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Before coronavirus, the average 30yr fixed mortgage rate was almost always 1.6% to 2.0% higher than 10yr Treasury yields. When bond volatility was extreme (especially when Treasury yields were dropping quickly), that gap could be wider, but it was never even close to...
Every professional in the housing/mortgage market understands the crushing economic changes for many households as a result of coronavirus. It makes all the sense in the world for those households to pursue the forbearance option (skipping mortgage payments for...
Investors buy and sell groups of mortgages that are pooled together in mortgage-backed bonds. The price an investor is willing to pay for a mortgage bond is the primary factor in determining mortgage rates. As demand for these bonds increases, rates fall (all other...
One of the most critical features of the modern mortgage market is the fact that mortgage investors can count on getting repaid even if the homeowner isn't making payments. The mortgage servicer is the first line of defense, but it's the agencies (Fannie, Freddie,...
While some aspects of the housing/mortgage market have stabilized over the past few weeks, we're still waiting for some important guidance about the path ahead. The last few newsletters are worth revisiting, but here's a recap: Lockdowns = unprecedented joblessness...
The last few newsletters paint an incredibly interesting and volatile picture for the mortgage market. Just as the industry was coming to terms with unprecedented market volatility due to coronavirus, the details of the CARES Act (the coronavirus...
Things are changing rapidly in the mortgage market. Almost overnight, loan programs have disappeared, interest rates are all over the place, and more than a few lenders are closed for business indefinitely. All this despite the Federal Reserve buying more than $100...
There's been no shortage of crazy weeks in the mortgage market lately, and this one was not to be outdone. By the end, the prices of the bonds that normally determine mortgage rates surged well into record highs. That would normally suggest the lowest mortgage rates...
Last week was the wildest in the history of the mortgage market. This week was wilder. It ended with a one-of-a-kind show of force from the Federal Reserve. This wasn't necessarily destined to be the case, but things changed dramatically on Wednesday. By then,...
GoPrime Mortgage, Inc. is a mortgage lender. NMLS ID # 69551. Arizona Mortgage Banker License No. 0942646. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. For licensing information, go to: www.nmlsconsumeraccess.org. Not licensed in all states.
