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Mortgage rates began the day very little changed versus yesterday's latest offerings. That meant another morning of access to the lowest rates since late 2017. As the day progressed, bond markets weakened and several lenders were forced to issue mid-day reprices (meaning slightly higher rates or upfront costs, depending on the scenario). Reprices can go both ways, but generally speaking, lenders are quicker to reprice toward higher rates/costs when bonds are weakening than they are to offer improvements when bonds are strengthening. It should be noted that different lenders are offering drastically different rates at the moment. This is a byproduct of market volatility and differences in business models. Some lenders are better able to keep pace with this volatility than others. If markets
Mortgage Rate Watch
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Mortgage rates began the day very little changed versus yesterday's latest offerings. That meant another morning of access to the lowest rates since late 2017. As the day progressed, bond markets weakened and several lenders were forced to issue mid-... (read more)
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Housing News
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Interest rates declined again during the week ended May 31 , propping up mortgage application activity in a holiday shortened week. The Mortgage Bankers Association said its Market Composite Index, a measure of loan applications volume, managed a 1.5... (read more)
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MBS Commentary
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In the day just past, bonds put in their biggest day of weakness since mid-April on what looks to have been a purely technical correction. It was an ideal day for such things considering the extreme gains on Monday and the absence of any signif... (read more)
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Rob Chrisman
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I was walking by a classroom recently and I overhead the teacher telling the 1st graders, “Let’s work really hard today – your parents are eager for deliverables.” There are certainly some lenders out there delivering… ... (read more)
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Housing News
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Spending on construction was almost flat in April. The Census Bureau said total expenditures of both public and private money was essentially unchanged from the seasonally adjusted estimate in March of $1.30 trillion. The March number was revised fro... (read more)
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Housing News
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The long-awaited single mortgage-backed security from the GSEs Fannie Mae and Freddie Mac launched on Monday. The official start date for the single security was announced in mid-March. The single security will be issued via the Common Securitization... (read more)
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