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: Mortgage Rate Watch Mortgage Rates Below 3% For 1st Time Ever (But Not For Everyone) 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 (wh... (read more) Housing News Forbearances Drift Lower for Second Week in a Row 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... (read more) Rob Chrisman Ops Jobs; DPA, Pricing, Doc Products; USDA, FHA, VA Notes 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 Da... (read more) Housing News Equity Cushion May Prevent Another Housing Crisis 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 t... (read more) Housing News Credit Access Retreats Back to Six-Year Lows 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 1... (read more) MBS Commentary MBS Live Recap: 2 Wild Weeks That Mostly Cancel Each Other Out 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 r... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/5 8:05PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/5 8:05PM EST 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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