For most lenders, mortgage rates improved again today, adding to the 3-week lows achieved yesterday. We normally view mortgage rate movement primarily as a function of the bond market, but the bond market says rates should only be falling modestly from their recent highs. What gives? This is a 2 part issue. First , there's a difference between the overall bond market and the bonds that underlie mortgages. So-called mortgage-backed securities (MBS) did a better job of holding their ground in August when compared to the broader bond market via the quintessential 10yr Treasury yield. Second, and more importantly, the delay of the recently announced adverse market fee (an abrupt hit to all conventional refinances that unintentionally also affected purchase rates) is responsible for the lion's share

September 1, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 1, 2020 Here's Why Mortgage Rates Are Outperforming Tue, Sep 1, 2020 4:22PM For most lenders, mortgage rates improved again today, adding to the 3-week lows achieved yesterday. We normally view mortgage rate movement primarily as a function of the bond market, but the bond market says rates should only be falling modestly from their recent highs. What gives? This is a 2 part issue. First , there's a difference between the overall bond market and the bonds that underlie mortgages. So-called mortgage-backed securities (MBS) did a better job of holding their ground in August when compared to the broader bond market via the quintessential 10yr Treasury yield. Second, and ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Recap: New Month, New Trend? Tue, Sep 1, 2020 4:05PM New Month, New Trend? We often see a clear bias toward strength or weakness during any given month in the bond market. If July clearly marked a trend toward lower rates and August was the complete opposite, are we about to see another shift toward lower rates in September? ... (read more) MBS Price Change UMBS 5.0 99.54 -0.23 UMBS 5.5 101.13 -0.15 UMBS 6.0 102.43 -0.11 GNMA 5.0 99.86 -0.22 GNMA 5.5 101.12 -0.06 GNMA 6.0 102.05 -0.13 Pricing as of: 9/9 12:15PM EST US Treasury Yield Change 2 YR Treasury 3.543 +0.056 5 YR Treasury 3.610 +0.048 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.087 +0.047 30 YR Treasury 4.736 +0.045 Pricing as of: 9/9 12:15PM EST Other News Construction Spending Report Saved by Multi-Family Sector Tue, Sep 1, 2020 4:21PM Construction spending as a whole was essentially flat in July, but residential spending showed significant growth. The U.S. Census Bureau reported that total expenditures from both public and private sources were at a seasonally adjusted annual rate of $1.365 trillion, a 0.1 percent increase from June but down 0.1 percent from July 2019. On an unadjusted bas... (read more) More Evidence For Mass Exodus To The 'Burbs Tue, Sep 1, 2020 12:10PM It has been rumored since the first wave of the coronavirus struck in some of the densely populated urban centers, especially in New York and New Jersey. Now, however, there is substantiation of a population shift from the National Association of Home Builders (NAHB). Its second quarter Home Building Geography Index (HBGI) shows that, while the pandemic caus... (read more) July Home Prices Increase 5.5%, Breaking a Two-Year Record Tue, Sep 1, 2020 12:03PM Home prices grew in July by the fastest rate in nearly two years, a 5.5 percent annual gain. According to CoreLogic's Home Price Index (HPI), the month-over-month change was 1.2 percent. The company said it was "The one-two punch of strong purchase demand - bolstered by falling mortgage rates, which dipped below 3 percent for the first time ever in July - an... (read more) Jumbo, Servicing Products; Webinars; After 12 Years of Conservatorship, Agencies are Very Much in the News Tue, Sep 1, 2020 11:05AM There’s a fine joke about bowling balls and tennis balls and golf balls which I won’t repeat here, but let’s go down the scale of “numerical magnitude.” Today, the NY Federal Reserve Trade Desk is set to surpass $1 trillion (with a “T”) in MBS purchases since the restart of QE on March 16. (By the way, should the Fed... (read more) Latest Video Brainard suggests Fed will pursue 'opportunistic reflation' Record rally vs. real economy—Here's what it means for investors ISM Manufacturing Index 56.0, best read since November 2018 August final read on Markit Manufacturing PMI comes in at 53.1 Around the Web NAR - Realtor.com Monthly Rental Prices Nosedive in New York and San Francisco: How Low Can They Go? CNBC Today is the first day of the payroll tax deferral. It's complicated, here's what we know CNBC U.S. economy needs over $1 trillion in fresh coronavirus stimulus, says world's biggest hedge fund CNBC Job growth expected to slow sharply over the next decade, Labor Department says Calculated Risk Blog ISM Manufacturing index Increased to 56.0 in August Calculated Risk Blog Construction Spending Increased Slightly in July Calculated Risk Blog CoreLogic: House Prices up 5.5% Year-over-year in July CNBC Market bulls and bears are having trouble as 'unlimited' Fed support short circuits models CNBC U.S. Treasury yields move higher ahead of consumer spending data CNBC The Fed could be locked into zero rates for five years, or even longer Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Increased in July Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Remains Flat at 7.20%" NAR - Realtor.com As Louisiana Recovers From Hurricane Laura, Here's What Homeowners Should Know About the Fine Print in Their Insurance Policies

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