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Mortgage rates dropped noticeably this morning as financial markets opened sharply changed from Friday's latest levels thanks to Trump trade tweets over the weekend. The stock market dropped to its lowest levels in several weeks before bouncing back as the day progressed. As money flew out of stocks, it found a safe haven in the bond market. Mortgage rates are most directly affected by the bond market, and when demand for bonds increases, rates fall. The average lender was offering its best rates in roughly a month this morning. You'd have to go back to April 10th to see anything lower. And there were multiple lenders offering their lowest rates since April 1st. Rates will remain susceptible to trade-related headlines throughout the week as there isn't much else on the calendar of events (at
Mortgage Rate Watch
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Mortgage rates dropped noticeably this morning as financial markets opened sharply changed from Friday's latest levels thanks to Trump trade tweets over the weekend. The stock market dropped to its lowest levels in several weeks before bouncing back ... (read more)
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Housing News
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Prepayment rates historically tend to increase in the spring, but this year they have been exceptionally high. The rate has risen during March in 18 of the past 19 years with an average gain of 21 percent. In its March Mortgage Monitor Black Knight s... (read more)
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Rob Chrisman
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Welcome to May 6th, the anniversary of the first tequila hangover. (Yes, for those of you who wrote, I know that May 5 is not Mexican Independence Day, which is in September.) Much of Northern Mexico is arid, and in the U.S. the Southwest encompasses... (read more)
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MBS Commentary
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The week begins with bonds trading in much stronger territory thanks to a surprise US/China trade announcement from Trump over the weekend. This changes the tone for bonds heading into the week. Whereas it looked like yields may have be... (read more)
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Mortgage Rate Watch
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Mortgage rates were flat today, which is a victory considering the big jobs report was stronger than expected. Typically, labor market strength--especially when seen in this particular report--is bad news for rates, but it didn't happen today. In fac... (read more)
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MBS Commentary
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Bond traders can book profits on bond purchases by selling, or on bond sales by buying. Today was characterized by the latter.
Logically, traders bet on higher rates on Wednesday afternoon and again on Thursday morning as Powell d... (read more)
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consumerfinancemonitor.com
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