October 2020 - Mortgage Rate Watch

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Fastest Home Price Gains in Six Years; Rates Recover After Starting Higher; Covid Changing Housing

Published: 1/26/2021

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Low Rates Forever? Not Exactly, But The Word "Indefinitely" Sounds Better All The Time

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by Matthew Graham on October 01 2020, 5:28 PM

Mortgage rates were mixed today, depending on the lender. The underlying bond market (which dictates day to day changes in rates) has been more volatile in the past 48 hours compared to the past 4 weeks. Mortgage lenders respond to this volatility in...
Rates Ignore Trump's Covid Diagnosis. Has The Bond Market Gone Crazy?

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by Matthew Graham on October 02 2020, 8:00 PM

After weeks of incredibly subdued volatility, the bond market (which dictates rates) is starting to show some signs of life, but not for the same old reasons. Inflation? Inflation is one of the oldest and most significant reasons to freak out about interest...
Mortgage Rates Under Pressure as Market Volatility Picks Up

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by Matthew Graham on October 05 2020, 4:14 PM

Mortgage rates have been spoiled, relatively, by an extraordinarily calm/narrow trading pattern in the bond market. That's important because the bond market directly affects the day to day changes in mortgage rates. A narrow/calm trading pattern means...
Mortgage Rates Roughly Unchanged Today. Tomorrow Could be a Different Story

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by Matthew Graham on October 06 2020, 4:20 PM

After falling moderately to start the week, mortgage rates put in a calmer performance on Tuesday. As we discussed yesterday, volatility in the bond market results in lenders making changes to their mortgage rate offerings. Sometimes the volatility is...
Mortgage Rates Generally Unchanged, Which is Great News All Things Considered

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by Matthew Graham on October 07 2020, 4:42 PM

This morning's weekly survey data from the Mortgage Bankers Association showed a nice increase in refinance applications offset by a smaller decrease in purchase applications. It also showed mortgage rates falling to a new all-time low last week. Don...
Rates Remain Steady as Market Volatility Dies Down

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by Matthew Graham on October 08 2020, 3:53 PM

After rising at a medium-quick pace to begin the week, the past 3 days have been much calmer by comparison for mortgage rates . Today was the best example of that stability with the average lender effectively unchanged from yesterday's latest levels....
Interest Rates Increasingly Focused on Stimulus

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by Matthew Graham on October 09 2020, 4:59 PM

The bond market, which drives interest rates, is in the habit of reacting to big developments that impact the economy and inflation. At present, bonds are forced to wait for several such developments, but only one of them might come into focus this month...
Mortgage Rates Slightly Lower

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by Matthew Graham on October 13 2020, 4:56 PM

Mortgage Rates have been exceptionally calm recently. The only major exception has been the implementation, delay, and re-implementation of a new fee that affects almost all refinance transactions. The coming and going of this "adverse market fee" has...
Sideways Streak Continues For Rates

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by Matthew Graham on October 14 2020, 4:44 PM

If you're shopping for a purchase mortgage and if you'd previously received quotes from one of the slower moving lenders back in late July or early August, you may be looking at mortgage rates that are very close to all-time lows . If you're in the market...
No, Mortgage Rates Are NOT Actually At All-Time Lows

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by Matthew Graham on October 15 2020, 4:21 PM

Many of today's mortgage-related headlines are touting "new all-time lows," but there are significant caveats. The biggest caveat would likely be the fact that the average 30yr fixed rate is actually nowhere near its previous all-time lows! So why are...
Low Rates Will Face More Volatility Risk in Coming Weeks

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by Matthew Graham on October 16 2020, 5:03 PM

Yesterday, we discussed why rates are not actually at all-time lows. But rates are whatever they are. They're relation to previous lows doesn't really matter at the end of the day. Do you benefit from refinancing? Can you afford your new purchase payment...
Mortgage Rates Flat to Begin The Week--Still Not At All Time Lows

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by Matthew Graham on October 19 2020, 3:43 PM

For some unknown reason, there were additional articles over the weekend touting " all-time low mortgage rates." Underpinning these alleged rates is primary data that was released on Wednesday and Thursday last week. In short, the two weekly survey-based...
Mortgage Rates Moving Higher

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by Matthew Graham on October 20 2020, 4:41 PM

It began last week. It was subtle--so subtle as to pass largely unnoticed. But the gentle drift toward slightly higher rates has taken bigger steps so far this week. As of this afternoon, the average lender is quoting the highest rates since late September...
Mortgage Rates Highest in Nearly a Month

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by Matthew Graham on October 21 2020, 4:32 PM

Rates are appreciably higher than they were last week or indeed any time in past 4 weeks. That's surprising news to those laboring under misapprehensions created by widespread reports of "all-time low rates" from last week. As we discussed yesterday,...
Today is October 22nd, 2020, and Mortgage Rates Are Not at All-Time Lows

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by Matthew Graham on October 22 2020, 4:56 PM

Thursdays are special days for mortgage rate aficionados--or they can be anyway. That's when the weekly mortgage rate survey from Freddie Mac is released. The survey is a mainstay of the mortgage industry and the news media. It's been around the longest...

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