Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mortgage rates via mid-day price changes. Bonds loved what the Fed had to say because the announcement unequivocally committed to ongoing bond purchases in amounts equal to what we've seen in recent weeks. In a nutshell, the Fed will continue to be the single biggest buyer of new mortgage debt. When demand for that debt is strong, mortgage bond prices move higher. When prices move higher, rates move lower. Today's mortgage rate move is NOT related to the Fed forecasting near-zero rates through 2022. Those forecasts pertain to the Fed Funds Rate which

June 11, 2020 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Surge Lower After Fed Announcement Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mor... (read more) Housing News Equity Cushion May Prevent Another Housing Crisis Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With t... (read more) Rob Chrisman LO, Training Jobs; Construction, VA IRRRL, Loss Mit Programs; No "V-shaped" Recovery Despite the early stages of quarantine and captivity seeming to drag, the year is rushing along. They always do. The Chairman of the Federal Reserve tells us not to expect a “V-shaped” recovery, details in Capital Markets section below. W... (read more) Housing News Credit Access Retreats Back to Six-Year Lows Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 1... (read more) Housing News Quarantines Lift, Mortgage Volume Explodes The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions on individuals and businesses imposed in response to the COVID-19 pandemic. MBA's M... (read more) MBS Commentary MBS Live Recap: Bonds Back in Business; More New All-Time Low Rates Bonds Back in Business; More New All-Time Low Rates What a difference a week makes!  Last week, the order of the day was to lament the negative momentum shift that took bond yields up and out of establis... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.67% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.67% -0.05 0.00 15 Yr. Fixed 5.91% -0.05 0.00 30 Yr. FHA 6.20% -0.02 0.00 30 Yr. Jumbo 6.80% -0.04 0.00 7/6 SOFR ARM 6.33% 0.00 0.00 30 Yr. VA 6.22% -0.01 0.00 Updates Daily - Last Update: 6/30 15 Yr. Fixed Rate 5.91% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 100.02 +0.21 Price / Yield Change MBS UMBS 5.5 100.07 +0.26 UMBS 6.0 101.68 +0.17 GNMA 5.5 100.19 +0.19 GNMA 6.0 101.50 +0.14 Pricing as of: 6/30 6:23PM EST 10 Year US Treasury 4.2290 -0.0523 Price / Yield Change US Treasury 2 YR Treasury 3.715 -0.035 5 YR Treasury 3.804 -0.031 7 YR Treasury 3.990 -0.045 10 YR Treasury 4.225 -0.057 30 YR Treasury 4.776 -0.055 Pricing as of: 6/30 6:23PM EST Latest Video Mortgage rates fall below three percent for the first time ever Treasury Secretary Steven Mnuchin on PPP, commercial rent, future stimulus US producer price index rises 0.4% in May US weekly jobless claims total 1.542 million, vs 1.6 million estimate Around the Web CNBC Quicken Loans, the largest U.S. mortgage lender, is planning an IPO, sources say NAR - Realtor.com What Recession? Summer Home-Buying Season Heats Up as Prices Surge Reuters A month into reopening, no clear turn for U.S. economy or pandemic Calculated Risk Blog Houston Real Estate in May: Sales Down 20.7% YoY, Inventory Down 8.3% YoY NAHB Eye on Housing Building Materials Prices Move Higher in May CNBC Manhattan's empty apartments: New leases plunge 62% in May Reuters Dow slumps 5% on fears of spurt in virus infections, economic worries CNBC Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave Calculated Risk Blog Hotels: Occupancy Rate Declined 45.3% Year-over-year, Eighth Consecutive Week of Slightly Higher Demand Calculated Risk Blog CoreLogic: 1.8 Million Homes with Negative Equity in Q1 2020 CNBC Treasury Secretary Mnuchin says 'we can't shut down the economy again' CNBC US weekly jobless claims total 1.542 million, vs 1.6 million estimate CNBC Dems, GOP continue to spar over extension of extra $600 in unemployment benefits

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