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It's no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of month so far. In the past 2 weeks, rates are down nearly a quarter of a point on average. Today played a critical role in the improvement as lenders responded in waves to an exceptionally strong day for the underlying bond market (bonds are the primary driver of day-to-day rate fluctuations). One of the most interesting things about today's move was that the bond market improved AFTER a slew of significantly stronger economic data. That's interesting because the quintessential reaction function in the bond market is exactly the opposite! In other words
Mortgage Rate Watch
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It's no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of mont... (read more)
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Housing News
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Residential construction recovered in March after a serious decline the prior month. The U.S. Census Bureau and Department of Housing and Urban Development said all three measures rose, with housing starts hitting a 15 year high . Some regional incre... (read more)
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MBS Commentary
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For virtually all of 2021 (and much of Q4 2020), we've been tracking an uptrend in Treasury yields. As the overall move grew to a size rarely seen in the past few decades, we were increasingly eager to see a token correction for technical reaso... (read more)
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Rob Chrisman
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Suddenly everyone’s ruminating on upcoming mergers and acquisitions (and there will definitely be some), but in the lower management ranks, lenders are already shifting their hiring practices , and taking a careful measure of production and pro... (read more)
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Housing News
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True to tradition, new home sales appear to have moved higher in March as the calendar closed in on the start of the spring market. The Mortgage Bankers Association (MBA) estimates sales of newly constructed homes increased by 7 percent compared to F... (read more)
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Housing News
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New home builders seem to be slowly getting their mojo back. After recovering from the hit they took in the first days of the pandemic, they encountered labor shortages, supply chain issues, and rising material costs. The National Association of Home... (read more)
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