Mortgage rates remained flat from last week, but are expected to fall further as they continue to lag changes in 10-year Treasury yields, according to Freddie Mac.

If rising flood waters were the right analogy last time around, this time a tsunami is probably a more accurate description of the wave of delinquencies about to come.

Ginnie Mae and the FHA provided temporary liquidity relief for mortgage servicers bracing for higher delinquencies, but the industry continues to pressure Treasury and the Fed to provide more comprehensive support.

Community banks and credit unions could carve out an opportunity by refinancing mortgages from larger institutions.

Mortgage rates dropped for the second consecutive week, falling 17 basis points, but that is not attracting homebuyers back into an uncertain market, according to Freddie Mac.

Simply stated, the federal forbearance of mortgage payments is perhaps the largest unfunded public mandate in American history.

The actions taken by the Federal Reserve to calm the financial markets was key to the drop in mortgage rates this week, according to Freddie Mac.

Detroit-based mortgage giant Quicken Loans could be facing a cash crunch in coming weeks and possibly need temporary emergency federal assistance if lots of borrowers stop making payments on their home mortgages during the coronavirus pandemic, according to a news report.

The Federal Reserve Board should create a dedicated facility for mortgage servicers to access in order to make required advances, industry participants and observers, including its largest trade group, said.

With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors.