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Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an eighth of a point higher versus yesterday. Over the past decade, you can count single-day eighth-point moves without using any toes. Some lenders were a quarter point higher, which has only happened a few times, ever. The source of the drama is the market's paradoxical reaction to Trump's victory. Before the election, news that benefited Trump generally benefited rates. This was logical because Trump connoted uncertainty and rates tend to benefit when investors seek shelter from uncertainty by buying bonds. Indeed, bonds' first move was tremendously
Mortgage Rate Watch
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Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an... (read more)
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Housing News
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The affordability tug-of-war between home prices and interest rates continued in the third quarter, but the National Association of Home Builders (NAHB) said this time prices won. Home price appreciation, which continued pretty much unabated in the q... (read more)
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Rob Chrisman
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The BLS reports 5 of the 10 fastest growing jobs pay less than $25k per year . I wonder what percentage of real estate agents earn that? Realtors have a huge influence of a borrower's lender decision, according to a Freddie Mac survey . The biggest f... (read more)
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MBS Commentary
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We talk about " momentum " a lot when it comes to bond market movement. I like reducing financial market concepts and reducing them to easy-to-understand analogies.
Sometimes a simple momentum analogy is that of swimming. It's e... (read more)
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Rob Chrisman
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Friday is a day to honor veterans. Different people do that in different ways, and one way is for a restaurant chain to offer a free meal to those who served their country. Pass this list along to a vet, and hats off to those establishments. PHH not ... (read more)
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MBS Commentary
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These are the sorts of things I think about sometimes when I'm coming up with a title for the recap. If you have enough of a stake in bond market movement that you find yourself reading my commentary, is there any possible way you aren't alread... (read more)
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