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Mortgage rates were already in great shape on Friday after having fallen to the lowest levels since November 2016. Rather than draw inspiration from the week's big ticket events (Fed announcement and jobs report), the biggest source of inspiration was a flare-up in trade tensions following Trump's announcement of new tariffs on Chinese imports. Trade war drama flared over the weekend as China's central bank set the country's currency at the weakest levels in more than a decade. What does Chinese currency have to do with US mortgage rates? Quite a lot, really! The outright level of Chinese Yuan versus the US dollar is not what's important here. Rather, it was the fact that such a move was directed by the Chinese government in an obvious retaliation to Trump's trade war escalation. In other words
Mortgage Rate Watch
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Mortgage rates were already in great shape on Friday after having fallen to the lowest levels since November 2016. Rather than draw inspiration from the week's big ticket events (Fed announcement and jobs report), the biggest source of inspiration wa... (read more)
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Housing News
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Doug Duncan, Fannie Mae's chief economist, says homebuyers need to do more shopping around before they settle on a mortgage lender. Results from a recent National Housing Survey shows that one-third of consumers who bought a home last year got only o... (read more)
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MBS Commentary
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In the day just passed, the bond market spent a 3rd straight day collecting treasure. For our purposes, "treasure" refers to the newfound, unexpected, and fairly massive gains courtesy of a rapid snowball move across multiple ass... (read more)
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Rob Chrisman
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With this downward move in rates lenders across the nation are girding their loins for margin calls from broker/dealers on mortgage-backed security positions. (What’s a margin call? Answer in the capital markets section.) And everyone’s s... (read more)
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Housing News
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Black Knight has good news for potential homebuyers , especially those in the market for their first home. The new edition of the company's Mortgage Monitor says the recent decline in mortgage interest rates has made home affordability the best it ha... (read more)
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Housing News
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Even as homebuilders and affordable housing advocates are pointing to the need for changes in local regulations to reduce housing costs, homebuyers and sellers seem to be largely in favor of holding on to some elbow room. A recent survey by Redfin, t... (read more)
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