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Mortgage rates went to bed last night knowing they were at risk of a volatile day today. Georgia's senate race has been in focus for 2 months now because it had the chance to change the balance of power in congress. With both seats flipping from red to blue, that's exactly what happened today. While the election results have only been confirmed for about an hour, the bond market (which underlies interest rate movement) was already bracing for impact in the middle of the night. Specifically, bond yields (aka "rates") were already quite a bit higher by the time the election was finalized this afternoon. When the bond market deteriorates (aka, moves lower in price and higher in yield), mortgage rates are typically rising at a similar pace. Does the mortgage market r eally care that much about
Mortgage Rate Watch
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Mortgage rates went to bed last night knowing they were at risk of a volatile day today. Georgia's senate race has been in focus for 2 months now because it had the chance to change the balance of power in congress. With both seats flipping from red ... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) resumed reporting on mortgage applications today after a two-week holiday hiatus. Information on mortgage volume during the week ended December 31 is reported relative to the previous report covering the week en... (read more)
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MBS Commentary
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10yr yields were at the bottom edge of a months-long uptrend heading into the Georgia senate election. One result would have helped them break out to lower yields while the other all but guaranteed a break up and over 1.0%. We got "the ot... (read more)
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Housing News
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Home prices rose another 1.1 percent in November according to the CoreLogic report on its Home Price Index. The year-over-year gain was 8.2 percent , accelerating from the annual increase of 7.3 percent posted for October. The company said that home ... (read more)
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Rob Chrisman
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Some will say that the world’s most anticipated palindrome is “1-20-21”. Others will say that Inauguration Day spells the end of personal freedom in the United States. In our business, lenders everywhere have their eyes on the horiz... (read more)
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Housing News
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While COVID-19 has wreaked havoc on most of the economy last year, Wells Fargo's Securities Economic Group says many of the responses to the pandemic - lockdowns, remote schooling, and remote work - served to "flip the script" on housing, increasing ... (read more)
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