Mortgage Market Update7-13-20
Weekly Market News Update 07/13/2020 – 07/17/2020 |
| Mortgage rates sink to another record low in the U.S. this week as a resurgence of COVID-19 infections caused investors to move capital into the bond markets.
According to the latest data released yesterday by Freddie Mac, the 30-year fixed-rate average fell to a historic low of 3.03 percent with an average 0.8 point. The 10-year yield hit a low of .56% earlier but pushed back to.60% level after Gilead’s Remdesivir Virus drug news hit. With mortgage bonds move higher and yields are moving lower, it may bring the average 30-year rate to below 3%. Today, the Fed will be purchasing up to $4.665B in mortgage-backed securities. The FNMA 30-yr 2%, 2.5% and 3% coupons will see the bulk of the buying with $2.897B spent today. Locking rate is advised as mortgage bonds fall to session lows. Since the application time is taking longer than before, it is suggested to apply earlier and lock at 45 days for refinance and 30 days for purchase loan. |
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