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Mortgage rates unexpectedly fell to new 7-month lows today, following bond market gains in the overnight hours (Asian and European trading sessions). Interest rates are driven by bond markets. The latter is part of an ecosystem of "risk" associated with the entire financial market. At times, most of that broader market will collectively move toward or away from risk. When investors are shedding risk, bonds (and thus, mortgage rates) tend to benefit. Adding to the bigger-picture move was a headline regarding China's intention to buy more US bonds. Higher demand for bonds results in higher prices (which move inversely from rates). The average lender is now quoting conventional 30yr fixed rates in the high 3% range on top tier scenarios. The range is fairly wide between lenders as some were better
Mortgage Rate Watch
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Mortgage rates unexpectedly fell to new 7-month lows today, following bond market gains in the overnight hours (Asian and European trading sessions). Interest rates are driven by bond markets. The latter is part of an ecosystem of "risk" associated w... (read more)
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Housing News
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June is National Homeownership Month and the National Association of Home Builders (NAHB) says that owning a home is as much a part of the American Dream as ever. The Association commissioned a large-scale survey of 11,300 registered voter earlier th... (read more)
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Housing News
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Home price increases moderated slightly in April, at least as measured by the CoreLogic Home Price Index (HPI). The company announced an increase of 6.9 percent compared prices in April 2016, falling off a bit from the year-over-year appreciation rat... (read more)
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Rob Chrisman
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I received this note/suggestion regarding broker business. " Is California dysfunctional? In California, brokers are typically regulated by the BRE , but also the DBO . The BRE doesn't appear to care much about the LO comp rule, nor are brokers big e... (read more)
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MBS Commentary
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There are no significant data or events on the calendar today and the Fed remains in its "blackout period" (where Fed speakers abstain from commenting on monetary policy in the week and a half leading up to a Fed Announcement). On top of that, ... (read more)
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MBS Commentary
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ISM Non-Manufacturing was this morning's biggest potential market mover, but it came in very close to consensus. Moreover, its internal components somewhat offset each other in that the inflation ("prices paid") component was much weaker whil... (read more)
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