The number of mortgages in forbearance saw its l argest reduction in 12 months l ast week. Black Knight said 177,000 loans exited the program, many of them having reached the end of the 18 months of reduced or suspended payments allowed for those financially impacted by the COVID-19 pandemic. This is an 11 percent reduction in program participants during the week ended October 5. The company estimates about 180,000 additional plans with September 30 expirations await quarterly reviews as servicers work through the processing of large volumes of loans. Another 420,000 loans are scheduled for extension or removal in October. Many of these half-million loans will be reaching the end of allowable participation and will not be renewed. FHA and VA backed loans saw the largest drop over the past week

October 12, 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 Oct 12, 2021 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Price Change UMBS 5.0 99.52 -0.25 UMBS 5.5 101.15 -0.13 UMBS 6.0 102.47 -0.07 GNMA 5.0 99.88 -0.19 GNMA 5.5 101.12 -0.07 GNMA 6.0 102.09 -0.09 Pricing as of: 9/9 12:04PM EST US Treasury Yield Change 2 YR Treasury 3.539 +0.051 5 YR Treasury 3.608 +0.046 7 YR Treasury 3.812 +0.044 10 YR Treasury 4.084 +0.044 30 YR Treasury 4.734 +0.044 Pricing as of: 9/9 12:04PM EST Other News Expirations Reduce Forbearance Participants by 11 Percent Fri, Oct 8, 2021 2:53PM The number of mortgages in forbearance saw its l argest reduction in 12 months l ast week. Black Knight said 177,000 loans exited the program, many of them having reached the end of the 18 months of reduced or suspended payments allowed for those financially impacted by the COVID-19 pandemic. This is an 11 percent reduction in program participants during the... (read more) Remote Work Apparently Not Killing Cities Fri, Oct 8, 2021 2:50PM As the result of a Local Employment Dynamics Webinar held earlier this year, the Census Bureau has paired up with Zillow, using their combined data to show some of the impact of the pandemic on housing market trends. Census Bureau analyst Earlene K.P. Dowell wrote of the results in an article published on the Bureau's website. Dowell says that the housing ma... (read more) LO, Cap. Mkts. Jobs; Automation, Credit, Processing Products; Conforming Conventional News; Redwood Trust Deal Tue, Oct 12, 2021 10:57AM People ask me for advice all the time. For example, I tell guys, “Don’t ask your wife when dinner will be ready while she’s mowing the lawn.” With the move in rates, LOs are looking for advice, hoping for free extensions. Everyone knows that LOs are out there adding value and wealth to and for their clients, but since the Paleozoic er... (read more) Latest Video The 2pm Bond Report - October 12, 2021 The 9am Bond Report - October 12, 2021 IMF, World Bank set to meet amid major global tax overhaul The 2pm Bond Report - October 8, 2021 Around the Web Calculated Risk Blog Second Home Market: South Lake Tahoe in September CNBC Today's tight housing market is already overbuilt, one analyst says Calculated Risk Blog Will House Prices Increase "a further 16% by the end of 2022"? Reuters Explainer-What a U.S. debt ceiling extension means for bond markets CNBC House Speaker Nancy Pelosi signals Democrats could cut major pieces of Biden's economic plan CNBC A record 4.3 million workers quit their jobs in August, led by food and retail industries Calculated Risk Blog BLS: Job Openings Decrease to 10.4 Million in August CNBC IMF cuts its global growth forecast, citing supply disruptions and the pandemic Reuters China's property sector stalked by Evergrande default fears Reuters U.S. House expected to pass bill to hike debt ceiling, avert default CNBC Treasury yields search for direction ahead of job openings data Calculated Risk Blog 2nd Look at Local Housing Markets in September: Memphis, Nashville, North Texas (Dallas), Northwest (Seattle), Sacramento and Santa Clara (San Jose) Reuters Yields rise, stocks nudge higher after U.S. jobs data

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