Mortgage rates are on a tear, with the average lender easily hitting new all-time lows today. How low is that? At this point it's safe to say that anything over 3% is too high as long as we're talking about a top tier scenario. So let's take a moment to discuss what might separate one scenario from another. 1. Loan-to-Value ratio (LTV) As the name implies, it's the ratio of the proposed new loan amount to the value of the home in question (note that the purchase price is used if it's lower than the appraised value). This one of the two most important considerations that determines the pricing bracket your loan quote would fall into. By the time you get an LTV down under 75%, you're paying almost no additional interest, but there's a very important caveat. 2. Credit Score (FICO) This is the

August 5, 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 Aug 5, 2020 New Mortgage Rate Record; What Is a "Top Tier" Scenario? Tue, Aug 4, 2020 4:51PM Mortgage rates are on a tear, with the average lender easily hitting new all-time lows today. How low is that? At this point it's safe to say that anything over 3% is too high as long as we're talking about a top tier scenario. So let's take a moment to discuss what might separate one scenario from another. 1. Loan-to-Value ratio (LTV) As the name implies, it's the ratio of the proposed new loan amount to the value of the home in question (note that the purchase price is used if it's lower than the appraised value). This one of the two most important considerations that determines the pricing ... (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: Is The Rally Meeting Resistance or Just Consolidation? Wed, Aug 5, 2020 4:07PM Is The Rally Meeting Resistance or Just Consolidation? With modest overnight weakness and a small negative reaction to this morning's headlines (ADP and Treasury issuance), bonds may be encountering some more resistance on their journey toward lower yields and higher prices.  Is this a meaningful signal or just ... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.46 -0.08 GNMA 5.0 100.00 -0.07 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:47AM EST US Treasury Yield Change 2 YR Treasury 3.504 +0.016 5 YR Treasury 3.581 +0.019 7 YR Treasury 3.789 +0.021 10 YR Treasury 4.066 +0.026 30 YR Treasury 4.723 +0.033 Pricing as of: 9/9 6:47AM EST Other News Mortgage Application Volume Pulls Back For Second Consecutive Week Wed, Aug 5, 2020 8:20AM Mortgage application volume declined during the week ended July 31 even as mortgage interest rates reached another all-time low. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 5.1 percent on a seasonally adjusted basis from one week earlier and was down 5 percent unadjusted. Refinancing took the la... (read more) More Home Buyers are in the Market, but Shopping Takes Longer Mon, Aug 3, 2020 11:56AM In the second quarter of 2020, 11 percent of American adults were planning on purchasing a home over the next 12 months, and of those, almost half were actively engaged in doing so. Rose Quint, writing in the National Association of Home Builders' (NAHB's) Eye on Housing blog says that the 49 percent who were actively shopping was significantly higher than a... (read more) Construction Spending Largely Unchanged as Shutdowns End Mon, Aug 3, 2020 4:31PM Construction spending held firm in June, inching down fractionally from the May level and increasing a bit compared to June 2019. The U.S. Census Bureau said total spending during the month was at a seasonally adjusted annual rate of $1.355 trillion, down 0.7 percent from the $1.365 trillion spending rate in May. On an annual basis the rate was up 0.1 percen... (read more) Business Practice, Income, Compliance Products; Renewing the Non-QM Segment Wed, Aug 5, 2020 9:23AM Since eating inside a restaurant is problematic, now’s the perfect time to eat better at home, get fit, and stay healthy. Never mind: Who are we trying to impress? We have snacks, we have sweatpants, let’s use them! Would you be impressed if the entire U.S. yield curve dropped below 1 percent? It could happen. Traders and investors are betwattled... (read more) Latest Video Suburban growth is now double that of cities—Here's what it could mean for ... U.S. adds only 167K jobs versus 1M expected—Four experts on what's next for... July ISM services beats expectations at 58.1, highest since February 2019 Homeowners in bailouts shrink as red flags grow Around the Web CNBC Just 36% of parents want full-time in-person schools this fall The Basis Point Will Zillow buy my house? Yes, Zillow resumes buying in 24 cities after COVID pause. NAHB Eye on Housing Business Application Shows Growth in Q2 2020 Calculated Risk Blog ISM Services Index increased to 58.1% in July, Employment Index Declined CNBC Fed Vice Chair Clarida still sees the economy staging a comeback this year Redfin Survey: 25% of Homebuyers Are MovingOr Moving Sooner Than PlannedBecause of the Pandemic Calculated Risk Blog Trade Deficit decreased to $50.7 Billion in June CNBC Private payrolls grow by 167,000 in July, well below expectations CNBC Moderna second-quarter revenue jumps fivefold on coronavirus vaccine development CNBC The Fed is expected to make a major commitment to ramping up inflation soon CNBC Home prices see strong June bounce, but economists warn it likely won't last CNBC Congress struggles to break coronavirus aid stalemate as economic pain continues Calculated Risk Blog Update: Framing Lumber Prices Up 81% Year-over-year

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