Mortgage News Daily

Mortgage News Daily

Mortgage Rates Surge Lower After Fed Announcement; Application Volume Explodes

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 …

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Closer Look at April’s Historic Delinquencies; Rates Start Strong; Will Fed Save Bonds?

Black Knight says that only three months after the national delinquency rate hit a record low, falling 1.5 percentage point below its pre-Great Recession average in January, it skyrocketed to 6.45 percent. This is a 3.1 percent change in April alone, the largest single-month increase on record and nearly triple the previous record , a November 2008 surge. During the …

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CFPB Warns Servicers and Lenders; Are All-Time Low Rates In The Rearview?

A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Act includes provisions granting a right to forbearance to mortgaged homeowners impacted by the COVID-19 pandemic. Under these provisions, servicers of federally-backed mortgages including …

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Employment Data Moving Markets Even Though It Wasn’t Supposed To; Rough Day For Rates

Mortgage rates were decisively higher today as the bond market lost ground due to surprisingly strong economic data. Mortgage rate movement is mainly a factor of mortgage bond prices. In turn, mortgage bonds tend to move in broadly the same direction as the US Treasury market. That’s why so many people think mortgage rates are based on 10yr Treasury yields. …

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