The Mortgage Bankers Association (MBA) is expecting new home sales to spike again in June, based on results of its Builder Application Survey (BAS). That survey shows that mortgage applications for new home purchases were up 20 percent from May and 54.1 percent compared to a year ago. The data does not include any adjustment for typical seasonal patterns. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting said, "The new home purchase market continues to recover - applications surged 20 percent in June, and although this is not adjusted for seasonal impacts, it is another piece of data indicating that homebuying activity that was delayed by the pandemic in March and April is just being realized later in the season. The fact that applications are up over 50 percent

July 15, 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 Jul 15, 2020 Mortgage Rates Fight The Urge To Move Higher Tue, Jul 14, 2020 4:56PM Mortgage rates recovered to some extent today, after moving slightly higher on Friday and yesterday. The bond market (which underlies rate movement) was surprisingly resilient (good for rates) even as stock prices moved up roughly 1%. Rising stock prices frequently coincide with rising bond yields in the shortest of terms. In other words, it's more common to see rates move higher on a day like today. Credit the Fed for much of the resilience. Not only is the central bank continuing to purchase Treasuries and mortgage-backed bonds. They were also out in force today offering broad reassurance ab... (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: Stocks and Bonds Confirm Hyperfocus on Covid Outlook Wed, Jul 15, 2020 3:27PM Stocks and Bonds Confirm Hyperfocus on Covid Outlook Coronavirus has been with us for so long and has caused such a huge paradigm shift that it's easy to lose sight of its importance as a day-to-day market mover.  Periodically we see moves that reinforce the importance (like today) where both stocks and bonds ar... (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 7:02AM 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 4.061 +0.022 30 YR Treasury 4.719 +0.029 Pricing as of: 9/9 7:02AM EST Other News New Home Sales Expected to Surge Wed, Jul 15, 2020 1:02PM The Mortgage Bankers Association (MBA) is expecting new home sales to spike again in June, based on results of its Builder Application Survey (BAS). That survey shows that mortgage applications for new home purchases were up 20 percent from May and 54.1 percent compared to a year ago. The data does not include any adjustment for typical seasonal patterns. Jo... (read more) Mortgage Application Volume is Up, Forbearances Continue to Wane Wed, Jul 15, 2020 8:31AM Mortgage application volume increased last week, bouncing back slightly from the prior holiday shortened period. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of volume, gained 5.1 percent on a seasonally adjusted basis during the week ended July 10 and was 16 percent higher before adjustment. The volume during the week en... (read more) 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) Non-QM, QC, Construction Loan Products; Events and Training; Big Bank Mortgage Stats Wed, Jul 15, 2020 9:48AM I woke up this morning trying to remember if I was working where I am living, or living where I am working. “Personal” and “professional” often overlap. Caliber, and other wholesalers, are taking the high road in this week’s awful mix of personal and professional lives . Flagstar Bank summed up this week’s controversy in t... (read more) Latest Video Fed: Economic activity increased, but is still below pre-Covid levels Stocks open higher on Goldman earnings beat and positive vaccine data Industrial production increases by 5.4% in June, vs 4% increase expected Moderna chief scientist on promising new vaccine data Around the Web Calculated Risk Blog Fed's Beige Book: "Economic activity increased in almost all Districts, but remained well below where it was prior to the COVID-19 pandemic." CNBC If you file your taxes by today, Uncle Sam will pay up to 5% interest on your late refund Calculated Risk Blog NMHC: Rent Payment Tracker Finds Decline in People Paying Rent in July NAHB Eye on Housing Single-Family Permits Slow-Down in May Calculated Risk Blog Industrial Production Increased 5.4 Percent in June; Still 10.8% Below Pre-Crisis Level Calculated Risk Blog NY Fed: Manufacturing "Business activity increased in New York State" in July CNBC Coronavirus outbreak is already upending health insurance premiums and copays for next year CNBC Coronavirus updates: U.S. sets fresh single-day record for new cases; Moderna exec feels 'ethical obligation' CNBC Treasury yields move higher ahead of Fed's Beige Book report 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

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