Locking vs Floating Remains a Question of Covid vs The Economy Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  Keep the underlying, gradual, uptrend in rates in mind on days where it seems like things are going well for bonds.  Those can be great days to lock in this environment. Econ Data / Events 11:30-11:50 AM (ET) -  Fed 30yr UMBS Buying    Existing Home Sales: 3.91m vs 4.12m f'cast, 4.33m prev Market Movement Recap 08:19 AM Bonds traded about as flat as they ever trade overnight despite a modest push back toward higher levels in stocks.  The domestic session is starting with 10yr yields and MBS both within one trade of unchanged. 12:29 PM Modest reversal from the day's best levels.  MBS were up nearly an eighth of a point, but are back to unchanged now.  10yr yields are up to .687 from .674.  Very small moves, light volume, narrow ranges. 01:04 PM Weakness a bit more pronounced now, with UMBS 2.0 coupons down to 101-26 (101.81), which is just over an eighth of a point weaker from some lenders' rate sheet print times.  10yr yields just turned higher on the day by half a bp.

June 22, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jun 22, 2020 The Great Debate For Rates, Housing, And The Market Fri, Jun 19, 2020 4:32PM Coronavirus hit markets with unprecedented force in March. Stock prices and bond yields sank. When the outlook grew less dire, markets began moving back in the other direction. As quarantine measures ease, fear surrounding a second wave of COVID-19 is pushing back on the recovery in markets. Let's quantify the fear using daily COVID-19 case counts in several key states. There's no question that these trends are alarming at face value, but the implications can vary quite a bit due to increased testing. We can get a clearer sense of the risks by looking at hospitalization data. For example, the ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.80 +0.22   95.05 100.47 UMBS 30YR 5.5 101.21 +0.18   97.47 101.61 10 YR Treasury 4.044 -0.037   3.706 4.780 MBS Live Recap: Locking vs Floating Remains a Question of Covid vs The Economy Mon, Jun 22, 2020 3:06PM Locking vs Floating Remains a Question of Covid vs The Economy Rates are low. Unless coronavirus wins, rates should continue to gradually move higher, but not in a straight line.  Keep the underlying, gradual, uptrend in rates in mind on days where it seems like things are going well for bonds.  Those ... (read more) MBS Price Change UMBS 4.5 97.81 +0.19 UMBS 5.0 99.80 +0.22 UMBS 5.5 101.21 +0.18 GNMA 4.5 98.18 +0.16 GNMA 5.0 100.07 +0.25 GNMA 5.5 101.07 +0.18 Pricing as of: 9/18 5:02AM EST US Treasury Yield Change 2 YR Treasury 3.524 -0.040 5 YR Treasury 3.614 -0.042 7 YR Treasury 3.799 -0.041 10 YR Treasury 4.046 -0.035 30 YR Treasury 4.641 -0.046 Pricing as of: 9/18 5:02AM EST Other News Mortgage Delinquencies at Nine-Year High Mon, Jun 22, 2020 9:58AM Black Knight reports another breathtaking increase in mortgage delinquencies in its "first look" at May loan performance data. The rate, which soared by 90 percent in April, grew another 20.4 percent, to 7.76 percent of all active mortgages. This puts the rate, which had been declining continually to near all-time lows before the impact of the COVID-19 pande... (read more) May's Poor Existing Sales Show the Effects of Lockdown Mon, Jun 22, 2020 11:16AM Existing-home sales fell again in May, although only at a little more than half the rate of decline in April. Still, it marked the third month of falling sales as a result of the coronavirus outbreak. The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhomes, condos, and cooperative apartments sold at an a... (read more) Forbearance Numbers Continue to Retreat Fri, Jun 19, 2020 9:49AM The number of homeowners in active forbearance plans fell again this past week. Black Knight estimates there are now 4.6 million people remaining in the plans which mortgage servicers are required to provide as part of the CARES Act package of COVID-19 economic relief. Those plans allow homeowners who claim a financial impact from the pandemic to temporarily... (read more) Marketing, TPO, Cost Analysis Products; June's Remaining Training and Events Mon, Jun 22, 2020 9:42AM After nearly 100 years, Eskimo Pie ice cream will get a new name . (The name "Eskimo" is commonly used in Alaska to refer to Inuit and Yupik people, according to the Alaska Native Language Center at the University of Alaska. This name is considered derogatory in many other places because it was given by non-Inuit people and was said to mean “eater of r... (read more) Latest Video New York City real estate prices could correct further, says Bess Freedman Covid cases will determine market volatility: Citi's Kristen Bitterly Home sales down 26.6% vs. one year ago Manhattan real estate prices could drop 10% this year as New York City atte... Around the Web CNBC The Fed's corporate bond buying is stoking bubble fears NPR California Hits New High In COVID-19 Hospitalizations Calculated Risk Blog Comments on May Existing Home Sales NPR Get A Comfortable Chair: Permanent Work From Home Is Coming NAHB Eye on Housing Texas Led with Substantial Employment Gains in May Calculated Risk Blog NAR: Existing-Home Sales Decreased to 3.91 million in May, Rebound Expected in Coming Months Calculated Risk Blog Chicago Fed National Activity "Suggests Economic Growth Increased Substantially in May" CNBC The U.S. currency's demand as an 'emergency dollar' could be waning, Deutsche Bank says CNBC Treasury yields retreat as coronavirus cases spike Calculated Risk Blog Sacramento Housing in May: Sales decline 37% YoY, Active Inventory down 23% YoY Redfin Home Prices Flat, Other Indicators Suggest the Market is Rebounding from Coronavirus Shutdowns CNBC Fed adds coronavirus scenarios to this year's bank stress tests Calculated Risk Blog Q2 GDP Forecasts: Probably Around 33% Annual Rate Decline

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