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Mortgage rates barely budged today, with the average lender offering almost the exact same terms as yesterday. That took some doing in the form of strength in the underlying bond market. As of yesterday afternoon, bonds were at their weakest levels of the day, thus implying today's rates would be higher unless overnight market movement was much friendlier. That's exactly what happened thanks to extremely weak economic data in Europe. Economic weakness promotes strength in the bond market, which in turn pushes rates lower . Naturally, European data had the biggest benefit for European bonds, but there tends to be some spill-over between the world's biggest bond markets. In today's case, the benefit to the US bond market was big enough to erase yesterday afternoon's weakness, thus preventing
Mortgage Rate Watch
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Mortgage rates barely budged today, with the average lender offering almost the exact same terms as yesterday. That took some doing in the form of strength in the underlying bond market. As of yesterday afternoon, bonds were at their weakest levels o... (read more)
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MBS Commentary
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A storm of potential inspiration is brewing for the bond market. Over the next 5 trading days we'll get announcements from the 2 biggest central banks (ECB and The Fed), Durable Goods, the first reading of Q2 GDP, PCE inflation, Chicago PMI, an... (read more)
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Housing News
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New home sales bounced back in June from two prior reports of very weak sales . The U.S. Census Bureau and the Department of Housing and Urban Development said those sales were at a seasonally adjusted annual rate of 646,000 units, a 7.0 percent gain... (read more)
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Rob Chrisman
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Today, in Utah, it is either Pie & Beer Day, or Pioneer Day, I can never remember which. Words are funny things. How about “partners,” as in Amazon’s new TurnKey program which partners with Realogy Holdings Corp. (Better Homes a... (read more)
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Housing News
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It was another mediocre week for mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan applications volume, was down 1.9 percent on a seasonally adjusted basis during the week ended ... (read more)
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Housing News
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Existing home sales are persistent in their inability to maintain a steady course from month to month. Despite low interest rates and hopes for a strong spring market, those sales were down 1.7 percent in June. Sales the prior month had posted a 2.5 ... (read more)
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consumerfinancemonitor.com
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