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Markets continue to focus on coronavirus numbers first and foremost. When the news is good , we tend to see stocks and rates move higher. When the news is bad , rates tend to fall and stocks struggle to improve. The movement is usually more pronounced for stocks. When it comes to rates, however--especially mortgage rates--recent volatility is taking place at a microscopic level compared to recent months. This could continue to be the case until we get a much clearer sense of how the pandemic will likely evolve in the context of our attempts to reopen the domestic economy. Until that happens, of all the places to be flying in a relative holding pattern, this is as good as it gets for mortgage rates. When coronavirus first hit the bond market, it was US Treasuries that responded most convincingly
Mortgage Rate Watch
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Markets continue to focus on coronavirus numbers first and foremost. When the news is good , we tend to see stocks and rates move higher. When the news is bad , rates tend to fall and stocks struggle to improve. The movement is usually more pronounce... (read more)
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MBS Commentary
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"Flat" is an Understatement
Recent trading activity lies in stark contrast to the drama seen earlier in 2020. Even at the beginning of June, bonds still had an interesting (and scary, at first) story to... (read more)
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Rob Chrisman
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Originators, as Deb from Virginia reminded me, are currently like ducks: cool and calm on the surface, paddling frantically underneath. Originators like low rates, but not if their clients can’t qualify for a loan. Furloughs are becoming perman... (read more)
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Housing News
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All three measures in the Census Bureaus June residential construction report moved higher , as the building industry continued to recover from its April collapse. However, of the three, only the rate of units completed was higher than its June 2019 ... (read more)
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Housing News
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The interest rates on mortgage loans that closed in June averaged 3.40 percent, down 3 basis points from the average in May according to Ellie Mae's Origination Insight Report. The rate for 30-year conventional loans was 3.42 percent compared to 3.44... (read more)
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Housing News
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There was another decline in forbearance starts this past week and the number of loans in active plans also fell for the third straight week. Black Knight's weekly report on COVID-19 related forbearances reported a total of 4.12 million loans that ha... (read more)
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