Surprisingly Strong Day Made Possible By Last Week's Rout After last week's rout at the hands of stronger economic data, bonds have been able to enjoy a nominal correction to start the new week.  Looking ahead, the bond market's biggest hope is that Wednesday's Fed announcement includes an official bond buying pledge from the Fed (and that it's enough to keep pushing rates back in a friendlier direction). Econ Data / Events 11:30-11:50 AM (ET) -  Fed 30yr UMBS Buying    Market Movement Recap 08:22 AM Bonds were flat during Asian market hours, but gave up some ground during European hours.  10yr yields are starting the day up 2bps at .912%.  2.0 UMBS are currently down 2 ticks (-0.05) at 101-09 (101.28). 11:28 AM Morning rally/correction continues with Treasuries erasing most of the post-NFP losses from Friday (down 2bps at .874%).  UMBS 2.0 coupons are more than a quarter point better on the day.  Positive reprices aren't out of the question.  01:42 PM 10yr yields made it as low as .862, but have bounced so far this afternoon (albeit modestly, only back up to .875%).  MBS gains have leveled off with 2.0 UMBS up just over a quarter point.  Most lenders have repriced for the better.  

June 8, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 8, 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 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Recap: Surprisingly Strong Day Made Possible By Last Week's Rout Mon, Jun 8, 2020 3:34PM Surprisingly Strong Day Made Possible By Last Week's Rout After last week's rout at the hands of stronger economic data, bonds have been able to enjoy a nominal correction to start the new week.  Looking ahead, the bond market's biggest hope is that Wednesday's Fed announcement includes an official bond buy... (read more) MBS Price Change UMBS 5.0 99.54 -0.23 UMBS 5.5 101.13 -0.15 UMBS 6.0 102.42 -0.12 GNMA 5.0 99.86 -0.22 GNMA 5.5 101.12 -0.07 GNMA 6.0 102.03 -0.15 Pricing as of: 9/9 12:16PM EST US Treasury Yield Change 2 YR Treasury 3.543 +0.056 5 YR Treasury 3.610 +0.048 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.087 +0.047 30 YR Treasury 4.735 +0.044 Pricing as of: 9/9 12:16PM EST Other News Black Knight Takes a Close Look at April's Historic Delinquency Rate Mon, Jun 8, 2020 9:41AM Black Knight says that only three months after the national delinquency rate hit a record low, falling 1.5 percentage point below its pre-Great Recession average in January, it skyrocketed to 6.45 percent. This is a 3.1 percent change in April alone, the largest single-month increase on record and nearly triple the previous record , a November 2008 surge. Du... (read more) 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) Marketing, Servicing Products; Training on Servicing, VA IRRRL, and Other Events Mon, Jun 8, 2020 9:47AM Who doesn’t like being kept informed at absolutely no cost? There is no reason for anyone not to join the Mortgage Action Alliance as the Mortgage Bankers Association is knee-deep in political issues that lenders should know about. Like forbearance, part of the CARES Act. Recall that the Great Recession (Financial Crisis, whatever you want to call it) ... (read more) Latest Video Study shows 60% of job losses driven by social distancing, says WSJ's Greg ... Jim Cramer: Markets acting as if Covid has gone away Allianz's El-Erian on three factors that will affect the economic rebound How economists are reacting to the May jobs report Around the Web Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Increases to 8.53%" of Portfolio Volume Reuters Nasdaq rises to record again on economic recovery hopes Reuters U.S. economy entered recession in February, business cycle arbiter says NAHB Eye on Housing April Consumer Credit Indicates Recovery Challenges NAR - Realtor.com Cleveland Is a House-Flipping Hot Spot, and Covid Is Helping Reuters U.S. economy entered recession in February: NBER Reuters U.S. consumers grew slightly more optimistic about jobs and earnings in May Calculated Risk Blog Las Vegas Real Estate in May: Sales down 49% YoY, Inventory down 22% YoY CNBC Lockdowns prevented nearly 5 million U.S. coronavirus cases, study says Calculated Risk Blog Six High Frequency Indicators for the Eventual Recovery Reuters U.S. Fed's Main Street lending facility likely to start with a whimper 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

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