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Yesterday, we discussed the fact that many mortgage lenders got defensive ahead of election night uncertainty. In the mortgage world, when lenders get defensive, it means "higher rates." This was blatantly obvious for a few lenders who raised rates by much more than the shift in underlying bond markets suggested (bonds are the primary building blocks that determine rates). Fortunately, the lenders that made the biggest NEGATIVE moves yesterday were generally the same lenders making the biggest positive moves today. That said, the strategies between lenders were widely varied. Some simply held things mostly steady both today and yesterday, or made only nominal changes. Others made more drastic changes. For example, several lenders were quoting conventional 30yr fixed rates that were 0.125% lower
Mortgage Rate Watch
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Yesterday, we discussed the fact that many mortgage lenders got defensive ahead of election night uncertainty. In the mortgage world, when lenders get defensive, it means "higher rates." This was blatantly obvious for a few lenders who raised rates b... (read more)
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MBS Commentary
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Big Rally on Election Revelations
Fairly early in the domestic session, markets rapidly came to the realization that even if Biden wins the presidential election, the Senate is much less likely to end up with... (read more)
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Housing News
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An increase in refinancing carried overall applications onto the plus side of the ledger during the week ended October 30. The Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found a slight decline in purchase applications bu... (read more)
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Housing News
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The Urban Institute's (UI's) Housing Finance Policy Center has updated its credit availability index (HCAI) to reflect data for the second quarter of 2020. The Index shows a slight dip from an adjusted 5.3 percent in the first quarter to 5.2 percent ... (read more)
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Rob Chrisman
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What are companies doing with the 2020 money they were going to spend on travel and entertainment? Saving it for the second half of 2021? Last week I paid a visit to Southern California. (The airports were uncrowded, masks universal.) I guess that I ... (read more)
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Housing News
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CoreLogic's estimate of the annual home price appreciation in September is not nearly as high as that published yesterday (over 14 percent) by Black Knight on Monday, but at 6.7 percent, the CoreLogic number is the fastest annual acceleration in thei... (read more)
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