Mortgage loans ultimately "turn into" bonds and those bonds have a certain value to investors. When those values change, so do the rates offered by mortgage lenders. This is basically a hard and fast rule. But it's completely out the window right now. And that's a good thing this week. It's a good thing because bonds had a pretty bad week. 10yr Treasury yields--the most popular bond market benchmark--rose by more than 0.15%, making this the worst week since early August. Bonds take cues from economic data, Fed policy changes, inflation, and fiscal policy changes, to name a few. Economic data is the most consistent source of inspiration, and among economic reports, the big jobs report is by far and away the most important. In general, weaker economic data is good for rates. As such, it was no

December 7, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Dec 7, 2020 Mortgage Rate Rules Are Completely Out The Window Fri, Dec 4, 2020 5:53PM Mortgage loans ultimately "turn into" bonds and those bonds have a certain value to investors. When those values change, so do the rates offered by mortgage lenders. This is basically a hard and fast rule. But it's completely out the window right now. And that's a good thing this week. It's a good thing because bonds had a pretty bad week. 10yr Treasury yields--the most popular bond market benchmark--rose by more than 0.15%, making this the worst week since early August. Bonds take cues from economic data, Fed policy changes, inflation, and fiscal policy changes, to name a few. Economic data i... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.48 -0.08   95.05 100.11 UMBS 30YR 5.5 101.01 -0.05   97.47 101.40 10 YR Treasury 4.111 +0.035   3.932 4.780 MBS Live Recap: Bond Market Threats on Hold For Now, But Still Lurking Mon, Dec 7, 2020 4:19PM Bond Market Threats on Hold For Now, But Still Lurking Brexit-related headlines helped the bond market recover as the new week began, but even after European markets closed, gradual strength remained for Treasuries.  Ramping covid case counts, and government shutdown uncertainty could be contributing as well, bu... (read more) MBS Price Change UMBS 4.5 97.33 -0.23 UMBS 5.0 99.47 -0.09 UMBS 5.5 101.01 -0.04 GNMA 4.5 97.41 -0.23 GNMA 5.0 99.66 -0.07 GNMA 5.5 100.80 -0.02 Pricing as of: 11/3 2:24PM EST US Treasury Yield Change 2 YR Treasury 3.606 +0.032 5 YR Treasury 3.722 +0.039 7 YR Treasury 3.905 +0.032 10 YR Treasury 4.111 +0.036 30 YR Treasury 4.693 +0.040 Pricing as of: 11/3 2:24PM EST Other News Tight Housing Supply, Soaring Prices, But Condos Are The Exception Mon, Dec 7, 2020 1:51PM The pandemic keeps manifesting itself in the housing market in small but potentially significant ways and there was another data point in Black Knight's new Mortgage Monitor report. The report focuses on delinquencies, price increases, and the continuing inability of servicers to retain customers in the refinancing frenzy. However, it also notes some differe... (read more) Innovations in Home-Buying Process May be Fueling Pricing Frenzy Fri, Dec 4, 2020 1:55PM A noted housing researcher has analyzed the current frenzy of home buying and the rapidly escalating prices since the country emerged from its short-lived spring pandemic shutdown. Issi Romem, Senior Director of Housing & Urban Economics at Zillow, and a fellow at the Terner Center for Housing Innovation at the University of California, Berkley, explains... (read more) Over 80% of Forbearance Plans are Being Extended Fri, Dec 4, 2020 10:27AM Mortgage forbearances for homeowners affected financially by the pandemic declined slightly over the past week. Black Knight said that there were 200,000 plans scheduled to expire at the end of November, probably accounting for the majority of the 39,000-loan downturn in the various forbearance programs. Another 1 million plans are due to expire at the end o... (read more) Accounting, MLO, AE, Ops Jobs; Private Lending, Retention, Referral Tools; Why Rates Have Crept Higher Mon, Dec 7, 2020 8:54AM Large-scale mortgage in-person conference activity, and official mortgage business travel, appears to be shut down until at least the summer of 2021. A well-known vendor’s head of sales wrote to me, saying, “I miss the little sandwiches, cut into triangles, held together with toothpicks with brightly colored cellophane.” On a more serious n... (read more) Latest Video House to vote on bill that will fund the government through Dec. 18, source... The 9 a.m. Bond Report: December 7, 2020 What November's jobs report means for the U.S. economic recovery from Covid IRS ruling could hurt businesses that had their PPP loan forgiven Around the Web CNBC Manhattan apartment seller takes $12 million loss on Billionaires' Row condo Calculated Risk Blog Leading Index for Commercial Real Estate Decreased in November news.google.com Readout from a Treasury Spokesperson on Secretary Mnuchin's Discussion with G7 Finance Ministers and Central Bank Governors NAHB Eye on Housing Custom Home Building Annual Share Calculated Risk Blog Black Knight Mortgage Monitor for October: "2020 On Pace to See More than 9 Million Refinance Transactions" Redfin U.S. Housing Market Will Withstand a Wave of Foreclosures When Forbearance Ends NAHB Eye on Housing Treasury-Mortgage Spread Significantly Narrows in November CNBC Trade groups push lawmakers for deductibility of PPP loan business expenses Calculated Risk Blog Seven High Frequency Indicators for the Economy NAR - Realtor.com The Top 10 Housing Markets of 2021Who Made the List? CNBC Restaurant industry loses jobs for the first time since April as new restrictions hit employment NAR - Realtor.com U.S. Sees Rise in Appetite for Single-Family HomesEspecially of the Luxury Variety NAHB Eye on Housing Residential Construction Is Recovering Faster Than Non-Residential Construction

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