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Mortgage rates plunged well into new all-time lows today. This is a striking turn of events given the vastly different outlook at the end of last week. Specifically, a series of strong economic reports led to significant losses in the bond market (which implies higher rates) and gains in stocks. The unspoken warning was that rates had been too complacent in the face of a potential economic rebound. Now this week, markets are singing a different tune. Recently strong economic data was all well and good, but with covid-19 numbers spiking in several states, the sustainability of the economic improvement is in question. That sentiment shifted at the same time that the stock market gave signals that it had improved about as aggressively as it was going to improve for now. The result was the biggest
Mortgage rates plunged well into new all-time lows today. This is a striking turn of events given the vastly different outlook at the end of last week. Specifically, a series of strong economic reports led to significant losses in the bond market (wh... (read more)
The number of homeowners with mortgages in forbearance has fallen for the second consecutive week. Black Knight reports that, as of June 9, there were 4.66 million active COVID-19 related forbearance plans. This is 77,000 fewer than the previous week... (read more)
Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With t... (read more)
Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 1... (read more)
2 Wild Weeks That Mostly Cancel Each Other Out
What a difference a week makes! Last week, the order of the day was to lament the negative momentum shift that took bond yields up and out of established r... (read more)
How the heck could anyone value a mortgage company these days? The value is pretty much comprised of its servicing, cash, receivables, and assets (loans held for sale). I guess we’ll all find out if, and when, Quicken Loans does an IPO , and Da... (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.