Yesterday, we discussed the fact that many mortgage lenders got defensive ahead of election night uncertainty. In the mortgage world, when lenders get defensive, it means "higher rates." This was blatantly obvious for a few lenders who raised rates by much more than the shift in underlying bond markets suggested (bonds are the primary building blocks that determine rates). Fortunately, the lenders that made the biggest NEGATIVE moves yesterday were generally the same lenders making the biggest positive moves today. That said, the strategies between lenders were widely varied. Some simply held things mostly steady both today and yesterday, or made only nominal changes. Others made more drastic changes. For example, several lenders were quoting conventional 30yr fixed rates that were 0.125% lower

November 4, 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 Nov 4, 2020 Mortgage Rates Bounce Back (Lower) Wed, Nov 4, 2020 3:53PM Yesterday, we discussed the fact that many mortgage lenders got defensive ahead of election night uncertainty. In the mortgage world, when lenders get defensive, it means "higher rates." This was blatantly obvious for a few lenders who raised rates by much more than the shift in underlying bond markets suggested (bonds are the primary building blocks that determine rates). Fortunately, the lenders that made the biggest NEGATIVE moves yesterday were generally the same lenders making the biggest positive moves today. That said, the strategies between lenders were widely varied. Some simply held ... (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: Big Bond Rally on election Revelations. Will It Last? Wed, Nov 4, 2020 3:52PM Big Rally on Election Revelations Fairly early in the domestic session, markets rapidly came to the realization that even if Biden wins the presidential election, the Senate is much less likely to end up with 51 or more democratic seats.  That removes the biggest risks on the horizon for the bond market and trad... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.46 -0.07 GNMA 5.0 100.01 -0.07 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:51AM EST US Treasury Yield Change 2 YR Treasury 3.503 +0.015 5 YR Treasury 3.580 +0.019 7 YR Treasury 3.789 +0.021 10 YR Treasury 4.065 +0.026 30 YR Treasury 4.723 +0.033 Pricing as of: 9/9 6:51AM EST Other News Refis Help to Boost Mortgage Application Volume Wed, Nov 4, 2020 8:15AM An increase in refinancing carried overall applications onto the plus side of the ledger during the week ended October 30. The Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found a slight decline in purchase applications but a significant gain in refinancing compared to the previous week. This resulted in an increase of MBA's Marke... (read more) Think Tank Concludes Mortgage Guidelines Could Safely be Twice as Risky Tue, Nov 3, 2020 10:49AM The Urban Institute's (UI's) Housing Finance Policy Center has updated its credit availability index (HCAI) to reflect data for the second quarter of 2020. The Index shows a slight dip from an adjusted 5.3 percent in the first quarter to 5.2 percent in the second quarter. Tightening in the GSE and government channels has driven a retraction of credit availab... (read more) Fastest Home Price Gains Since 2004, Inventories Dwindling Tue, Nov 3, 2020 10:27AM CoreLogic's estimate of the annual home price appreciation in September is not nearly as high as that published yesterday (over 14 percent) by Black Knight on Monday, but at 6.7 percent, the CoreLogic number is the fastest annual acceleration in their records since May 2014. The company puts the increase in its Home Price Index (HPI) at from August to Septem... (read more) Marketing, Production Jobs; Training, Automation, LOS Products; Company Specific Industry Snapshots Tue, Nov 3, 2020 10:22AM What are companies doing with the 2020 money they were going to spend on travel and entertainment? Saving it for the second half of 2021? Last week I paid a visit to Southern California. (The airports were uncrowded, masks universal.) I guess that I look pretty sketchy because I’ve lost track of the number of times over the years a drug detecting dog i... (read more) Latest Video Rates will go lower and I wouldn't want to be underweight bonds: Minerd ISM Nonmanufacturing Index misses expectations in October BMO Capital's Ian Lyngen on the 'flight to quality' in the bond market The 9 a.m. Bond Report: November 4, 2020 Around the Web CNBC McConnell says economic stimulus will be Senate's top priority before the end of 2020 CNBC Election results could point to a smaller coronavirus stimulus deal. Here's why NPR When Will We Know The Winner? Timeframes For 6 Key States CNBC The ways Joe Biden or Donald Trump would get 270 electoral votes and the White House Calculated Risk Blog October Vehicles Sales decreased to 16.2 Million SAAR Calculated Risk Blog ISM Services Index Decreased to 56.6% in October Calculated Risk Blog Trade Deficit Decreased to $63.9 Billion in September CNBC Private payrolls increase by 365,000 in October, vs 600,000 estimate: ADP CNBC Treasury yields slump as incoming election results show no clear winner news.google.com End of $600 unemployment boost pushes more households to the edge Calculated Risk Blog Early Q4 GDP Forecasts Calculated Risk Blog Update: Framing Lumber Prices Up 23% Year-over-year CNBC Goldman Sachs drops the euro from its list of currencies expected to surge against the dollar

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