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Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best month in the history of the mortgage market with many lenders now offering conventional 30yr fixed rates under 3% on top tier scenarios. The low rate environment has been made possible first and foremost by the economic contraction resulting from coronavirus. In and of itself, however, that still likely wouldn't be sufficient to get rates as low as they are. The rest of the heavy lifting has been done by the Federal Reserve, which stepped in when markets were experiencing the height of their recent volatility in early March 2020. The Fed helped restore
Mortgage Rate Watch
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Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best m... (read more)
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Housing News
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Applications for both refinancing and purchase mortgages retreated last week , pulling the Mortgage Bankers Associations (MBA's) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, d... (read more)
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Housing News
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Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The ... (read more)
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Rob Chrisman
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Some days you don’t learn much, other days you learn a lot (skip the ad). We’ve learned that COVID is driving our economy, not fundamental economic news, and at this point virologists have better forecasts than economists. Appearing with ... (read more)
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Housing News
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The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the age... (read more)
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MBS Commentary
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Limited Reaction to Headlines and Fed Minutes
After a quiet trading day yesterday, today proved to be even quieter. That said, bonds were still willing to react to covid headlines and the Fed meeting mi... (read more)
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