Mortgage rates hit all-time lows on Friday, based on the average rate for a top tier conventional 30yr fixed loan scenario. At that time, I raised the question as to whether that was really "news" considering we were already in line with all-time lows on Thursday and that rates have generally been pushing into an all-time low range during the coronavirus saga. In fact, as far as bond markets are concerned (and they're typically all that matters), we should have seen 10-20 days of new all-time lows so far in 2020. It's only due to the COVID-related mortgage market effects that mortgage rates have been on a delayed timeline relative to the broader bond market. So can we rest assured that rates will continue to press into all-time lows in a gradual manner? Actually, no... not if today is any indication

May 19, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 19, 2020 Mortgage Rates Will Have to Wait to Set More Records Mon, May 18, 2020 4:44PM Mortgage rates hit all-time lows on Friday, based on the average rate for a top tier conventional 30yr fixed loan scenario. At that time, I raised the question as to whether that was really "news" considering we were already in line with all-time lows on Thursday and that rates have generally been pushing into an all-time low range during the coronavirus saga. In fact, as far as bond markets are concerned (and they're typically all that matters), we should have seen 10-20 days of new all-time lows so far in 2020. It's only due to the COVID-related mortgage market effects that mortgage rates ha... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Trend is Not Our Friend For Now Tue, May 19, 2020 9:17AM Yesterday was pretty rough for bond markets as 10yr yields rose the better part of 10bps in fairly short order.  It was the worst day of selling in 2 months and it took us to the highest yields since mid April.  To make matters worse, it followed what could easily have been viewed as a strong signal for bond buying.  The following chart sh... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 7:53PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 7:53PM EST Other News Borrowers in Forbearance Can Still Get a Mortgage, Probably... Tue, May 19, 2020 1:43PM Homeowners who have been granted forbearance from making full payments on their GSE guaranteed loans during the COVID-19 crisis may still be able to refinance or buy a new home when the crisis ends. The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will permit borrower to obtain a new mortgage under the following conditi... (read more) April's Harsh Residential Construction Numbers Meet Expectations Tue, May 19, 2020 10:16AM The April residential construction numbers are, of course, horrible. But they aren't out of line with expectations, and builders did continue to plan for expansion and to build. The U.S. Census Bureau says that construction permits fell 20.8 percent compared to March, and housing starts were down 30.2 percent. Here are the gruesome details. The April decreas... (read more) Fannie/Freddie Seek Financial Advisor to Help Them Exit Conservatorship Tue, May 19, 2020 8:35AM Fannie Mae and Freddie Mac (the GSEs) have taken what each is calling an important step toward ending their 12 years of operating under conservatorship. Each has announced they are about to issue a request for proposals (RFP) to secure a financial advisor to facilitate that move. In a press release, Freddie Mac said the advisor selected will "advise the comp... (read more) Correspondent, Audit, Construction Products; Lots of Webinars This Week; September's State Conferences! Tue, May 19, 2020 9:34AM It’s one thing to have confusion & bickering over whose turn it is to put the Scrabble tiles away face down after the game. It’s a whole different level when it comes to forbearance. As STRATMOR’s Seth Sprague puts it, “The forbearance airplane is being built as we’re flying it!” Servicers report that borrowers fall in... (read more) Latest Video Boston Fed President Rosengren says reopening may be 'premature' Goldman Sachs' Hatzius on why he's not ruling out negative interest rates Congressional Budget Office projects GDP will decline by 38% in second quar... How the Fed's Jerome Powell and Treasury's Steve Mnuchin defended relief pr... Around the Web NAHB Eye on Housing Small Gain for Custom Home Building During 1Q20 Calculated Risk Blog Merrill: "Most of the slowdown occurred due to voluntary social distancing rather than lockdown policies" NPR Senators Clash Over How Soon To Reopen The Economy Calculated Risk Blog Sacramento Housing in April: Sales decline 32% YoY, Active Inventory down 15% YoY Reuters Powell, Mnuchin face Senate grilling on U.S. coronavirus response CNBC Most real estate trusts are still getting their rent, except in the retail sector Reuters Trump wants 7.6% payroll tax cut to help staunch coronavirus economic pain: Kudlow Calculated Risk Blog Housing Starts decreased to 891 Thousand Annual Rate in April CNBC Unemployment is nearing Great Depression levels. Here's how the eras are similar and different Reuters Powell, Mnuchin to face Senate grilling on U.S. coronavirus response FHFA FHFA Announces Refinance and Home Purchase Eligibility for Borrowers in Forbearance Freddie Mac Freddie Update on Eligibility for Homeowners in Forbearance Fannie Mae Fannie Mae's Update on Eligibility For Those Affected by Coronavirus

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