an interview with Jacob Passy published in MarketWatch , he declared that vacation markets are "toast," and AirBnb owners are rushing to unload their properties. They are going too be in tough shape, he said. "There's a whole economy that was built around the liquidity there that Airbnb provided. You could get pretty deep

May 18, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for May 18, 2020 Lowest Rates Ever! (Until Next Week?) Fri, May 15, 2020 4:34PM As of yesterday, we knew mortgage rates were already in line with their lowest levels ever . It wouldn't have taken much to set the record today and indeed that's exactly what happened. Thus we find ourselves in a familiar situation where rates have returned slowly and steadily to an all-time low boundary after an initially volatile reaction (this time, the initial bounce was back in early March). At times like this, it's not uncommon to see a series of additional forays into what are technically "all-time lows." Will those rates be far enough away from today's to suggest that anyone waits to ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 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 99.56 -0.02   95.05 100.47 UMBS 30YR 5.5 101.10 +0.07   97.47 101.61 10 YR Treasury 4.095 +0.014   3.706 4.780 MBS Live Day Ahead: Holiday-Shortened Week and Another Chance to Confirm Range Mon, May 18, 2020 9:05AM Bond markets will close early this Friday and will remain fully closed next Monday for the Memorial Day holiday.  3.5-day weekends can often see a shift in trading patterns as investors account for an extra uncertainty due to an extra day and a half of untradeable weekend time.  That can still be the case, to some extent, but markets are arguably... (read more) MBS Price Change UMBS 4.5 97.53 -0.10 UMBS 5.0 99.55 -0.04 UMBS 5.5 101.09 +0.06 GNMA 4.5 97.56 -0.46 GNMA 5.0 99.80 -0.02 GNMA 5.5 100.98 +0.09 Pricing as of: 9/18 2:14PM EST US Treasury Yield Change 2 YR Treasury 3.562 -0.001 5 YR Treasury 3.658 +0.002 7 YR Treasury 3.849 +0.010 10 YR Treasury 4.103 +0.022 30 YR Treasury 4.717 +0.030 Pricing as of: 9/18 2:14PM EST Other News Redfin CEO Says Vacation Market is "Toast" Mon, May 18, 2020 4:43PM IBuyers, that new label for real estate agencies that buy homes from sellers rather than just listing them, are back in the hunt. Redfin announced late last week that its RedfinNow subsidiary was about to resume operations, joining Opendoor and Offerpad which have already reopened after COVID-19-driven shutdowns. Zillow has said it would gradually relaunch i... (read more) Signs of Recovery? Builder Confidence Regains Footing in May Mon, May 18, 2020 10:39AM Nearly all financial indicators took a hit last month as unemployment measures shot higher, businesses shut down, and consumers and their families self-quarantined. Probably none of those measures suffered a bigger bloodbath than the Housing Market Index (HMI) sponsored by the National Association of Home Builders (NAHB) and Wells Fargo. The index, which mea... (read more) Fannie Says Q2 Will be Tough, but Housing, Healthcare Should Bolster Recovery Fri, May 15, 2020 11:42AM Fannie Mae's Economic and Strategic Research (ESR) group says it expects the U.S. gross domestic product (GDP) to decline by 35 percent (annualized) in the current quarter. The loss of 4.8 percent in the first quarter, the largest decrease in six years exceeded Fannie Mae's estimate of -3.3 percent because of a larger than anticipated slowdown in personal co... (read more) Broker, CRM, VA IRRRL Products; Premium Pricing Blues; Forbearance and Agency News Mon, May 18, 2020 8:48AM “All of our dogs think we quit our jobs to spend more time with them while all of our cats think we got fired for being the loser they always knew we were.” And when you combine dogs and Zoom meetings, here is what you get . I’m just glad that I didn’t waste my money six months ago buying a Day Planner for 2020. We’re in an envi... (read more) Latest Video Powell: Fed committed to using full range of tools Kevin O'Leary says he's bullish because the Fed will overcompensate Former Fed vice chair Alan Blinder on public debt and the market surge May NAHB housing market index stronger than expected Around the Web Reuters More than 8% of U.S. mortgages now in forbearance: MBA weekly survey Reuters New cases? Deaths? U.S. states' reopening plans are all over the map CNBC Powell is correct that the Fed is not out of ammunition 'by a long shot' Reuters S&P 500 hits 10-week high on vaccine hopes and stimulus promise Reuters U.S. coronavirus cases top 1.5 million, infections rise in some southern states Redfin Homebuyer Demand Outpaced Supply Mid-Pandemic, Leading to Lower Sales and Preventing Price Declines CNBC New York City rents likely to go lower due to coronavirus crisis, says real estate appraiser Calculated Risk Blog CAR on California April Housing: Sales down 30% YoY, Listing down 25% YoY Calculated Risk Blog NAHB: Builder Confidence Increased to 37 in May Reuters U.S. House passes $3 trillion coronavirus aid bill opposed by Trump Calculated Risk Blog Six High Frequency Indicators for the Eventual Recovery Reuters Futures jump on promising data for COVID-19 vaccine NAR - Realtor.com Are We in a Recessionor a Depression? How Each Would Affect Housing

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