While all is easily forgiven in light of all-time low rates, the pandemic made a mess of the mortgage market in many ways. Most messes have been resolved, but several big ones remain. A few examples include a near doubling of previous turn times (from just under 30 days to just under 60 days for the average loan), high costs for certain types of loans, and a disconnection between mortgage rates and the bond market. It's that last one that we're interested in today--not for any particular reason, but it gives us something to discuss in this environment where the average rate continues holding almost perfectly flat. In fact, that's just another symptom of the disconnection! Mortgage rates are primarily based on the prices of mortgage-backed bonds. Those bonds trade on the open market throughout

December 10, 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 10, 2020 Huge Gaps Remain Between Lenders' Mortgage Rate Offerings Wed, Dec 9, 2020 4:46PM While all is easily forgiven in light of all-time low rates, the pandemic made a mess of the mortgage market in many ways. Most messes have been resolved, but several big ones remain. A few examples include a near doubling of previous turn times (from just under 30 days to just under 60 days for the average loan), high costs for certain types of loans, and a disconnection between mortgage rates and the bond market. It's that last one that we're interested in today--not for any particular reason, but it gives us something to discuss in this environment where the average rate continues holding a... (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 99.58 +0.13   95.05 100.11 UMBS 30YR 5.5 101.09 +0.09   97.47 101.40 10 YR Treasury 4.088 -0.021   3.932 4.780 MBS Live Recap: Bonds Are Getting Ready to Move, Probably Thu, Dec 10, 2020 4:06PM Bonds Are Getting Ready to Move, Probably Bonds are always moving, to some extent, but they haven't moved outside the 0.9's (in 10yr yields) for almost 2 weeks now.  That's likely to change by next week as traders are fairly split on whether or not the Fed will extend the maturity of its bond buying portfol... (read more) MBS Price Change UMBS 4.5 97.52 +0.11 UMBS 5.0 99.57 +0.12 UMBS 5.5 101.08 +0.08 GNMA 4.5 97.52 +0.02 GNMA 5.0 99.79 +0.15 GNMA 5.5 100.88 +0.08 Pricing as of: 11/4 7:38AM EST US Treasury Yield Change 2 YR Treasury 3.578 -0.031 5 YR Treasury 3.699 -0.025 7 YR Treasury 3.884 -0.021 10 YR Treasury 4.093 -0.016 30 YR Treasury 4.678 -0.016 Pricing as of: 11/4 7:38AM EST Other News Home Equity Grew $1T This Year, Breaking Six-Year Records Thu, Dec 10, 2020 9:48AM Homeowner equity rose again in the third quarter of 2020, reaching the highest total in over six years. CoreLogic's quarterly report on that asset says that those homeowners with mortgages, about 63 percent of the total, saw their equity grow by 10.8 percent since the third quarter of 2019. This equates to an increase in homeowner wealth of about $17,000 per... (read more) Credit Standards Finally Ease Up in November Wed, Dec 9, 2020 10:04AM The Mortgage Bankers Association (MBA) said access to mortgage credit improved in November for the first time in several months but is still only about two thirds of its pre-pandemic levels. MBA's Mortgage Credit Availability Index (MCAI) gained 0.7 percent compared to October, rising to 1.22.2. A decline in the MCAI indicates that lending standards are tigh... (read more) Buyers and Sellers Divided as Pandemic Wears Down Housing Expectations Tue, Dec 8, 2020 10:52AM After climbing for three straight months Fannie Mae's Home Purchase Sentiment Index (HPSI) stalled in November , declining 1.7 points to 80.0. The index based on six questions from the National Housing Survey, was 11.5 points lower than in November 2019. The two most closely watched components of the index are those which measure consumers attitudes toward b... (read more) MLO, Ops Jobs; Broker, Retention Products; Borrower Satisfaction; Primer on How News Impacts Rates Thu, Dec 10, 2020 9:59AM “My ability to remember song lyrics from the 80s far exceeds my ability to remember why I walked into the kitchen.” The Baby Boomers are certainly riding the appreciation wave in housing across the nation. (Speaking of waves, did you know that Hawai’i is last among the states in boat registrations?) And given the rising values of a house, i... (read more) Latest Video The 9 a.m. Bond Report: December 10, 2020 U.S. weekly jobless claims total 853,000, the highest since September Stimulus negotiations underway as Congress tries to agree on coronavirus re... The 9 a.m. Bond Report: December 9, 2020 Around the Web Calculated Risk Blog Fed's Flow of Funds: Household Net Worth Increased $3.8 Trillion in Q3 CNBC House adjourns until next week as deadline looms and millions of Americans await Covid relief Calculated Risk Blog Hotels: Occupancy Rate Declined 37.9% Year-over-year Calculated Risk Blog Cleveland Fed: Key Measures Show Inflation Softened in November NAHB Eye on Housing Multifamily Construction Shifts to Lower Density Markets in 3Q20 Calculated Risk Blog CoreLogic: 1.6 Million Homes with Negative Equity in Q3 2020 Calculated Risk Blog BLS: CPI increased 0.2% in November, Core CPI Increased 0.2% CNBC Watch ECB President Lagarde speak after the central bank's latest policy move CNBC U.S. weekly jobless claims total 853,000, vs 730,000 estimate news.google.com Homeowners are $1 trillion richer thanks to the pandemic-driven housing boom - CNBC CNBC Homeowners are $1 trillion richer thanks to the pandemic-driven housing boom CNBC ECB expands its bond-buying program as coronavirus resurgence weighs on the economic recovery NAHB Eye on Housing Job Openings Slowing in Construction

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