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Mortgage rates are most influenced by the bond market and the bond market is most influenced by the Federal Reserve (aka "The Fed"). So when the Fed says it expects rates to be "zero" at least until the end of 2023, does the same go for mortgage rates? That would be nice, but unfortunately, that's not how it works. The Fed dropped its policy rate to 0% back in March--the same place it had been for nearly 6 years after the financial crisis. Mortgage rates were in completely different territory during that time and they've often moved in the opposite direction since then. With this in mind, how can we say the Fed is so important to the bond market and mortgage rates? First off, there's a clue in the chart above. Although we can highlight time frames where the two rates moved in opposite directions
Mortgage Rate Watch
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Mortgage rates are most influenced by the bond market and the bond market is most influenced by the Federal Reserve (aka "The Fed"). So when the Fed says it expects rates to be "zero" at least until the end of 2023, does the same go for mortgage rate... (read more)
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Housing News
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Existing home sales continued on a roll for the third consecutive month, hitting the highest level in August since December 2006. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhomes, condos, and coo... (read more)
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Housing News
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There was another big surge in the amount of equity on the balance sheets of American homeowners in the second quarter of this year. CoreLogic reports that the 4.3 percent gain in home prices over the past year sent home equity shooting up by 6.6 per... (read more)
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Rob Chrisman
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Today (Tuesday), while Washington DC “sucks the air out of the room,” welcome to the Autumn Solstice (Equinox) in the U.S., the day when the Sun appears to cross the celestial equator, heading southward. Others know it as halfway between ... (read more)
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Housing News
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Fannie Mae has upgraded its forecast for the third quarter gross domestic product (GDP). It now expects growth at an annualized pace of 30.4 percent , up from the 27.2 percent the company's economists predicted in August. They say that growth has cle... (read more)
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MBS Commentary
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Stocks vs Bonds; Bonds vs Supply
There's a fairly strong case to be made for stock market weakness helping bond yields remain lower than they otherwise might be in September. As such, we'll be w... (read more)
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