Daily Newsletter: Home Prices “Remarkably Stable” in April; Record Month For Rates

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30 Year Fixed 2.94% -0.01 15 Year Fixed 2.67% -0.01 10YR Treasury 0.66% +0.0311 FNMA 30YR 3.5 105.16 0.00 FNMA 15YR 2.5 105.08 -0.02 View Today’s Rates

Tuesday June 30, 2020 MND NewsWire – 10:12AM Home Prices "Remarkably Stable" in April Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a … Mortgage Rate Watch – 3:36PM Best Month Ever For Mortgage Rates Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly … MBS Commentary – 4:46PM MBS RECAP: Surprisingly Quiet Quarter-End Trading. No Objections Here Surprisingly Quiet Quarter-End Trading. No Objections Here The last trading day of any given month (especially if it’s also the end of a quarter) can often see elevated volatility without … Servicing, Inspection, Loss-mit Products; CFPB’s Structure to Change; Ginnie Adjusts Pooling Requirements Record Surge in Pending Home Sales Latest Video Powell: Fed committed to using all tools available Consumer confidence index comes in better than expected in June Paychex small business report indicates employment is steady in June More News from ‘Around the Web’ Calculated Risk Blog – 4:48PM Fannie Mae: Mortgage Serious Delinquency Rate Increased in May Calculated Risk Blog – 3:18PM Las Vegas Visitor Authority: "No Convention Attendance, Hotel Occupancy 2.8%" in May CNBC – 1:42PM Treasury Department, IRS will not extend Tax Day a second time CNBC – 11:57AM The wealthy are prepping for tax increases with these three strategies Calculated Risk Blog – 10:53AM "Chemical Activity Barometer Falls Slightly In June" CNBC – 10:20AM U.S. consumer confidence for June jumps to 98.1, vs 91 expected Calculated Risk Blog – 9:37AM Case-Shiller: National House Price Index increased 4.7% year-over-year in April CNBC – 9:10AM The coronavirus is expected to have cost 400 million jobs in the second quarter, UN labor agency estimates CNBC – 8:02AM PPP loans are ending. Here’s where small businesses can turn now twitter.com – 8:01AM FHFA is providing tenant protections to help renters in multifamily properties stay in their homes CNBC – 8:01AM Treasury yields retreat as Fed’s Powell stresses uncertainty and coronavirus cases surge Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 2.94% -0.01 15 Yr FRM 2.67% -0.01 FHA 30 Year Fixed 2.50% +0.00 Jumbo 30 Year Fixed 3.95% -0.03 5/1 Yr ARM 2.92% -0.03 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 0.00% 0.00 +0.00 30 Yr. Fixed 0.00% 0.00 +0.00 MBA ** 30 Yr. Fixed 3.30% 0.32 +0.00 15 Yr. Fixed 2.81% 0.30 +0.01 30 Yr. Jumbo 3.62% 0.29 -0.05 30 Yr. FHA 3.35% 0.22 +0.02 5/1 ARM 3.09% 0.01 +0.02 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 3.13% 0.80 +0.00 15 Yr. Fixed 2.59% 0.80 +0.01 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.08% 0.50 -0.01 Secondary Markets MBS Price Change 30YR UMBS 3.0 105.30 0.00 30YR UMBS 3.5 105.16 0.00 30YR GNMA 3.0 105.77 +0.13 30YR GNMA 3.5 104.89 -0.45 15YR FNMA 3.0 105.08 -0.02 15YR FNMA 2.5 104.66 +0.02 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.1544% +0.0020 5 YR 0.2878% +0.0126 10 YR 0.6577% +0.0311 30 YR 1.4127% +0.0321 Prices as of: 6/30/2020 5:05PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2020 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Daily Rate Update: Best Month Ever For Mortgage Rates

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30 Year Fixed 2.94% -0.01 15 Year Fixed 2.67% -0.01 10YR Treasury 0.66% +0.0311 FNMA 30YR 3.5 105.16 0.00 FNMA 15YR 2.5 105.08 -0.02 View Today’s Rates

Best Month Ever For Mortgage Rates June 30, 2020 Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best month in the history of the mortgage market with many lenders now offering conventional 30yr fixed rates under 3% on top tier scenarios. The low rate environment has been made possible first and foremost by the economic contraction resulting from coronavirus. In and of itself, however, that still likely wouldn’t be sufficient to get rates as low as they are. The rest of the heavy lifting has been done by the Federal Reserve, which stepped in when markets were experiencing the height of their recent volatility in early March 2020. The Fed helped restore liquidity by buying Treasuries and mortgage-backed bonds directly. This helps push interest rates down not only for mortgages, but also for the US government (which needs to borrower more heavily than ever before in order to finance the fiscal response to coronavirus). Either way, we’re talking about the pandemic. As long as it’s an issue–especially one that is staying the same or getting worse–there will be a reason for rates to be historically low. There is a lot of uncertainty in the market right now as several states see rapidly rising positive test rates and case counts. If that proves to be a temporary reaction to increased social interaction (and one that is ultimately manageable), rates will start seeing some pressure to move higher, but we have yet to turn that corner. Until then, keep the following caveats in mind (repeated from yesterday): 1. Different borrowers will see different pricing. This sort of goes without saying, but it’s much more pronounced than it has been before coronavirus. Specifically, we’re talking about the big differences in mortgage rate quotes for borrowers with certain combinations of risk factors. These include things like investment properties, cash-out, higher loan-to-value ratios, and the like. The all-time low rates seen in 2012 (and almost again in 2016) were much lower than what these off-the-beaten path scenarios are seeing today. 2. It’s all about coronavirus. The market is hanging on every major update on covid-19 case counts (focusing on positive test rates and hospitalizations). These are then balanced against the extent to which the state/county in question has lifted quarantine measures. If it looks like the economy can slowly lurch back to business, rates will feel pressure to move higher. If it looks like coronavirus retains the upper hand, rates could continue inching toward more all-time lows. 3. Mind the gap. There’s been a very wide gap between mortgage rates and what the bond market says mortgage rates should be–much wider than any pre-coronavirus time period. That allowed mortgage rates to fall even as Treasury yields were flat to slightly higher over the past 2 months. That gap has largely been closed now, so mortgage rates are playing on a more level playing field now (i.e. if bond yields move higher, mortgage rates are more prone to follow moving forward). Loan Originator Perspective The current 2.0 MBS is currently at its best level since it started trading in March of this year. My rate sheets; however; don’t reflect the best pricing but it is very close. With today being month end and a holiday weekend coming, I think locking today is the way to go. –Victor Burek, Churchill Mortgage 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 2.94% -0.01 15 Yr FRM 2.67% -0.01 FHA 30 Year Fixed 2.50% +0.00 Jumbo 30 Year Fixed 3.95% -0.03 5/1 Yr ARM 2.92% -0.03 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 0.00% 0.00 +0.00 30 Yr. Fixed 0.00% 0.00 +0.00 MBA ** 30 Yr. Fixed 3.30% 0.32 +0.00 15 Yr. Fixed 2.81% 0.30 +0.01 30 Yr. Jumbo 3.62% 0.29 -0.05 30 Yr. FHA 3.35% 0.22 +0.02 5/1 ARM 3.09% 0.01 +0.02 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 3.13% 0.80 +0.00 15 Yr. Fixed 2.59% 0.80 +0.01 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.08% 0.50 -0.01 Secondary Markets MBS Price Change 30YR UMBS 3.0 105.30 0.00 30YR UMBS 3.5 105.16 0.00 30YR GNMA 3.0 105.77 +0.13 30YR GNMA 3.5 104.89 -0.45 15YR FNMA 3.0 105.08 -0.02 15YR FNMA 2.5 104.66 +0.02 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.1544% +0.0020 5 YR 0.2878% +0.0126 10 YR 0.6577% +0.0311 30 YR 1.4127% +0.0321 Prices as of: 6/30/2020 5:05PM EST

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2020 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

MBS RECAP: Surprisingly Quiet Quarter-End Trading. No Objections Here

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Posted to: MBS Commentary
Tuesday, June 30, 2020 4:46 PM

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Surprisingly Quiet Quarter-End Trading. No Objections Here

The last trading day of any given month (especially if it’s also the end of a quarter) can often see elevated volatility without any obvious motivation (here’s why). While that was sort of the case for Treasuries today, even they were fairly calm in the bigger picture. MBS barely budged by comparison. With rates at all time lows, no objections here!

Econ Data…

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More from MND:

• Mortgage Rate Watch: Best Month Ever For Mortgage Rates
• MND NewsWire: Home Prices "Remarkably Stable" in April
• Pipeline Press: Servicing, Inspection, Loss-mit Products; CFPB’s Structure to Change; Ginnie Adjusts Pooling Requirements
• Mortgage Rate Watch: Mortgage Rates Continue at All-Time Lows, But Caveats Remain
• MBS Commentary: MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows

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Home Prices “Remarkably Stable” in April

Posted to: MND NewsWire
Tuesday, June 30, 2020 9:51 AM

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Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The National Index posted a 1.1 percent month-over-month increase before seasonal adjustment and an 0.5 percent gain after it. The 10-City Composite appreciated at an annual rate of 3.4 percent, unchanged from the March rate while the 20-City Composite’s annual increase rose to 4.0 percent from 3.9 percent the previous month. The 10-City and 20-City measures had monthly increases of 0.7 percent and 0.9 percent respectively before seasonal adjustment and both posted 0.3 percent increases after adjustment. In April, all 19 cities (excluding Detroit for which sufficient data was not available due to a county recording office shutdown) reported increases before seasonal adjustment. Sixteen of the 19 cities reported them afterward.

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More from MND:

• Pipeline Press: Servicing, Inspection, Loss-mit Products; CFPB’s Structure to Change; Ginnie Adjusts Pooling Requirements
• Mortgage Rate Watch: Mortgage Rates Continue at All-Time Lows, But Caveats Remain
• MBS Commentary: MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows
• MND NewsWire: Supreme Court Rules Single CFPB Director Unconstitutional
• MND NewsWire: Record Surge in Pending Home Sales

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Servicing, Inspection, Loss-mit Products; CFPB’s Structure to Change; Ginnie Adjusts Pooling Requirements

Posted to: Pipeline Press
Tuesday, June 30, 2020 8:21 AM

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Some days you don’t learn much, other days you learn a lot (skip the ad). We’ve learned that COVID is driving our economy, not fundamental economic news, and at this point virologists have better forecasts than economists. Appearing with Treasury Secretary Mnuchin today before Congress, it is believed that Fed Chairman Powell will state that there won’t be an economic recovery until the threat disappears. We are reminded that low rates come with a cost. Temporary layoffs can easily become permanent reductions. I’ve learned that many lenders are having their best June ever, volume-wise, and I’ve heard some say their June income could equal up to six months of income during a “normal” period. Margins are high in an effort to continue to control volume: why shrink margins if your underwriting turn times are two weeks out? Adjusting margins with an eye on capacity continues to be the name of the game. I hope companies are saving their money for a rainy day. Because there will be.

(READ THE FULL POST)

More from MND:

• Mortgage Rate Watch: Mortgage Rates Continue at All-Time Lows, But Caveats Remain
• MBS Commentary: MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows
• MND NewsWire: Supreme Court Rules Single CFPB Director Unconstitutional
• MND NewsWire: Record Surge in Pending Home Sales
• Pipeline Press: MSR, Marketing, Leads Products; Training and Webinars From Home

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Daily Newsletter: Record Surge in Pending Home Sales; Rates Staying Near Record Lows

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30 Year Fixed 2.95% -0.01 15 Year Fixed 2.68% +0.00 10YR Treasury 0.63% -0.0131 FNMA 30YR 3.5 105.16 -0.02 FNMA 15YR 2.5 105.09 -0.02 View Today’s Rates

Monday June 29, 2020 MND NewsWire – 10:28AM Record Surge in Pending Home Sales Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April’s home sales contract activity “will be the lowest point for pending … Mortgage Rate Watch – 3:52PM Mortgage Rates Continue at All-Time Lows, But Caveats Remain Mortgage rates were unchanged to slightly lower today, bringing the average lender right in line with all-time lows . Averages aside, several lenders are slightly higher than they were … MND NewsWire – 1:38PM Supreme Court Rules Single CFPB Director Unconstitutional The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created … MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows MSR, Marketing, Leads Products; Training and Webinars From Home MBS Week Ahead: Holiday-Shortened Week; Jobs Report on Thursday Latest Video Powell: Recovery path is ‘extraordinarily uncertain’ U.S. Supreme Court backs challenge to the structure of the CFPB Pending home sales jump 44.3% from April to May More News from ‘Around the Web’ http://www.realtor.com – 3:49PM Millions of American Homes at Greater Flood Risk Than Government Estimates, New Study Says Calculated Risk Blog – 2:03PM Update: Framing Lumber Future Prices Up Year-over-year CNBC – 1:28PM More states reverse or slow reopening plans as coronavirus cases climb CNBC – 1:26PM Nearly half the U.S. population is without a job, showing how far the labor recovery has to go CNBC – 11:22AM Supreme Court leaves CFPB intact but backs president’s ability to fire director Calculated Risk Blog – 8:46AM Six High Frequency Indicators for a Recovery CNBC – 8:23AM ECB could boost bond buying by another trillion euros, economist projects Calculated Risk Blog – 8:03AM Additional Disaster Relief Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 2.95% -0.01 15 Yr FRM 2.68% +0.00 FHA 30 Year Fixed 2.50% +0.00 Jumbo 30 Year Fixed 3.98% -0.01 5/1 Yr ARM 2.95% +0.00 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 0.00% 0.00 +0.00 30 Yr. Fixed 0.00% 0.00 +0.00 MBA ** 30 Yr. Fixed 3.30% 0.32 +0.00 15 Yr. Fixed 2.81% 0.30 +0.01 30 Yr. Jumbo 3.62% 0.29 -0.05 30 Yr. FHA 3.35% 0.22 +0.02 5/1 ARM 3.09% 0.01 +0.02 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 3.13% 0.80 +0.00 15 Yr. Fixed 2.59% 0.80 +0.01 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.08% 0.50 -0.01 Secondary Markets MBS Price Change 30YR UMBS 3.0 105.30 +0.05 30YR UMBS 3.5 105.16 -0.02 30YR GNMA 3.0 105.64 +0.06 30YR GNMA 3.5 105.34 +0.09 15YR FNMA 3.0 105.09 -0.02 15YR FNMA 2.5 104.64 +0.05 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.1524% -0.0156 5 YR 0.2752% -0.0252 10 YR 0.6266% -0.0131 30 YR 1.3806% +0.0092 Prices as of: 6/29/2020 5:05PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2020 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Daily Rate Update: Mortgage Rates Continue at All-Time Lows, But Caveats Remain

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30 Year Fixed 2.95% -0.01 15 Year Fixed 2.68% +0.00 10YR Treasury 0.63% -0.0147 FNMA 30YR 3.5 105.16 -0.02 FNMA 15YR 2.5 105.09 -0.02 View Today’s Rates

Mortgage Rates Continue at All-Time Lows, But Caveats Remain June 29, 2020 Mortgage rates were unchanged to slightly lower today, bringing the average lender right in line with all-time lows. Averages aside, several lenders are slightly higher than they were on Friday. Either way, the movement was minimal over the weekend. Beyond that, no conversation about all-time low rates would be complete without several of these recently relevant caveats: 1. Different borrowers will see different pricing. This sort of goes without saying, but it’s much more pronounced than it has been before coronavirus. Specifically, we’re talking about the big differences in mortgage rate quotes for borrowers with certain combinations of risk factors. These include things like investment properties, cash-out, higher loan-to-value ratios, and the like. The all-time low rates seen in 2012 (and almost again in 2016) were much lower than what these off-the-beaten path scenarios are seeing today. 2. It’s all about coronavirus. The market is hanging on every major update on covid-19 case counts (focusing on positive test rates and hospitalizations). These are then balanced against the extent to which the state/county in question has lifted quarantine measures. If it looks like the economy can slowly lurch back to business, rates will feel pressure to move higher. If it looks like coronavirus retains the upper hand, rates could continue inching toward more all-time lows. 3. Mind the gap. There’s been a very wide gap between mortgage rates and what the bond market says mortgage rates should be–much wider than any pre-coronavirus time period. That allowed mortgage rates to fall even as Treasury yields were flat to slightly higher over the past 2 months. That gap has largely been closed now, so mortgage rates are playing on a more level playing field now (i.e. if bond yields move higher, mortgage rates are more prone to follow moving forward). Loan Originator Perspective Bonds started the short holiday week in slow motion, drifting from small AM gains to small PM losses. Tomorrow holds little econ data, but Wed/Thurs mark June’s jobs reports. I’m still locking earlier in the loan process for most folks, if they’re happy with their pricing. –Ted Rood, Senior Originator, Bayshore Mortgage 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 2.95% -0.01 15 Yr FRM 2.68% +0.00 FHA 30 Year Fixed 2.50% +0.00 Jumbo 30 Year Fixed 3.98% -0.01 5/1 Yr ARM 2.95% +0.00 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 0.00% 0.00 +0.00 30 Yr. Fixed 0.00% 0.00 +0.00 MBA ** 30 Yr. Fixed 3.30% 0.32 +0.00 15 Yr. Fixed 2.81% 0.30 +0.01 30 Yr. Jumbo 3.62% 0.29 -0.05 30 Yr. FHA 3.35% 0.22 +0.02 5/1 ARM 3.09% 0.01 +0.02 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 3.13% 0.80 +0.00 15 Yr. Fixed 2.59% 0.80 +0.01 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.08% 0.50 -0.01 Secondary Markets MBS Price Change 30YR UMBS 3.0 105.30 +0.05 30YR UMBS 3.5 105.16 -0.02 30YR GNMA 3.0 105.64 +0.06 30YR GNMA 3.5 105.34 +0.09 15YR FNMA 3.0 105.09 -0.02 15YR FNMA 2.5 104.64 +0.05 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.1504% -0.0176 5 YR 0.2752% -0.0252 10 YR 0.6250% -0.0147 30 YR 1.3753% +0.0039 Prices as of: 6/29/2020 4:59PM EST

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2020 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

View this Report in your Web Browser | Forward to a Friend | Subscribe

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

MBS RECAP: Lock vs Float Considerations With Rates at All-Time Lows

Before you read it here, it was on MBS Live.

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Posted to: MBS Commentary
Monday, June 29, 2020 2:59 PM

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Lock vs Float Considerations With Rates at All-Time Lows

Stocks and bond yields are still in holding patterns relative to early June volatility. Meanwhile, mortgage rates are at all-time lows. There are scenarios where rates could improve, but the base case is quite the opposite. All of the above depends on coronavirus.

Econ Data / Events

• 11:30-11:50 AM (ET) – Fed 30yr…

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More from MND:

• MND NewsWire: Supreme Court Rules Single CFPB Director Unconstitutional
• MND NewsWire: Record Surge in Pending Home Sales
• Pipeline Press: MSR, Marketing, Leads Products; Training and Webinars From Home
• MBS Commentary: MBS Week Ahead: Holiday-Shortened Week; Jobs Report on Thursday
• MBS Commentary: MBS RECAP: The Trend is Officially Broken. Welcome Back To The Range

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Supreme Court Rules Single CFPB Director Unconstitutional

Posted to: MND NewsWire
Monday, June 29, 2020 1:32 PM

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The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the agency is unconstitutional as is its limits on the President’s ability to replace its occupant.

When Congress established CFPB it set up its funding mechanism independent of the House appropriations process, ruling its budget should come from the Federal Reserve. It also established a single director to head the agency and protected the occupant from being fired except for “inefficiency, neglect of duty or malfeasance in office” during a five-year term, Each stricture was a bid to insulate the agency from political interference.

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More from MND:

• MND NewsWire: Record Surge in Pending Home Sales
• Pipeline Press: MSR, Marketing, Leads Products; Training and Webinars From Home
• MBS Commentary: MBS Week Ahead: Holiday-Shortened Week; Jobs Report on Thursday
• MBS Commentary: MBS RECAP: The Trend is Officially Broken. Welcome Back To The Range
• Mortgage Rate Watch: Mortgage Rates Are Headed Higher (Eventually)

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Record Surge in Pending Home Sales

Posted to: MND NewsWire
Monday, June 29, 2020 10:11 AM

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Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April’s home sales contract activity “will be the lowest point for pending sales.” That turns out to have been a huge understatement–at least for now.

This morning’s release of NAR’s Pending Home Sales Index (PHSI) showed the number of those contracts for purchasing existing single-family houses, condos, townhomes, and cooperative apartments did indeed explode in May, soaring by 44.3 percent to 99.6. It was the greatest single month increase since NAR started tracking pending sales in 2001. Every major region recorded an increase in month-over-month activity, while the South also had a year-over-year increase in pending transactions.

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• Pipeline Press: MSR, Marketing, Leads Products; Training and Webinars From Home
• MBS Commentary: MBS Week Ahead: Holiday-Shortened Week; Jobs Report on Thursday
• MBS Commentary: MBS RECAP: The Trend is Officially Broken. Welcome Back To The Range
• Mortgage Rate Watch: Mortgage Rates Are Headed Higher (Eventually)
• Pipeline Press: DPA, Forbearance, Broker Products; FHA, USDA Tweaks; Treasury/MBS Spread Update

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