Mortgage rates improved today, on average, but things can vary quite a bit depending on the lender. Several lenders are back in line with their lowest rates of the past 2 weeks. With the exception of early March 2020, these are the lowest rates of all time--at least if we're talking about conventional, conforming, top tier scenarios. It continues to be the case that "off-the-beaten-path" loan scenarios are nowhere near their historical lows. This group includes risk factors like cash-out refinances, lower FICO scores, investment properties, and higher loan-to-value ratios. Combine more than a few of those factors and you can be reasonably assured that you won't even get a quote from a lender willing to do the loan, let alone offer a decent rate. This is being driven by the response to coronavirus

May 13, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 13, 2020 Mortgage Rates Back in Line With Recent Lows Wed, May 13, 2020 4:02PM Mortgage rates improved today, on average, but things can vary quite a bit depending on the lender. Several lenders are back in line with their lowest rates of the past 2 weeks. With the exception of early March 2020, these are the lowest rates of all time--at least if we're talking about conventional, conforming, top tier scenarios. It continues to be the case that "off-the-beaten-path" loan scenarios are nowhere near their historical lows. This group includes risk factors like cash-out refinances, lower FICO scores, investment properties, and higher loan-to-value ratios. Combine more than a ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 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 5.5 101.29 +0.16   97.47 101.61 UMBS 30YR 6.0 102.44 +0.04   99.66 102.50 10 YR Treasury 4.031 -0.035   3.621 4.780 MBS Live Day Ahead: Will Powell Drop Any Hints? Wed, May 13, 2020 9:00AM In ancient financial market times (let's say any time before 2009), a massive economic shock resulted in a pervasive move lower in both stock prices and bond yields.  This is a logical way to move away from risk and protect return-on-investment.  This dynamic is still very much in play, but it is more complicated in the era of deep involveme... (read more) MBS Price Change UMBS 5.0 99.91 +0.27 UMBS 5.5 101.28 +0.15 UMBS 6.0 102.45 +0.06 GNMA 5.0 100.21 +0.21 GNMA 5.5 101.23 +0.10 GNMA 6.0 102.00 0.00 Pricing as of: 9/15 2:12PM EST US Treasury Yield Change 2 YR Treasury 3.534 -0.019 5 YR Treasury 3.600 -0.030 7 YR Treasury 3.782 -0.034 10 YR Treasury 4.031 -0.035 30 YR Treasury 4.649 -0.032 Pricing as of: 9/15 2:12PM EST Other News Refi Boom Remains Steady as Purchase Demand Continues to Heal Wed, May 13, 2020 8:23AM Last week was yet another good one for purchase mortgage activity and refinancing, while continuing to fade, was still at double its pace of a year ago. The Mortgage Bankers Association (MBA) said the upshot was a slight increase in its Market Composite Index, a measure of mortgage loan application volume. It gained 0.3 percent on a seasonally adjusted basis... (read more) Pre-Lockdown Home Prices Increase by Double-Digits in Some Metros Tue, May 12, 2020 12:23PM Home prices really ramped up in the first quarter of 2020 as inventory failed to make significant gains. The National Association of Realtors® (NAR) said the median single-family home in the quarter sold at $274,600, a 7.7 percent annual increase. Prices rose in 96 percent of the 181 metropolitan areas tracked NAR. In the fourth quarter of 2019, 94 perce... (read more) Calm Before the Storm: Delinquency Rates Hit New Lows in February Tue, May 12, 2020 9:04AM CoreLogic's Loan Performance Insights Report has shown only incremental changes, primarily declines, in most of its measures of delinquency. The most recent report, covering February, is more of the same, marking the 26 th straight month that delinquency rates have fallen, and most are now at record lows. However, the company says it expects, starting with t... (read more) Marketing, Broker, Appraisal Products; Shifts in Credit Reporting and Underwriting; Negative U.S. Rates? Wed, May 13, 2020 9:09AM Remember the old days at a birthday party when someone would blow on the cake before everyone ate it? Things are certainly changing, including processing residential loans. In our biz, as we all wait for Ginnie to come out with its electronic promissory note policy, Informa Financial Intelligence released its April 2020 Mortgage Originations Data. Rate-lock ... (read more) Latest Video Richard Fisher: Negative rates are a destructive mechanism Companies rushing to raise capital through debt David Tepper: This is second-most overvalued market, behind only '99 PPP loans don't work if businesses can't reopen, says restaurant owner Around the Web Reuters Wall Street ends down on Powell's sober outlook, call to Congress for help CNBC Fed's Mester sees a recovery or a 'much more dire' scenario as equally possible Calculated Risk Blog Fannie and Freddie: REO inventory declined in Q1, Down 20% Year-over-year CNBC Powell's gloomy outlook has investors predicting the Fed may make another big move soon Calculated Risk Blog Houston Real Estate in April: Sales Down 21.6% YoY, Inventory Unchanged YoY CNBC David Tepper says this is the second-most overvalued stock market he's ever seen behind only '99 Reuters Equities slide, bonds rise, on Fed warning of prolonged recession Reuters U.S. producer prices post biggest drop since 2009 Reuters Instant view: Powell: Brace for 'extended period' of economic woe CNBC Powell says the Federal Reserve is not looking at negative interest rates Reuters Fed Chair Powell warns of prolonged U.S. recession after coronavirus Reuters Fed's Powell to assess next phase of pandemic economy NAR - Realtor.com What Home Buyers and Sellers Can Expect in 2020, as Pandemic Revises Forecast

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