The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) set a new high this month, breaking a record that it set only 30 days earlier. The Index, a measure of builder confidence in the new home market, rose 5 points to 83 in September. A 6-point increase in August had shot the Index to 78 , tying it with the previous high set in December 1988. " Historic traffic numbers have builders seeing positive market conditions, but many in the industry are worried about rising costs and delays for building materials, especially lumber," said NAHB Chairman Chuck Fowke. "More domestic lumber production or tariff relief is needed to avoid a slowdown in the market in the coming months." " Lumber prices are now up more than 170 percent since mid-April , adding more than $16

September 16, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.72% +0.02%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 16, 2020 What Will The Fed Do to Mortgage Rates? Tue, Sep 15, 2020 4:21PM What will the Fed do to mortgage rates ? This is actually a bit of a trick question . The Fed doesn't set mortgage rates. The Fed's policy rate applies to overnight loans between large financial institutions. The only way it directly influences mortgage rates is by serving as the basis for the PRIME rate. Home equity lines of credit (HELOCs) are often based on the Prime Rate. For all other mortgage rates, charting a connection to the Fed Funds Rate is significantly more challenging. Indeed, there are many examples of mortgage rates moving in the opposite direction. In other words, mortgage rat... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.02 0.00 15 Yr. Fixed 5.72% +0.02 0.00 30 Yr. FHA 6.00% +0.03 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.65% +0.02 0.00 30 Yr. VA 6.01% +0.02 0.00 Updates Daily - Last Update: 9/12 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.5 101.13 +0.02   97.47 101.61 UMBS 30YR 6.0 102.40 0.00   99.66 102.50 10 YR Treasury 4.066 +0.040   3.621 4.780 MBS Live Recap: What Did The Fed Actually Change? Wed, Sep 16, 2020 4:43PM What Did The Fed Actually Change? Here are the most notable changes: The vague notion of symmetric 2 percent inflation has been replaced with a specific goal of "moderately above 2 percent so that it averages 2 percent over time." They now refer to bond buying as fostering "accommodative financial conditions, t... (read more) MBS Price Change UMBS 5.0 99.63 +0.06 UMBS 5.5 101.13 +0.02 UMBS 6.0 102.40 0.00 GNMA 5.0 100.00 -0.08 GNMA 5.5 101.13 -0.08 GNMA 6.0 102.01 -0.04 Pricing as of: 9/14 3:46AM EST US Treasury Yield Change 2 YR Treasury 3.553 +0.009 5 YR Treasury 3.630 +0.027 7 YR Treasury 3.816 +0.038 10 YR Treasury 4.066 +0.040 30 YR Treasury 4.681 +0.023 Pricing as of: 9/14 3:46AM EST Other News Builder Confidence at All-Time High Wed, Sep 16, 2020 4:22PM The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) set a new high this month, breaking a record that it set only 30 days earlier. The Index, a measure of builder confidence in the new home market, rose 5 points to 83 in September. A 6-point increase in August had shot the Index to 78 , tying it with the previous high set ... (read more) Latest Mortgage App Volume Down Over Holiday-Shortened Week Wed, Sep 16, 2020 8:33AM The Mortgage Bankers Association (MBA) reports that mortgage applications declined during the week ending September 11, 2020. The week's results include an adjustment for the Labor Day holiday. MBA's Market Composite Index, a measure of all mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week. It was d... (read more) Lenders Upbeat About Profits, Loan Demand Mon, Sep 14, 2020 2:01PM Mortgage lenders had an excellent second quarter in terms of profitability according to the Mortgage Bankers Association, and Fannie Mae's Lender Sentiment Survey for the third quarter indicates they expect that situation to continue. Forty-eight percent of respondents believe their profit margins will increase compared to Q2 while 37 percent say profits wil... (read more) Production, VP Consumer Direct Jobs; Jumbo, CRM, Anti-Fraud, CD Products; Ginnie Hits $2.1 trillion Wed, Sep 16, 2020 10:15AM The Fed Funds futures market sees the Fed holding pat on rates well into 2022. What could cause rates to go up? A vaccine. Until definitive news like that comes along, the financial markets and our home lives steadily move through the calendar. GM is having/allowing most of its salaried employees to work from home until mid-2021 . In the most comprehensive s... (read more) Latest Video We are certainly not out of ammo: Fed's Powell Fmr. Fed Reserve Vice Chair Stanley Fischer on Fed's response to coronaviru... 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