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Mortgage rates are in big trouble . Whatever you've read about the current spike so far today, you'll probably need to double it after today's bond market movement. Why? Because most news stories on rates haven't yet accounted for today's bond market movement! The most prevalent source material is Freddie Mac's weekly survey which generally tracks lender quotes from Monday and Tuesday of any given week. The survey showed a 0.07% jump week over week. The actual jump is more like 0.12-.13. The average lender is now quoting 4.375% on top tier 30yr fixed scenarios. More than a few are already up to 4.5%. Lenders quoting rates much lower are likely doing so at the expense of profit margins and that could create sustainability concerns. Moreover, unless you're interacting directly with someone who
Mortgage Rate Watch
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Mortgage rates are in big trouble . Whatever you've read about the current spike so far today, you'll probably need to double it after today's bond market movement. Why? Because most news stories on rates haven't yet accounted for today's bond market... (read more)
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MBS Commentary
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Just in case you haven't witnessed the multiple previous examples of the once and future king of economic data falling on deaf ears (relative to its former glory, anyway), financial markets haven't been much interested in NFP (the nonfarm payroll com... (read more)
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Rob Chrisman
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The total number of slot machines in Las Vegas is down 23 percent from its peak in 2001, partially because slot gambling never really clicked with younger generations. But the casino business derives most of its revenue from the machines, so it&rsquo... (read more)
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MBS Commentary
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The first day of a new month always holds opportunities and risks for rates. Investors who were compelled to hold certain positions through yesterday are suddenly more free to move about the cabin. In today's case, most of them jumped o... (read more)
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Housing News
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There was a partial win for the plaintiff in there somewhere, but the District of Columbia Circuit Court of Appeals reversed its earlier decision on Wednesday, and slapped back the premise behind the PHH Corp's suit against the Consumer Finance Prote... (read more)
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Housing News
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Construction spending wound up the year with positive numbers for December and an increase in overall spending for the year . The U.S. Census Bureau tallied up the dollars spent for privately and publicly funded construction across all sectors at $1.... (read more)
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consumerfinancemonitor.com
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consumerfinancemonitor.com
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