With the number of homeowners under forbearance plans nearing 10 percent of all of those having a mortgage, a Lending Tree survey indicates that most of those borrowers did not actually need the help. One quarter of the homeowners surveyed by the company said they had applied for forbearance because of a COVID-19 hardship, and of those, 80 percent were granted one. However, only 5 percent said they wouldn't have been able to pay their mortgage without forbearance. Lending Tree says that lenders typically require borrowers to prove they're experiencing a financial hardship in order to qualify for forbearance. However, the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress lets homeowners with government-backed loans apply for forbearance without having to prove a hardship

May 20, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for May 20, 2020 Mortgage Rates Fall Back Toward All-Time Lows Tue, May 19, 2020 4:50PM Mortgage rates were mixed this morning, depending on the lender. The more responsive lenders had already bumped rates higher yesterday in response to weakness in the bond market and were thus able to offer modest improvements this morning, or at least relatively flat pricing. Other lenders were noticeably weaker (aka higher in rate). As the day progressed, the underlying bond market improved fairly decisively. This allowed most every lender to offer lower rates by the end of the day. While this wasn't enough to get us back to the all-time lows seen at times in the previous 2 business days, it ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 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 99.45 -0.13   95.05 100.47 UMBS 30YR 5.5 101.00 -0.04   97.47 101.61 10 YR Treasury 4.121 +0.040   3.706 4.780 MBS Live Day Ahead: What is MBS 'Outperformance' And Why Are We Seeing It? Wed, May 20, 2020 9:50AM I've been mentioning MBS outperformance and underperformance quite a bit recently, but what do these terms really mean and why do we care? First off, we always care about strength and weakness in mortgage bonds as they are the primary building block in determining mortgage rates (i.e. higher MBS prices = lower rates , all other things being equal).  ... (read more) MBS Price Change UMBS 4.5 97.43 -0.20 UMBS 5.0 99.48 -0.10 UMBS 5.5 101.03 +0.00 GNMA 4.5 97.50 -0.52 GNMA 5.0 99.75 -0.08 GNMA 5.5 100.91 +0.02 Pricing as of: 9/18 1:24PM EST US Treasury Yield Change 2 YR Treasury 3.572 +0.008 5 YR Treasury 3.673 +0.017 7 YR Treasury 3.863 +0.024 10 YR Treasury 4.113 +0.032 30 YR Treasury 4.726 +0.039 Pricing as of: 9/18 1:24PM EST Other News Vast Majority of Forbearances Going to Those Who Don't Need Them Wed, May 20, 2020 11:10AM With the number of homeowners under forbearance plans nearing 10 percent of all of those having a mortgage, a Lending Tree survey indicates that most of those borrowers did not actually need the help. One quarter of the homeowners surveyed by the company said they had applied for forbearance because of a COVID-19 hardship, and of those, 80 percent were grant... (read more) A Silver Lining in Mortgage Apps? Purchases Continue to Grow; Forbearance Requests Slow Wed, May 20, 2020 8:25AM Purchase mortgage applications extended their recent run of gains through the week ended May 15. The Mortgage Bankers Association (MBA) said its Purchase Index rose 6 percent compared to the previous week on both a seasonally adjusted and unadjusted basis. It was the fifth straight week of improvement, and the index, which was down by as much as 35 percent f... (read more) Borrowers in Forbearance Can Still Get a Mortgage, Probably... Tue, May 19, 2020 1:43PM Homeowners who have been granted forbearance from making full payments on their GSE guaranteed loans during the COVID-19 crisis may still be able to refinance or buy a new home when the crisis ends. The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will permit borrower to obtain a new mortgage under the following conditi... (read more) Broker, Correspondent, LOS, CRM Products; Agency Shifts; Remember Non-QM? Wed, May 20, 2020 8:47AM Jury trial by Zoom? Leave it to Texas to give it a shot. Michigan and Indiana are now offering the bar exam online for aspiring attorneys. Out of Pennsylvania comes news that Gov. Tom Wolf issued an executive order that allows real estate to open on a statewide basis effective yesterday, subject to certain guidelines. Florida has entered “Phase 1&rdquo... (read more) Latest Video Fed: Discussed capping rates at specific levels Treasury sells 20-year bonds for first time since 1980s Dallas Fed Pres. Kaplan: Need more fiscal action, including aid to states Boston Fed President Rosengren says reopening may be 'premature' Around the Web Reuters S&P 500 hits two-month high on growing recovery hopes CNBC Bidding wars in a pandemic? Housing is heating up fast CNBC Federal Reserve releases meeting minutes from April meeting Reuters WHO reports most coronavirus cases in a day as cases approach five million CNBC Tax return filings crater as Americans are holding off until July 15 NPR About Half Of U.S. Homes Lost Wages During Pandemic, Census Bureau Finds Calculated Risk Blog Census: Household Pulse Survey shows 47.5% of Households lost Income Calculated Risk Blog U.S. Births decreased in 2019, "Lowest number of births since 1985" Redfin 41% of Redfin Offers Faced Bidding Wars in Late April, Early May Amid Coronavirus Pandemic CNBC Dallas Fed President Robert Kaplan says more fiscal help will be needed including aid to states NAHB Eye on Housing 22% of Builders Reduced Home Prices in April 2020 CNBC Homebuilding stocks rise despite plunge in housing starts how two traders would play the move Reuters U.S. housing finance regulator unveils new capital framework for Fannie, Freddie

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