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.

The $16 trillion U.S. mortgage market — epicenter of the last global financial crisis — is suddenly experiencing its worst turmoil in more than a decade, setting off alarms across the financial industry and prompting the Federal Reserve to intervene.

The central bank's sweeping actions suggest a cash shortage gripping sectors directly hit by the pandemic. Banks were supposed to be protected by Dodd-Frank but are still vulnerable to a funding domino effect.

The rush to unload mortgage-backed securities signals that a credit meltdown that began with corporate bonds is spreading to other corners of the market.

The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

Mark Calabria said Fannie Mae and Freddie Mac are currently equipped to handle elevated delinquencies, but they might need congressional or Federal Reserve help if fallout from the coronavirus persists.

A number of proposals have been floated for debt payment holidays and other types of moratoria, but such approaches offer solutions that are worse than the problems.

Mortgage rates rose sharply this week as originators looked to manage the overwhelming demand from consumers, according to Freddie Mac.

Mortgage real estate investment trusts are taking stock of their financial ability to respond to market shocks and other concerns stemming from the coronavirus.

The central bank said it was establishing the Commercial Paper Funding Facility to "support the flow of credit to households and businesses."