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Mortgage rates were decisively higher today as the bond market lost ground due to surprisingly strong economic data. Mortgage rate movement is mainly a factor of mortgage bond prices. In turn, mortgage bonds tend to move in broadly the same direction as the US Treasury market. That's why so many people think mortgage rates are based on 10yr Treasury yields. It wouldn't matter either way today as both mortgage bonds and Treasuries lost ground quickly after several economic reports came out much stronger than expected. Taken together, the reports (which still suggest the economy is heavily affected by covid-related shutdowns) point to an economic recovery that may be underway sooner and in healthier fashion than economists expected. Part of the reason rates have been as low as they are is the
Mortgage rates were decisively higher today as the bond market lost ground due to surprisingly strong economic data. Mortgage rate movement is mainly a factor of mortgage bond prices. In turn, mortgage bonds tend to move in broadly the same direction... (read more)
Refinancing volume continued to slide but purchase mortgage activity partially compensated during the holiday shortened week that ended May 29. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan applica... (read more)
Econ Data Causing Bonds to Reconsider Commitment to Super Low Yields
Bonds haven't been interested in econ data because none of it has had the ability to tell much of a story. Today's ADP Employment rep... (read more)
CoreLogic's report on April home prices, the first for that month, says that despite fears that home prices would "bottom out like they did in the Great Recession," they continued to accelerate reaching their highest annual growth since August 2018. ... (read more)
Overall spending on construction fell in April, down 2.9 percent to a seasonally adjusted annual rate of $1.346 trillion from 1.387 trillion. This still left the rate 3.0 percent higher than it was in April 2019. On a non-adjusted basis, spending was... (read more)
From the Bay Area Marcus L. writes, “I miss the days when Tiger King was the most controversial thing going on.” Everything is a controversy these days, including where the real estate market is heading. Supply is limited, demand is decen... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.