A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages including those from the GSEs Fannie Mae and Freddie Mac as well as FHA, the VA, and USDA must grant forbearance to borrowers with pandemic-related hardships for as long as two consecutive 180-day periods during the National Emergency declared in response to the outbreak. Servicers are advised by CFPB and the Supervisors that they can approve a shorter than 180-day plan

June 5, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 5, 2020 Are All-Time Low Rates Behind Us Now? Fri, Jun 5, 2020 12:25PM Things are quickly getting interesting for mortgage rates , and by 'interesting,' I mean potentially alarming. Everything's relative though, so it should be said right up front that the average mortgage rate is still only a hop and a skip from the all-time lows seen last week. But the recent past and present are old news when it comes to discussing rates and financial markets, right?! We want to know what the future holds! Up until this week, there was a fairly even balance of opinion among analysts, economists, and mortgage market stakeholders. It was and still is perfectly valid to believe r... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 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 5.5 101.31 +0.02   97.47 101.61 UMBS 30YR 6.0 102.47 +0.02   99.66 102.50 10 YR Treasury 4.031 -0.010   3.621 4.780 MBS Live Recap: That Escalated Quickly, But MBS Recovered Fairly Nicely Fri, Jun 5, 2020 4:04PM That Escalated Quickly, But MBS Recovered Fairly Nicely After weeks and weeks (6, to be specific) of extraordinarily calm and narrow trading ranges in ultra-low-yield territory, the bond market has suddenly decided it's time to jump back up toward higher yields. The move is fairly large, abrupt, and serious.  It... (read more) MBS Price Change UMBS 5.0 99.94 +0.03 UMBS 5.5 101.31 +0.02 UMBS 6.0 102.47 +0.02 GNMA 5.0 100.24 -0.01 GNMA 5.5 101.27 +0.04 GNMA 6.0 102.03 +0.05 Pricing as of: 9/16 5:21AM EST US Treasury Yield Change 2 YR Treasury 3.531 -0.005 5 YR Treasury 3.600 +0.000 7 YR Treasury 3.782 -0.010 10 YR Treasury 4.031 -0.010 30 YR Treasury 4.648 -0.013 Pricing as of: 9/16 5:21AM EST Other News CFPB Warns Servicers and Lenders to Adhere to CARES Act Fri, Jun 5, 2020 2:47PM A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pand... (read more) Forbearance Numbers Appear to Shrink, but There's a Catch Fri, Jun 5, 2020 11:28AM The number of mortgages in forbearance plans declined this past week for the first time since the CARES Act to address the COVID-19 pandemic was enacted. Black Knight said its survey showed that there were 4.73 million homeowners, 8.9 percent of those with mortgages, in forbearance plans as of June 2. This is a net decrease of 34,000 loans since May 28. The ... (read more) Pandemic's Disproportionate Effects on Housing Supply, Affordability Thu, Jun 4, 2020 2:24PM The Urban Institute says that homes categorized as low priced, that is in the bottom 20 percent of the distribution, appreciated 126 percent between the turn of the century and the end of 2019. During that same 20-year period, those in the top 20 percent of the price distribution increased only 87 percent . An analysis of 285 metropolitan statistical areas (... (read more) AE Jobs; Broker, DPA, LOS, Products; FHA COVID Forbearance Guidance; Payrolls Push Rates Higher! Fri, Jun 5, 2020 9:01AM Change is certainly constant. “And just like that, every reporter has gone from infectious disease expert to civil rights attorney.” In our biz, if you didn’t make money in the first quarter, you should have made some changes. The MBA tells us that independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain o... (read more) Latest Video Mortgage rates spike on shocking jobs report US economy adds 2.5 million jobs added in May, vs expected decline of 8.3 m... Mortgage bailout total shrinks for first time since start of pandemic Analyst says home improvement could continue to have 'wallet share' Around the Web Calculated Risk Blog AAR: May Rail Carloads down 27.7% YoY, Intermodal Down 13.0% YoY CNBC Here's why the real unemployment rate may be higher than reported Calculated Risk Blog Tuesday June 9th: June 2020 Market & Economic Update CNBC Here's what the unemployment rate actually means and why it's so important NAHB Eye on Housing Multifamily Construction Gaining Market Share in Low Density Markets CNBC 'It's going to be ugly,' analyst says as mortgage rates suddenly spike on shocking jobs report Reuters 'It's not over': COVID-19 cases rise in some nations easing lockdowns: WHO CNBC May's record jobs comeback: Here's where the jobs are in one chart CNBC May unemployment rate comes in at 13.3%, better than the 19.5% expected CNBC Treasury yields move higher ahead of U.S. jobs report CNBC QE infinity? The European Central Banks's emergency stimulus has no real end in sight Reuters Futures gain as recovery optimism lingers ahead of May jobs data CNBC Central banks 'can't cure the virus,' former Fed governor says

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