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Mortgage rates moved higher today, bringing them back in line with the highest levels in nearly a month. That sounds a bit worse than it actually is, due to the narrow range of rates over that time. In fact, most prospective borrowers would be quoted the same rate as yesterday, with the only difference being slightly higher upfront costs. With extended periods of narrow ranges comes increased odds for a bigger move . There's never any way to tell if such a move will be higher or lower--only that it's more likely. This is especially true as we head into big-ticket events like tomorrow's jobs report. Traders are also tuned in to the weekend's French election results and the various political headlines coming out of Washington. In general, rates had been trending lower through mid-April, and they
Rob Chrisman
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Today on “Jobs Friday,” don’t think California has some pull? It is home to 1 in 8 Americans and its economy is the 6th largest in the world. It has 58 counties; there are a total of 3,143 counties and county-equivalents in the Unit... (read more)
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Mortgage Rate Watch
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Mortgage rates moved higher today, bringing them back in line with the highest levels in nearly a month. That sounds a bit worse than it actually is, due to the narrow range of rates over that time. In fact, most prospective borrowers would be quoted... (read more)
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MBS Commentary
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Today's chart is essentially the same chart we examined yesterday, but this time the only trendlines are those surrounding the most recent trend. They mark the higher highs and higher lows since mid-April (a "trend channel"--one of the simplest... (read more)
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Housing News
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After years of quantitative easing, the Federal Reserve is estimated to own $1.75 trillion in agency mortgage-backed securities (MBS). The securities are issued by Freddie Mac and Fannie Mae (the GSEs), backed by conventional mortgages they aggregate... (read more)
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Housing News
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There was a very slight downward change in the availability of mortgage credit last month, driven primarily by on ongoing slippage in the availability of conforming loans. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability I... (read more)
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MBS Commentary
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This morning's Day Ahead laid out a case for bonds taking a "lead-off" ahead of tomorrow's NFP data. It's not necessarily about NFP (the nonfarm payrolls component of the jobs report) as much as the recently narrow range in longer-term bond y... (read more)
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