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While all is easily forgiven in light of all-time low rates, the pandemic made a mess of the mortgage market in many ways. Most messes have been resolved, but several big ones remain. A few examples include a near doubling of previous turn times (from just under 30 days to just under 60 days for the average loan), high costs for certain types of loans, and a disconnection between mortgage rates and the bond market. It's that last one that we're interested in today--not for any particular reason, but it gives us something to discuss in this environment where the average rate continues holding almost perfectly flat. In fact, that's just another symptom of the disconnection! Mortgage rates are primarily based on the prices of mortgage-backed bonds. Those bonds trade on the open market throughout
Mortgage Rate Watch
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While all is easily forgiven in light of all-time low rates, the pandemic made a mess of the mortgage market in many ways. Most messes have been resolved, but several big ones remain. A few examples include a near doubling of previous turn times (fro... (read more)
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Rob Chrisman
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“My ability to remember song lyrics from the 80s far exceeds my ability to remember why I walked into the kitchen.” The Baby Boomers are certainly riding the appreciation wave in housing across the nation. (Speaking of waves, did you know... (read more)
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MBS Commentary
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Bonds Are Getting Ready to Move, Probably
Bonds are always moving, to some extent, but they haven't moved outside the 0.9's (in 10yr yields) for almost 2 weeks now. That's likely to change by next ... (read more)
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Housing News
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Homeowner equity rose again in the third quarter of 2020, reaching the highest total in over six years. CoreLogic's quarterly report on that asset says that those homeowners with mortgages, about 63 percent of the total, saw their equity grow by 10.8... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) said access to mortgage credit improved in November for the first time in several months but is still only about two thirds of its pre-pandemic levels. MBA's Mortgage Credit Availability Index (MCAI) gained 0.7 ... (read more)
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Housing News
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After climbing for three straight months Fannie Mae's Home Purchase Sentiment Index (HPSI) stalled in November , declining 1.7 points to 80.0. The index based on six questions from the National Housing Survey, was 11.5 points lower than in November 2... (read more)
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