Mortgage rates have improved noticeably in the past few business days, largely due to the delay of a new fee announced earlier this month. Ironically, that same fee is the reason rates are about to move higher, just as many lenders are back within striking distance of all-time lows. The fee applies to all refinances sold to the housing agencies Fannie Mae and Freddie Mac on or after December 1st. That may seem like a long time from now, but those sales tend to take place weeks after a loan actually closes. In fact, several lenders have already reintroduced the fee on loans locked for 60 days or more. For other lenders, it's only a matter of time. Most lenders will announce their game plan for reintroducing the fee, but at least a few will just flip the switch with no advance notice. How do

September 3, 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 3, 2020 Rates Heading Back to All-Time Lows, But it Won't Last Wed, Sep 2, 2020 3:57PM Mortgage rates have improved noticeably in the past few business days, largely due to the delay of a new fee announced earlier this month. Ironically, that same fee is the reason rates are about to move higher, just as many lenders are back within striking distance of all-time lows. The fee applies to all refinances sold to the housing agencies Fannie Mae and Freddie Mac on or after December 1st. That may seem like a long time from now, but those sales tend to take place weeks after a loan actually closes. In fact, several lenders have already reintroduced the fee on loans locked for 60 days o... (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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Recap: Lock vs Float Considerations Ahead of NFP and Holiday Weekend Thu, Sep 3, 2020 4:58PM Lock vs Float Considerations Ahead of NFP and Holiday Weekend Bonds did well at face value today, but there are so many "yeah buts."  First off, stocks were hugely lower and that definitely helped bonds.  We're also closing out our 5th straight day of Treasury gains.  6 days and beyond are uncommon.&nb... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.07 -0.21 UMBS 6.0 102.37 -0.17 GNMA 5.0 99.74 -0.33 GNMA 5.5 101.06 -0.13 GNMA 6.0 101.99 -0.20 Pricing as of: 9/9 6:03PM EST US Treasury Yield Change 2 YR Treasury 3.559 +0.072 5 YR Treasury 3.617 +0.055 7 YR Treasury 3.820 +0.051 10 YR Treasury 4.091 +0.052 30 YR Treasury 4.728 +0.038 Pricing as of: 9/9 6:03PM EST Other News Mortgage Applications Decline for Third Week Wed, Sep 2, 2020 8:19AM Mortgage applications, both for home purchase and refinancing, declined for the third straight time during the week ended August 28. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, lost 2.0 percent on a seasonally adjusted basis compared to the previous week and was down 3.0 percent on an unadjust... (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) 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) LO, AE Jobs; Workflow, Lead, Processing, Renegotiation Products; Who Owns 1/3 of Agency MBS? Thu, Sep 3, 2020 10:54AM “It was the third of September, that day I’ll always remember , yes I will… Wherever he laid his hat was his home… And when he died, all he left us was a loan.” Oh, sorry, “alone.” (And yes, I dance like that, at the 2-minute mark, when I finish sending this commentary out every day.) My guess is that The Temptatio... (read more) Latest Video Stocks dropped sharply during a tech sell-off led by Apple—Four market expe... Evans: Lack of fiscal aid represents 'significant downside risk' August final read on Markit services PMI comes in at 55 vs 54.7 expected Mortgage expert on the impact of the shift in the real estate market Around the Web CNBC El-Erian: Economic recovery held back because people don't trust each other over coronavirus Calculated Risk Blog Hotels: Occupancy Rate Declined 27.7% Year-over-year Calculated Risk Blog August Employment Preview Calculated Risk Blog Comments on Weekly Unemployment Claims Calculated Risk Blog Trade Deficit Increased Sharply to $63.6 Billion in July Redfin Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More With Low Mortgage Rates, But Higher Home Prices Cancel Out Increase CNBC U.S. weekly jobless claims total 881,000, vs 950,000 expected CNBC Coronavirus live updates: Singapore reports new clusters; Fulgent shares soar on NYC testing partnership Calculated Risk Blog Technical Note on Weekly Unemployment Claims Brookings Institution What do changes in the Fed's longer-run goals and monetary strategy statement mean? CNBC CDC issues sweeping temporary halt on evictions. Here's what that means for renters Calculated Risk Blog U.S. Heavy Truck Sales down 26% Year-over-year in August CNBC Manhattan apartment deals fall 31% while sales boom in the suburbs

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