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Mortgage rates were flat yesterday , but I warned that volatility could increase today. That turned out to be an understatement. Mortgage rates shot higher nearly as quickly as they'd moved lower last week. In fact, the average lender is offering rates that are back in line with the recent highs seen last Monday. As far as rate movement goes, today's jump in rates is a bigger deal than last week's improvement because it takes us back to the highest levels since early August. That's when the year's most abrupt drop began. Shortly thereafter, I added the first bullet point in the list of lock/float considerations below. Simply put, the rate rally was getting so big and had stuck around for long enough that we were increasingly forced to worry about it fizzling out. Bottom line: rates like today
Mortgage Rate Watch
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Mortgage rates were flat yesterday , but I warned that volatility could increase today. That turned out to be an understatement. Mortgage rates shot higher nearly as quickly as they'd moved lower last week. In fact, the average lender is offering rat... (read more)
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MBS Commentary
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Yesterday was a big, bad day for the bond market with the hotly-anticipated ISM Non-Manufacturing data coming in much stronger than expected. Bonds confirmed their focus on the econ data with heavy volume and heavy selling. Yields ultimat... (read more)
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Housing News
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It may come as a surprise to some, but the Census Bureau says the housing cost burden for homeowners has been getting lighter. The Bureau's American Community Survey (ACS) found fewer households are carry excessive costs than before the recession, ho... (read more)
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Housing News
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Mortgage activity was little changed during the week ended November 1 as interest rates continued to bounce around. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 p... (read more)
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Rob Chrisman
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Besides sudden news, like PennyMac filing an antitrust lawsuit against Black Knight for anticompetitive behavior (“…market-dominating LoanSphere® MSP mortgage loan servicing system to engage in unfair business tactics that both entra... (read more)
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Housing News
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Freddie Mac's end-of-the-month forecast for October was exceptionally brief, perhaps in recognition that it has all been said before. The economy is strong but slowing, the labor market is tight and so is the housing inventory. Instead, Freddie's Eco... (read more)
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