A paper written for the Joint Center on Housing Studies at Harvard University focuses on the causes and effects of mortgage credit tightening in the current COVID-crisis. The author, Don Layton, is a former CEO of Freddie Mac and a Senior Industry Fellow at the Center. One of the biggest pandemic-related issues to emerge in housing finance is the availability of credit. Tightening is being discussed as a major problem, perhaps on a par with the last financial crisis. The implication seems to be that much if not all of that tightening is illegitimate, a failure of government policy that could be avoided with the right actions that do not require subsidies for small business or specific industries. Layton questions this view and examines how mortgages are made today and who sets the credit standards

June 23, 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 23, 2020 Mortgage Rates Hold Ground Near Lows. Can it Continue? Mon, Jun 22, 2020 5:06PM Mortgage rates held their ground today, with the average lender in roughly the same shape as they were on Friday. Incidentally, that's great shape! When it comes to the best-case scenario conventional 30yr fixed quote, rates are still very close to the all-time lows seen two weeks ago. Scenarios with additional risk factors (jumbo balances, lower credit, lower equity or investment properties), the landscape is far more varied. For those scenarios, rates are much farther away from all-time lows. Will rates be able to remain at these levels or perhaps even set new all-time lows? More and more, t... (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: Decent Day For MBS But Broader Trend Remains a Concern Tue, Jun 23, 2020 4:16PM Decent Day For MBS But Broader Trend Remains a Concern Rates are low. Unless coronavirus wins (or looks like it might), rates should continue to gradually move higher, but not in a straight line.  Keep the underlying, gradual, uptrend in rates in mind on days where it seems like things are going well for bo... (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 Mortgage Programs Drying Up Like 2008, But For Completely Different Reasons Tue, Jun 23, 2020 10:20AM A paper written for the Joint Center on Housing Studies at Harvard University focuses on the causes and effects of mortgage credit tightening in the current COVID-crisis. The author, Don Layton, is a former CEO of Freddie Mac and a Senior Industry Fellow at the Center. One of the biggest pandemic-related issues to emerge in housing finance is the availabilit... (read more) CFPB Looks at Changing Qualified Mortgage Rule, Lifting DTI Limits Tue, Jun 23, 2020 10:21AM With its so-called GSE Patch set to expire on January 10, 2021 (unless by some miracle the conservatorship of Fannie Mae and Freddie Mac (the GSEs) ends earlier), the Consumer Financial Protection Agency (CFPB) has issued two proposed amendments to the Ability to Repay/Qualified Mortgage Rule (ATR-QM Rule). The ATR-QM Rule provides a safe harbor that protect... (read more) April New Home Sales Surge, Rising Over 16% Tue, Jun 23, 2020 10:59AM After its pandemic-related plunge in April, the rapid recovery of the Housing Market Index, a measure of builder confidence, seems justified by today's Census Bureau report on new home sales. For the second month in a row, sales of newly constructed homes outdistanced expectations, rising by 16.6 percent to a seasonally adjusted annual rate of 676,000 units.... (read more) LO Jobs; Outsourcing, DPA, Marketing Products; Thoughts on the CFPB's Non-QM Proposal Tue, Jun 23, 2020 9:15AM There are all kinds of things that I don’t, or didn’t, know. For example, the other day I learned that when dogs lap water, they’re actually scooping up water with the back of their tongue , which is curled like an elephant’s trunk. Now I’ve learned that the term “master bedroom” is being abolished and changed to &ld... (read more) Latest Video We will get stronger existing home sales moving forward, says Moody's Mark ... May home sales jumped more than 16% as homebuyers seek better tech and more... Stocks rise after headlines clarify U.S.-China trade deal ongoing—Here's wh... New home sales jump 16.6% in May, vs. 1.9% expected Around the Web CNBC Housing market should 'cool off' later in year, Moody's economist Zandi says CNBC There's a wave of selling estimated to be in the billions that's about to hit the stock market Calculated Risk Blog NMHC: Rent Payment Tracker Finds 92 Percent Paid Rent as of June 20th, Same Pace as in June 2019 Calculated Risk Blog A few Comments on May New Home Sales Calculated Risk Blog New Home Sales increased to 676,000 Annual Rate in May CNBC Europe's job retention schemes have created 9 million 'zombie jobs,' analyst warns CNBC U.S.-China trade deal will hold for now, former Trump trade negotiator says CNBC Treasury yields inch higher with recovery prospects, coronavirus cases in focus CNBC The Fed's corporate bond buying is stoking bubble fears NPR California Hits New High In COVID-19 Hospitalizations Calculated Risk Blog Comments on May Existing Home Sales NPR Get A Comfortable Chair: Permanent Work From Home Is Coming NAHB Eye on Housing Texas Led with Substantial Employment Gains in May

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