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Yesterday's policy announcement from the Federal Reserve had a chance to cause significant volatility for the bond market and the bond market is the chief ingredient in the mortgage rate equation. But this time around, the Fed didn't cause a measurable reaction in the mortgage market. I'm frequently asked whether mortgage rates are 0% since the Fed just kept rates at 0%. People hear a headline on the news or a radio soundbyte mentioning the words "Fed, rate, zero," and then assume the Fed just made some change that dropped rates to zero percent. After all why would there be so many news headlines about it if the Fed merely kept its policy rate unchanged?! It's a fair question in that sense, but understand that the Fed's rate decision will always make the news, even if the rate is the same as
Mortgage Rate Watch
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Yesterday's policy announcement from the Federal Reserve had a chance to cause significant volatility for the bond market and the bond market is the chief ingredient in the mortgage rate equation. But this time around, the Fed didn't cause a measurab... (read more)
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MBS Commentary
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Tossed coconut salad... Fresh coconut milk... New England boiled coconut... There were only so many menu choices for Yosemite Sam working with one ingredient. We're in a somewhat similar position over the past month with nothing to ... (read more)
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Rob Chrisman
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Before the pandemic I used to spin that toilet paper roll like I was on Wheel of Fortune. In March and April I turned it like I was cracking a safe. Now things are back to normal, and the toilet paper area at Costco isn’t the Mecca it became si... (read more)
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Housing News
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Residential construction activity took a breather in August. The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that all three measures, housing permits, starts, and completions, were lower than their une... (read more)
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Housing News
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The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) set a new high this month, breaking a record that it set only 30 days earlier. The Index, a measure of builder confidence in the new home market, rose 5 points to... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) reports that mortgage applications declined during the week ending September 11, 2020. The week's results include an adjustment for the Labor Day holiday. MBA's Market Composite Index, a measure of all mortgage ... (read more)
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