Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best month in the history of the mortgage market with many lenders now offering conventional 30yr fixed rates under 3% on top tier scenarios. The low rate environment has been made possible first and foremost by the economic contraction resulting from coronavirus. In and of itself, however, that still likely wouldn't be sufficient to get rates as low as they are. The rest of the heavy lifting has been done by the Federal Reserve, which stepped in when markets were experiencing the height of their recent volatility in early March 2020. The Fed helped restore

July 1, 2020 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Best Month Ever For Mortgage Rates Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best m... (read more) Housing News Purchase Apps Retreat Again as Inventory Dries Up Applications for both refinancing and purchase mortgages retreated last week , pulling the Mortgage Bankers Associations (MBA's) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, d... (read more) Housing News Home Prices "Remarkably Stable" in April Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The ... (read more) Rob Chrisman Servicing, Inspection, Loss-mit Products; CFPB's Structure to Change; Ginnie Adjusts Pooling Requirements Some days you don’t learn much, other days you learn a lot (skip the ad). We’ve learned that COVID is driving our economy, not fundamental economic news, and at this point virologists have better forecasts than economists. Appearing with ... (read more) Housing News Supreme Court Rules Single CFPB Director Unconstitutional The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the age... (read more) MBS Commentary MBS Live Recap: Limited Reaction to Headlines and Fed Minutes Limited Reaction to Headlines and Fed Minutes After a quiet trading day yesterday, today proved to be even quieter.  That said, bonds were still willing to react to covid headlines and the Fed meeting mi... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.82% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.82% +0.03 0.00 15 Yr. Fixed 6.03% +0.04 0.00 30 Yr. FHA 6.35% +0.05 0.00 30 Yr. Jumbo 6.90% +0.03 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.37% +0.06 0.00 Updates Daily - Last Update: 7/11 15 Yr. Fixed Rate 6.03% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.72% +0.05 0.00 15 Yr. Fixed 5.86% +0.06 0.00 Updates Weekly - Last Update: 7/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.77% -0.02 0.62 15 Yr. Fixed 6.04% -0.02 0.63 30 Yr. Jumbo 6.69% -0.09 0.65 Updates Weekly - Last Update: 7/9 MBS / Treasuries UMBS 30YR 5.5 99.33 -0.14 Price / Yield Change MBS UMBS 5.5 99.33 -0.14 UMBS 6.0 101.23 -0.03 GNMA 5.5 99.66 -0.18 GNMA 6.0 101.31 -0.07 Pricing as of: 7/12 9:14AM EST 10 Year US Treasury 4.4083 +0.0615 Price / Yield Change US Treasury 2 YR Treasury 3.901 +0.024 5 YR Treasury 3.971 +0.036 7 YR Treasury 4.179 +0.053 10 YR Treasury 4.408 +0.062 30 YR Treasury 4.955 +0.085 Pricing as of: 7/12 9:14AM EST Latest Video Some unintentional consequences with Fed holding rates artificially low: An... Lawrence Lindsey: There's enormous pent-up demand in the U.S. economy ISM manufacturing index higher than expected at 52.6 Private payrolls rise 2.37 million in June, ADP reports Around the Web CNBC Jobs data for June could show strong rehiring ahead of the latest virus wave Calculated Risk Blog June Employment Preview NAHB Eye on Housing Correlation Between Low Housing Supply and Purchase Loan Size CNBC Federal Reserve releases minutes for June meeting CNBC 17.6 million unemployed Americans probably won't return to their pre-pandemic jobs Calculated Risk Blog Construction Spending Decreased in May Brookings Institution Reopening America: Three ways to preserve jobs Calculated Risk Blog ISM Manufacturing index Increased to 52.6 in June PR Newswire ISM Manufacturing Press Release CNBC Private payrolls up 2.37 million in June; May loss revised up to 3.065 million from 2.76 million, ADP says CNBC Treasury yields rise as economic data comes into focus Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Increased in May Calculated Risk Blog Las Vegas Visitor Authority: "No Convention Attendance, Hotel Occupancy 2.8%" in May

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