Mortgage rates were decisively higher today as the bond market lost ground due to surprisingly strong economic data. Mortgage rate movement is mainly a factor of mortgage bond prices. In turn, mortgage bonds tend to move in broadly the same direction as the US Treasury market. That's why so many people think mortgage rates are based on 10yr Treasury yields. It wouldn't matter either way today as both mortgage bonds and Treasuries lost ground quickly after several economic reports came out much stronger than expected. Taken together, the reports (which still suggest the economy is heavily affected by covid-related shutdowns) point to an economic recovery that may be underway sooner and in healthier fashion than economists expected. Part of the reason rates have been as low as they are is the

June 3, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.13% -0.12%   6.11% 7.26% 15 Yr. Fixed 5.71% +0.00%   5.54% 6.59% 30 Yr. Jumbo 6.15% -0.10%   6.15% 7.45% Compare Mortgage Rates from Local Lenders for Jun 3, 2020 Rough Day For Mortgage Rates Wed, Jun 3, 2020 3:52PM Mortgage rates were decisively higher today as the bond market lost ground due to surprisingly strong economic data. Mortgage rate movement is mainly a factor of mortgage bond prices. In turn, mortgage bonds tend to move in broadly the same direction as the US Treasury market. That's why so many people think mortgage rates are based on 10yr Treasury yields. It wouldn't matter either way today as both mortgage bonds and Treasuries lost ground quickly after several economic reports came out much stronger than expected. Taken together, the reports (which still suggest the economy is heavily affec... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.13% -0.12 0.00 15 Yr. Fixed 5.71% 0.00 0.00 30 Yr. FHA 5.91% -0.08 0.00 30 Yr. Jumbo 6.15% -0.10 0.00 7/6 SOFR ARM 5.65% +0.01 0.00 30 Yr. VA 5.92% -0.09 0.00 Updates Daily - Last Update: 9/16 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 5.5 101.29 +0.00   97.47 101.61 UMBS 30YR 6.0 102.41 -0.04   99.66 102.50 10 YR Treasury 4.027 -0.014   3.621 4.780 MBS Live Recap: Bonds Suddenly Wondering if They've Been Too Gloomy on The Economy Wed, Jun 3, 2020 3:54PM Econ Data Causing Bonds to Reconsider Commitment to Super Low Yields Bonds haven't been interested in econ data because none of it has had the ability to tell much of a story.  Today's ADP Employment report is arguably an exception as it was staggeringly stronger than expected.  Other data surprised to... (read more) MBS Price Change UMBS 5.0 99.94 +0.03 UMBS 5.5 101.30 +0.00 UMBS 6.0 102.41 -0.05 GNMA 5.0 100.27 +0.03 GNMA 5.5 101.20 -0.02 GNMA 6.0 101.96 -0.02 Pricing as of: 9/16 3:44PM EST US Treasury Yield Change 2 YR Treasury 3.507 -0.029 5 YR Treasury 3.583 -0.017 7 YR Treasury 3.770 -0.022 10 YR Treasury 4.025 -0.015 30 YR Treasury 4.645 -0.016 Pricing as of: 9/16 3:44PM EST Other News Falling Mortgage Rates Boost Purchase Apps 18% YoY Wed, Jun 3, 2020 10:03AM Refinancing volume continued to slide but purchase mortgage activity partially compensated during the holiday shortened week that ended May 29. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basi... (read more) CoreLogic Expects 2021 to see First Home Price Decline in 9 Years Tue, Jun 2, 2020 11:12AM CoreLogic's report on April home prices, the first for that month, says that despite fears that home prices would "bottom out like they did in the Great Recession," they continued to accelerate reaching their highest annual growth since August 2018. The U.S. CoreLogic HPI was up 5.4 percent compared to April 2019, with gains in all states and rose 1.4 percen... (read more) April Construction Spending Still Besting 2019 Numbers Tue, Jun 2, 2020 8:21AM Overall spending on construction fell in April, down 2.9 percent to a seasonally adjusted annual rate of $1.346 trillion from 1.387 trillion. This still left the rate 3.0 percent higher than it was in April 2019. On a non-adjusted basis, spending was $110.492 billion compared to $107.758 billion in March and 106,786 the previous April. Thus far in 2020, spen... (read more) Subservicing, VA IRRRL, Workflow products; Wholesalers Shifting Product Gears Wed, Jun 3, 2020 9:10AM From the Bay Area Marcus L. writes, “I miss the days when Tiger King was the most controversial thing going on.” Everything is a controversy these days, including where the real estate market is heading. Supply is limited, demand is decent, case closed. Things are re-opening, but can people qualify for a loan? It is almost as if prognosticators (... (read more) Latest Video New York City's signed real estate contracts decrease by 87 percent in May ... Dow jumps 400 points as data boosts hope of economic recovery ISM nonmanufacturing index slightly stronger than expected in May Many US cities still waiting to receive federal coronavirus relief aid Around the Web Calculated Risk Blog Census: Household Pulse Survey shows 48.1% of Households lost Income CNBC The bond market appears to be signaling the worst is over for the economy Calculated Risk Blog BEA: May Vehicles Sales increased to 12.2 Million SAAR CNBC This is the greatest 50-day rally in the history of the S&P 500 CNBC Manhattan real estate deals plunge 84% in May amid coronavirus, protests CNBC Manhattan real estate deals plunge 84% in May amid coronavirus, protests Reuters U.S. factory orders extend decline in April Calculated Risk Blog ISM Non-Manufacturing Index increased to 45.4% in May Reuters U.S. labor market appears to stabilize as private payrolls fall less than expected CNBC Private payrolls down another 2.76 million in May, ADP says CNBC Military families face housing limbo during Covid-19 crisis CNBC Richard Fisher: Texas is the case study for economic recovery from the Covid-19 recession NAR - Realtor.com People Rent By-the-Hour Spaces to Escape Loved Ones, Homes During Lockdown

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