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April 3rd and 4th saw the average top tier 30yr fixed mortgage rates well into the "mid 6's." Many lenders were able to quote 6.5% at the time. Just a few days ago, we noted there was still a ways to go before breaking below those early April levels, but the past few days have taken us within striking distance. The average lender is now only 0.07% higher than they were on April 4th and that's a gap that can be traversed in as little as one day under the right circumstances. If it is destined to be traversed in the near feature, it would likely be due to exceptional weakness in the forthcoming economic data--especially Thursday's big jobs report. Conversely, if this week's economic data surprises to the upside, it would likely coincide with rates bouncing here and headline back into the recent range. And lastly, if this week's data doesn't cast a decisive vote in either direction, next week's inflation reports could easily break the tie. The most interesting aspect of today's movement was the movement itself. It didn't happen due to any interesting data or news headlines. Both stocks and bonds (which dictate rates) improved as traders moved portfolios into position for the end of the month/quarter. This can cause market movement independent of economic data/news.
Mortgage Rate Watch
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April 3rd and 4th saw the average top tier 30yr fixed mortgage rates well into the "mid 6's." Many lenders were able to quote 6.5% at the time. Just a few days ago, we noted there was still a ways to go before breaking below those early A... (read more)
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MBS Commentary
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Month/quarter end trading is a somewhat esoteric and potentially frustrating concept for the typical market watcher because it seemingly violates the notion that market move for logical underlying reasons. To be fair, month-end volatility also ... (read more)
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Rob Chrisman
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“The seminar ‘How to avoid frauds’ is canceled. Tickets are non-refundable.” Mortgage fraud is alive and well in the United States. In Utah, Kouri Richins, 35, the Kamas mother who is accused of killing her husband and writing a children’s book about... (read more)
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