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Mortgage rates managed to improve modestly for the average lender today, but they remain significantly higher than they were before last week's regulatory drama . By the time we consider the size, scope, and the precipitous imposition of the new refi fee, we've never seen anything remotely similar. Lenders were definitely taken by surprise and they'll definitely be paying dearly for all refis that were already locked. When lenders get big, negative surprises concerning profitability or new cost requirements, they tend to raise rates very quickly and by a larger-than-necessary amount. As such, a fee that should theoretically result in an eighth of a point increase in conventional refinance rates instead resulted in a 0.25-0.375% increase to all conventional rates. If 2.75-2.875 was a strong
Mortgage Rate Watch
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Mortgage rates managed to improve modestly for the average lender today, but they remain significantly higher than they were before last week's regulatory drama . By the time we consider the size, scope, and the precipitous imposition of the new refi... (read more)
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Housing News
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Residential construction rates soared in July with both permits and starts increasing from their June pace by double digits and topping 2019 numbers for the same period. Completions also rose, but at a more subdued rate. The U.S. Census Bureau and De... (read more)
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Rob Chrisman
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“Last night I was a hero! I rescued some beer that was trapped in a bottle.” All of our lives are changing, and thank you to Lydia O. for sending along, “ Six Key Takeaways From Pandemic Data on American Households .” (“... (read more)
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Housing News
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At the midway point of the current (3 rd ) quarter Fannie Mae is looking for a huge improvement in the gross domestic product (GDP). The company's Economic & Strategic Research (ESR) Group is forecasting an increase of 27.2 percent for the quarte... (read more)
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Housing News
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Builders have tied their 32-year old record for confidence as measured by the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The Index, which has been conducted by NAHB for 35 years, jumped by 6 points in August to 78 a... (read more)
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MBS Commentary
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Rates Are Reconnecting With Bond Market Movement
After last week's LLPA news, lenders pulled back pricing for obvious reasons and only gradually lowered their defenses. As of today, we are fin... (read more)
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