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The bond market shrugged off a warmer inflation outlook from the Fed yesterday and instead chose to focus on its transitory effects which include a modest contraction in economic growth prospects. We'll get a taste of that slowdown this AM when the first estimate of Q1 GDP is released at 830. Overall...
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The economy has hit an "air pocket" according to Fannie Mae's latest economic projections . If your plane has ever hit one you're familiar with the feeling; weightlessness, stomach not quite where you left it. You know or at least hope the plane will stop dropping, you are just not sure when... Fannie...
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Given the potential compensation fluctuations facing many in the industry ("sometimes they fluc up, sometimes they fluc down," to quote a joke), it is important to remember what exactly motivates people. If you have a few minutes to spare, and can take your focus away from the amazing art work, this...
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Poor reads on housing and manufacturing helped mortgage rates move back to historic lows yesterday. However as the day progressed mortgage-backed securities prices fell from their highs and some lenders were forced to reprice for the worse. Rate sheet recalls were not broad based though. We had only...
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The economy is so bad, I bought a toaster oven and my free gift with purchase was a bank...If the bank returns your check marked "Insufficient Funds," you call them and ask if they meant you or them...Angelina Jolie adopted a child from America...My cousin had an exorcism but couldn't afford...
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Mortgage rates were priced at the most aggressive levels of our era on Wednesday following a steady stream of disappointing housing data that sent stock indexes lower. Rates did back up a few basis points yesterday for what seemed like no reason besides rally exhaustion, but we got those losses back...
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Mortgage rates rose yesterday morning after optimism in equities led bond investors to sell their flight to safety positions in risk free U.S. Treasuries. This led mortgage-backed security prices lower and forced consumer borrowing costs higher. While the S&P failed to maintain momentum all the way...
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Mortgage rates capped off a great week in sour fashion last Friday. After four days of stock selling induced rate rallying, lenders were finally forced to reprice for the worse on Friday. While mortgage rates did rise more than they have on average, the best 30 year conventional fixed loan rate was still...
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Mortgage rates bounced back and forth in a relatively tight range before going out at their highest levels of the week last Friday. Although prices of mortgage-backed securities managed to rally of their lows of the day, most lenders did not reprice for the better. The only economic data we got today...
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For most of yesterday's trading session it appeared mortgage rates were destined to move higher. Benchmark Treasury yields and mortgage-backed security prices opened lower and held near their weakest levels of the year all the way into the 7-year Treasury note auction. Many lenders actually repriced...
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Today we got the "final" read on Q4 GDP. I say "final" because this report will be revised for years to come, it just won't be highly publicized. The market was expecting Q4 GDP to come in around +5.9%. This would have been no change from the "preliminary" GDP print...
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Last week ended on a sour note for mortgage rate watchers. Weakness stemmed from the Treasury Department's scheduled announcement which laid out the terms of this week’s auctions (debt offering). This combined with the fact that it was a Friday afternoon, the data calendar was empty, and interest...
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Since Monday the benchmark S&P 500 has tumbled 0.56% but with fresh data on housing, growth, manufacturing, and consumer sentiment all before Noon, the trend could reverse course quickly. 90 minutes before the open, Dow futures are down 4 points to 10,312 and S&P 500 futures are trading 0.20...
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Mortgage rates ended last week at their best levels since early December. Then rates rose on Monday, gained back lost ground on Tuesday only to give back those improvements after the FOMC statement on Wednesday, weakness then extend over into Thursday. This left the par 30 year fixed mortgage rate in...
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Good Morning. Mortgage Rates will move higher today after economists got what they were expecting AND MORE from Advance Q4 GDP. The market was expecting Q4 GDP to increase at a rate of 4.6%. The actual print: +5.7% Advance Q4 GDP +5.7 % (consensus +4.6), Q3 +2.2 %; final sales +2.2 % (cons +1.6), Q3...