The reopening of the economy in several states from the COVID-19 shutdowns has moved Fannie Mae's Economic and Strategic Research (ESR) Group to raise its estimate for the 2020 full year GDP from the 5.4 percent decline it predicted in June to a 4.2 percent downturn. The economists say this improvement is almost entirely due to a stronger pace of recovery than they had anticipated. They caution that the current surge of cases in many areas will drag on growth in the future, however, they expect any future shutdowns and behavioral changes will be less severe than in the first round. Furthermore, given that consumer spending is still down, future behavioral responses will likely translate into only a drag on growth rather than a sharp decline, as occurred in the early spring. They also revised

July 14, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.33% -0.01%   6.13% 7.26% 15 Yr. Fixed 5.80% -0.02%   5.6% 6.59% 30 Yr. Jumbo 6.35% +0.03%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jul 14, 2020 Mortgage Market Ridiculously Good or Just Ridiculous? Fri, Jul 10, 2020 4:46PM It should no longer come as a surprise that the pandemic continues to create never-before-seen circumstances in all corners of society. Here in the housing and mortgage markets, one of the first major manifestations of the crisis was a quick move to incredibly low rates. With record after record being set in close succession, the mortgage environment has been ridiculously good for most homeowners. For others, it's just been ridiculous. Record low rates make a lot of sense given the economic outlook. In general, economic weakness coincides with lower rates, and there's been plenty of that to go... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.33% -0.01 0.00 15 Yr. Fixed 5.80% -0.02 0.00 30 Yr. FHA 6.05% -0.01 0.00 30 Yr. Jumbo 6.35% +0.03 0.00 7/6 SOFR ARM 5.95% -0.03 0.00 30 Yr. VA 6.06% -0.02 0.00 Updates Daily - Last Update: 11/4 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.57 +0.12   95.05 100.11 UMBS 30YR 5.5 101.07 +0.07   97.47 101.40 10 YR Treasury 4.085 -0.024   3.932 4.780 MBS Live Recap: Bonds Surprisingly Resilient After Last Week's Scare Tue, Jul 14, 2020 3:36PM Bonds Surprisingly Resilient After Last Week's Scare After last week's somewhat scary move higher in rates, the bond market has shown a decent amount of resilience so far this week as the jury remains out in the case of covid vs the economy. Econ Data / Events ... (read more) MBS Price Change UMBS 4.5 97.57 +0.15 UMBS 5.0 99.57 +0.12 UMBS 5.5 101.07 +0.07 GNMA 4.5 97.65 +0.14 GNMA 5.0 99.71 +0.06 GNMA 5.5 100.81 +0.02 Pricing as of: 11/4 5:27PM EST US Treasury Yield Change 2 YR Treasury 3.576 -0.033 5 YR Treasury 3.695 -0.030 7 YR Treasury 3.876 -0.029 10 YR Treasury 4.085 -0.024 30 YR Treasury 4.667 -0.026 Pricing as of: 11/4 5:27PM EST Other News Forecasters See Surprisingly Strong Housing Rebound, But There Are Risks Tue, Jul 14, 2020 3:40PM The reopening of the economy in several states from the COVID-19 shutdowns has moved Fannie Mae's Economic and Strategic Research (ESR) Group to raise its estimate for the 2020 full year GDP from the 5.4 percent decline it predicted in June to a 4.2 percent downturn. The economists say this improvement is almost entirely due to a stronger pace of recovery th... (read more) Delinquencies Spike in April as Pandemic Data Rolls In Tue, Jul 14, 2020 8:22AM April's data is here, and CoreLogic is reporting that early stage delinquencies, that is mortgages 30 to 59 days past due, soared to levels even higher than those seen in the Great Recession. That delinquency bucket now contains 4.2 percent of active mortgages, up from 1.7 percent in April 2019. Further, the company's Loan Performance Report says the share o... (read more) Biggest Drop yet in Forbearances Brings us Back to April's Levels Fri, Jul 10, 2020 9:19AM Black Knight's weekly report on the numbers of mortgage loans in COVID-19 forbearance plans shows that a decline in those numbers of nearly a half million last week. More than 435,000 homeowners exited the plans, the largest drop yet. As of July 7, 4.14 million homeowners were in the plans which allow them to skip or reduce their mortgage payments if they ar... (read more) U/W Jobs; Data, Disclosure, Comp Products; Flood and Disaster Changes Tue, Jul 14, 2020 9:23AM Here's your life graphically under COVID. Many in our business will argue that homes should not be used as piggy banks, COVID or no COVID. For others it is their lifeblood of business. Others say that good moms let you lick the beaters, but great moms turn them off first. (Okay, I just threw that in there to see if you’re paying attention.) Given that ... (read more) Latest Video Dallas Fed President Robert Kaplan says mandatory masks will improve econom... Barbara Doran: Markets up because Fed has filled system with liquidity Fed's Brainard: Thick fog of uncertainty surrounds us Wells Fargo tumbles, but Citigroup and JPMorgan shares jump—Five market exp... Around the Web CNBC CDC study says mask mandates should be considered after examining Missouri hair salon NPR Stay-At-Home Improvement: DIY Builders Help Drive Up Lumber Prices Calculated Risk Blog Leading Index for Commercial Real Estate Decreased Further in June CNBC Despite a massive recession, JPMorgan Chase just posted record revenue here's how they did it Calculated Risk Blog Cleveland Fed: Key Measures Show Inflation Soft Year-over-year in June CNBC Moderna will begin late-stage coronavirus vaccine trial on July 27 CNBC Late fees, overdrafts and even fraud cost Americans an extra $577 annually Calculated Risk Blog BLS: CPI increased 0.6% in June, Core CPI increased 0.2% CNBC Wells Fargo reports $2.4 billion loss for the quarter, cutting dividend by 10 cents CNBC California to close indoor restaurants, movie theaters and bars statewide as coronavirus cases rise CNBC You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect CNBC Dr. Anthony Fauci says U.S. coronavirus cases are surging because nation didn't totally shut down NAHB Eye on Housing Rising Softwood Lumber Costs Lead Building Materials Prices Higher in June

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