After setting three successive record highs, most recently a 90 level in November , the pandemic and rising construction costs are taking a toll on the Housing Market Index (HMI). The National Association of Home Builders (NAHB) said the index, which it sponsors with Wells Fargo, fell for the second straight month. A 3-point drop in the index, which measures builder confidence in the new home market, follows a 4-point decline in December. The January level now stands at 83. "Despite robust housing demand and low mortgage rates, buyers are facing a dearth of new homes on the market, which is exacerbating affordability problems," said NAHB Chairman Chuck Fowke. "Builders are grappling with supply-side constraints related to lumber and other material costs, a lack of affordable lots and labor

January 20, 2021 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 Jan 20, 2021 Mortgage Rates Continue Healing, But Remain Well Above Recent Lows Wed, Jan 13, 2021 4:32PM Mortgage rates had another solid day today--this time without any of the early drama seen yesterday. If you're just getting caught up, the bond market (which drives day-to-day interest rate movement) has been selling off aggressively since the Jan 5th Georgia senate election. When bonds sell-off, it means bond PRICES are getting lower and bond YIELDS (aka RATES) are getting higher. The GA election sparked the move because it gave democrats total control of the government, thus making it easier to pass legislation--especially as it concerns some sort of upgrade to the most recent round of covid... (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 5.5 101.10 +0.03   97.47 101.61 UMBS 30YR 6.0 102.40 +0.03   99.66 102.50 10 YR Treasury 4.081 -0.002   3.621 4.780 MBS Live Day Ahead: Does Inauguration Day Matter For The Bond Market? Wed, Jan 20, 2021 9:50AM Does inauguration day matter for the bond market?  Not as such, no.  To be sure, the changing of the guard in D.C. is indeed a big deal for the bond market, but only because the senate flipped to democratic control as well.  The inauguration is just ceremony marking a transition that's already priced into the bond market.  What about ... (read more) MBS Price Change UMBS 5.0 99.50 +0.06 UMBS 5.5 101.10 +0.03 UMBS 6.0 102.41 +0.03 GNMA 5.0 99.78 +0.05 GNMA 5.5 101.05 +0.01 GNMA 6.0 102.05 +0.07 Pricing as of: 9/10 6:00AM EST US Treasury Yield Change 2 YR Treasury 3.541 -0.027 5 YR Treasury 3.603 -0.024 7 YR Treasury 3.805 -0.028 10 YR Treasury 4.081 -0.002 30 YR Treasury 4.734 -0.001 Pricing as of: 9/10 6:00AM EST Other News Rising Material Prices and Lot Shortages Hurt January Builder Confidence Wed, Jan 20, 2021 11:45AM After setting three successive record highs, most recently a 90 level in November , the pandemic and rising construction costs are taking a toll on the Housing Market Index (HMI). The National Association of Home Builders (NAHB) said the index, which it sponsors with Wells Fargo, fell for the second straight month. A 3-point drop in the index, which measures... (read more) New Home Purchase Applications Remained Strong to Year's End Wed, Jan 20, 2021 9:15AM The Mortgage Bankers Association (MBA) estimates that applications for the purchase of newly built homes rose only 0.2 percent from November to December, however, those applications were up 42.2 percent compared to December 2019. The information comes from MBA's monthly Builder Application Survey (BAS) and was not adjusted for typical seasonal patterns. Base... (read more) Fannie/Freddie Allowed to Keep More Capital (Again) Wed, Jan 20, 2021 9:14AM Late last week the Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) agreed to amend the Preferred Stock Purchase Agreements (PSPAs) which govern the required distribution of dividends to Treasury from the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The amendments will bring the amount of capital... (read more) Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update Wed, Jan 20, 2021 9:49AM In his Saturday Morning Cup of Joe , Jeremy Potter quipped, “The word ‘homeowners’ has the word ‘meow’ in it. Good luck unseeing that from now on.” Plenty of people are out there predicting the path of homeowners and homeownership. And there are those that say, “All forecasts are wrong, but some are useful.” It... (read more) Latest Video Here's a look at the economy President-elect Biden will inherit Treasury nominee Yellen says U.S. can afford a higher corporate tax rate if... Rates could go up quite a bit more: Equity strategist Mike Wilson The Bond Report - 9am - 01/19/21 Around the Web news.google.com Jobless claims preview: Another 935,000 Americans likely filed new unemployment claims last week - Yahoo Finance CNBC The Fed under Biden: New mandates, a close White House tie and big challenges ahead NPR President Biden Will Extend Student Loan Payment Freeze Through September 30 Calculated Risk Blog AIA: "Architecture Billings continue to lose ground" in December CNBC Biden expected to extend the national ban on evictions through March 2021 Calculated Risk Blog NAHB: Builder Confidence Decreased to 83 in January news.google.com Janet Yellen, Treasury Secretary nominee, outlines priorities under Biden administration twitter.com FHFA extends foreclosure and REO eviction moratoriums until February 28 CNBC Five key takeaways from Janet Yellen's Treasury confirmation hearing Calculated Risk Blog Update Then and Now: With Column Excluding Pandemic Calculated Risk Blog Lawler: Early Read on Existing Home Sales in December news.google.com Treasury nominee Yellen says U.S. can afford higher corporate tax rate if it coordinates with other countries - CNBC NPR Yellen Urges Congress To 'Act Big' To Prop Up Pandemic-Scarred Economy

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