The COVID-19 outbreak struck a major blow to builder confidence in April. The prospect of widespread shutdowns of businesses and prolonged shelter at home orders sent the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) spiraling down 42 points, its largest monthly change in a more than 30 year history, to a reading of 30. The index, a measure of home builder confidence in the market for new homes, recovered slightly in May, rising 7 points. This morning NAHB said, in a sign that housing stands poised to lead a post-pandemic economic recovery , its index soared 21 points to 58, now only 14 points below where it finished in March. Any reading above 50 indicates a positive market. NAHB's leadership is clearly upbeat. Chairman Dean Mon said, "As the nation reopens,

June 16, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 16, 2020 Mortgage Rates Slightly Higher, But Still Near All-Time Lows Mon, Jun 15, 2020 5:27PM Mortgage rates were slightly higher today for the average lender. Additionally, some lenders bumped rates a bit in the middle of the day in response to weakness in the bond market. That weakness is increasingly tied to broad movement playing out across markets as they respond to coronavirus implications. With several states seeing rising numbers of cases, stocks and rates (via the bond market) moved lower in unison in pre-market trading. This is what allowed mortgage rates to begin the day relatively close to last week's all-time lows. As the day progressed, the trend shifted toward modestly h... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Recap: Economic Hope Squares Off Against Virus Fears (Again) Tue, Jun 16, 2020 3:58PM Economic Hope Squares Off Against Virus Fears (Again) Markets continue trying to sort out the prospects for a recovery vs the risk of covid-19 resurgence. Today's battle was between super strong Retail Sales data and disconcerting covid headlines for a few US states as well as Beijing.  ... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 6:59AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.060 +0.021 30 YR Treasury 4.718 +0.028 Pricing as of: 9/9 6:59AM EST Other News Builder Confidence Crushes Expectations Tue, Jun 16, 2020 10:45AM The COVID-19 outbreak struck a major blow to builder confidence in April. The prospect of widespread shutdowns of businesses and prolonged shelter at home orders sent the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) spiraling down 42 points, its largest monthly change in a more than 30 year history, to a reading of 30. The ind... (read more) Regulator Seeks Authority to Charter Fannie/Freddie Competitors Tue, Jun 16, 2020 11:11AM The Federal Housing Finance Agency (FHFA) released its annual Report to Congress for 2019 on Monday. The report summarizes the FHFA's activities as regulator of the Federal Home Loan Banks (FHLBanks) and as both regulator and conservator of the GSEs Fannie Mae and Freddie Mac. The report addresses how FHFA has fulfilled its statutory responsibilities, the fi... (read more) Refi Surge Boosts Lender Sentiment Mon, Jun 15, 2020 9:49AM The continued high volume of refinancing kept mortgage lenders' outlook for profits relatively high during the second quarter, although it was down slightly from the first quarter of the year. Fannie Mae's Mortgage Lender Sentiment survey found that more than half (52 percent) of lenders who responded believed that their profit margins would be higher than t... (read more) Marketing, Bank Statement, Servicing Products; Webinars and Events; Freddie and Fannie in the News Tue, Jun 16, 2020 8:54AM What? You aren’t offering a 30-year rate below 3% yet? Better catch up, because that is where the mainstream press is telling borrowers rates are. Of course, us capital markets folks hate it when newspapers talk about rates, and LOs don’t like explaining how “trivial” items such as risk and credit score can influence someone’s p... (read more) Latest Video Low rates, low supply and urban flight boost homebuilders Here's what Fed chair Powell said about the U.S. economy Fed chair Jerome Powell on purchasing corporate bonds Fed to start buying individual corporate bonds Around the Web Reuters Stocks, dollar gain on U.S. retail sales, drug trial Reuters U.S. bank profits plunge 70% on coronavirus loss provisioning CNBC Powell says the Fed doesn't want to 'run through the bond market like an elephant' Reuters New York area business activity shows signs of improvement in June Reuters U.S. economic recovery hinges on virus being under control, Fed's Powell says CNBC Powell warns of 'significant uncertainty' about the recovery and says small businesses are at risk Reuters Scientists hail dexamethasone as 'major breakthrough' in treating COVID-19 Calculated Risk Blog Industrial Production Increased 1.4 Percent in May CNBC This unemployment metric has puzzled some economists CNBC US May retail sales surge 17.7% in the biggest monthly jump ever Reuters Fed's Powell set to reiterate long U.S. economic recovery, call for more fiscal support Reuters Fed bolsters credit market support with latest launch NAHB Eye on Housing Multifamily Construction Shines Brighter in EHS Markets

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