Mortgage rates plunged well into new all-time lows today. This is a striking turn of events given the vastly different outlook at the end of last week. Specifically, a series of strong economic reports led to significant losses in the bond market (which implies higher rates) and gains in stocks. The unspoken warning was that rates had been too complacent in the face of a potential economic rebound. Now this week, markets are singing a different tune. Recently strong economic data was all well and good, but with covid-19 numbers spiking in several states, the sustainability of the economic improvement is in question. That sentiment shifted at the same time that the stock market gave signals that it had improved about as aggressively as it was going to improve for now. The result was the biggest

June 12, 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 12, 2020 Mortgage Rates Below 3% For 1st Time Ever (But Not For Everyone) Thu, Jun 11, 2020 5:48PM Mortgage rates plunged well into new all-time lows today. This is a striking turn of events given the vastly different outlook at the end of last week. Specifically, a series of strong economic reports led to significant losses in the bond market (which implies higher rates) and gains in stocks. The unspoken warning was that rates had been too complacent in the face of a potential economic rebound. Now this week, markets are singing a different tune. Recently strong economic data was all well and good, but with covid-19 numbers spiking in several states, the sustainability of the economic impr... (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 5.5 101.27 +0.14   97.47 101.61 UMBS 30YR 6.0 102.44 +0.04   99.66 102.50 10 YR Treasury 4.030 -0.036   3.621 4.780 MBS Live Recap: 2 Wild Weeks That Mostly Cancel Each Other Out Fri, Jun 12, 2020 4:55PM 2 Wild Weeks That Mostly Cancel Each Other Out What a difference a week makes!  Last week, the order of the day was to lament the negative momentum shift that took bond yields up and out of established ranges.  Now we're already in a position to confirm a return to those ranges.  Today's weakness does ... (read more) MBS Price Change UMBS 5.0 99.91 +0.27 UMBS 5.5 101.30 +0.17 UMBS 6.0 102.43 +0.03 GNMA 5.0 100.11 +0.11 GNMA 5.5 101.21 +0.08 GNMA 6.0 101.96 -0.05 Pricing as of: 9/15 1:26PM EST US Treasury Yield Change 2 YR Treasury 3.537 -0.016 5 YR Treasury 3.604 -0.027 7 YR Treasury 3.787 -0.028 10 YR Treasury 4.037 -0.030 30 YR Treasury 4.653 -0.029 Pricing as of: 9/15 1:26PM EST Other News Forbearances Drift Lower for Second Week in a Row Fri, Jun 12, 2020 11:30AM The number of homeowners with mortgages in forbearance has fallen for the second consecutive week. Black Knight reports that, as of June 9, there were 4.66 million active COVID-19 related forbearance plans. This is 77,000 fewer than the previous week and down by 112,000 homeowners at the May 22 peak. The current number represents $1,03 billion in unpaid prin... (read more) Equity Cushion May Prevent Another Housing Crisis Thu, Jun 11, 2020 11:56AM Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With the current crisis, an equity buffer becomes pretty important. The narrow margins that allowed mortgaged homeow... (read more) Credit Access Retreats Back to Six-Year Lows Wed, Jun 10, 2020 10:10AM Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 129.3, the lowest level in six years. All four of the MCAI components moved lower, indicating tighter underwrit... (read more) Ops Jobs; DPA, Pricing, Doc Products; USDA, FHA, VA Notes Fri, Jun 12, 2020 9:08AM How the heck could anyone value a mortgage company these days? The value is pretty much comprised of its servicing, cash, receivables, and assets (loans held for sale). I guess we’ll all find out if, and when, Quicken Loans does an IPO , and Dan Gilbert winds up reporting to shareholders. Are you kidding me? Responding to analysts every quarter limits ... (read more) Latest Video The Week Ahead: Fed's Powell speaks to Congress Covid-19 mortgage bailouts shrink for second week Alan Blinder: The Fed using its power, but can't do everything Consumer sentiment index beats expectations at 78.9 Around the Web Reuters Wall Street ends higher but indexes mark worst week in more than two months Redfin Homebuying Demand Just Keeps Getting Stronger CNBC 12 million people are at risk of not getting their stimulus payments. Here's how that could be fixed NAHB Eye on Housing Household Balance Sheets: 1Q20 Calculated Risk Blog Q2 GDP Forecasts: Probably Around 40% Annual Rate Decline Reuters Fed's Barkin says some jobs lost during crisis will not come back Reuters Fed sees 'persistent fragilities' for households and businesses: Fed report Reuters U.S. consumer sentiment rises in early June Reuters Petroleum, food boost U.S. import prices in May Calculated Risk Blog Mortgage Equity Withdrawal Flat in Q1 CNBC Coronavirus mortgage bailout shrinks for the second straight week NAR - Realtor.com Mortgage Rates Were Rising, Then Hit a Record Low of 2.9 PercentWhat's Going On? CNBC Quicken Loans, the largest U.S. mortgage lender, is planning an IPO, sources say

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