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Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage rates) was eagerly awaiting the week's first major economic data. Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data. To whatever extent the data is strong, the Fed becomes less likely to continue cutting rates and the broader financial market becomes less interested in bonds. When investors are interested in buying bonds, it's good for rates! Fortunately for prospective borrowers, today's movement was minimal. In fact, many lenders are effectively unchanged versus yesterday. Moreover, bonds managed to improve throughout the day with those specifically underlying
Mortgage Rate Watch
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Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage rates) was eagerly awaiting the week's first major economic data. Even though the Fed will almost cert... (read more)
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Housing News
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Builder confidence rose slightly in July. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), which it sponsors with Wells Fargo, gained one point, rising to 65. This marks the sixth consecutive month that sentiment ... (read more)
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Rob Chrisman
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Although lots of small lenders don’t seem interested in being acquired any longer (“Hey, our pipeline is full and we’re making money again! Autumn is a long way off!”), M&A is alive and well. The latest example comes from ... (read more)
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MBS Commentary
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In the day just passed, bonds traversed a sleepy summertime Monday trading session without much volume or liquidity. That dynamic was somewhat exacerbated by the fact that Japanese markets were closed (which means there was no hub for Treasury ... (read more)
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Housing News
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The U.S. Census Bureau recently released a treasure trove of data, its 2018 report on Characteristics of New Housing. The report, based on data collected by the Bureau's Survey of Construction, covers a huge array of stats about new single-family hou... (read more)
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Housing News
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Applications for financing new home purchases slipped in June in spite of the continued easing of mortgage interest rates. The Mortgage Bankers Association (MBA) said its Builder Application Survey (BAS) shows mortgage applications for new home purch... (read more)
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consumerfinancemonitor.com
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