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In the day just past, markets continued to gyrate on trade war headlines more than anything. The overnight session saw some bond buying on tough talk from Trump at a campaign rally while the daytime session saw bonds reverse course on news that Trump had received a "beautiful letter" from Xi. Trump went on to say that a good alternative deal was possible.
Today brings the only potentially relevant piece of economic data this week in the form of the consumer price index. That said, any impact would be easily overshadowed by the right trade-related headline. Volumes have been getting very big, and both stocks and bonds are ready for a big break in one direction or the other. It continues to be the case that there's a much bigger risk of an unfriendly breakout toward higher rates. It's not that an unfriendly scenario is more likely, just that it's likely to be bigger and nastier than the friendly version.
Rates are generally flat to start the domestic session.
Rob Chrisman
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The Federal Housing Administration (FHA) announced a a package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. Think reduced application fees paid by prop... (read more)
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MBS Commentary
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In the day just past, markets continued to gyrate on trade war headlines more than anything. The overnight session saw some bond buying on tough talk from Trump at a campaign rally while the daytime session saw bonds reverse course on news that... (read more)
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Housing News
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Just days after Ginnie Mae issued a Request for Input seeking advice on ways to tighten its regulations in regard to VA loans, it appears the government is taking stronger action. Ginnie Mae was pointing to higher than acceptable prepayment rates amo... (read more)
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Mortgage Rate Watch
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Mortgage rates were just slightly lower on average today with some lenders flat and others distinctly lower. The discrepancy is due to the timing of yesterday's market movements and the corresponding lender reactions. Some lenders saw enough weakness... (read more)
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Housing News
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Condominium loans represent only about 8 percent of total mortgages, a share that has remain fairly stable for several years. However, CoreLogic says they are poised to play a much larger role. Jacqueline Doty, writing in the company's Insights blog,... (read more)
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Housing News
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A big jump in jumbo loan lending drove an increase in mortgage credit availability in April. The Mortgage Bankers Association's Mortgage Credit Availability Index (MCAI) rose 2.1 percent in April to 186.1. An increase in the index indicates that lend... (read more)
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