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Mortgage rates moved up somewhat abruptly today as the bond market lost more ground over the weekend. Rates are driven primarily by bonds, but mortgage lenders tend to only update rates once per day unless the bond market is moving very quickly. With that in mind, bonds were losing ground on Friday afternoon, but not quickly enough or early enough for a majority of lenders to adjust pricing. As such, lenders already had some catching up to do regardless of today's bond market weakness. The combination of the two factors (the "catch-up" and the new weakness) caused today's spike to be bigger than average. That said, there weren't any compelling news headlines or economic reports driving the weakness. It would be better thought of as a hangover from Friday's jobs report. As the week progresses, there will certainly be at least one major economic report with a proven track record of causing big reactions in rates: the Consumer Price Index (CPI) on Wednesday morning. With the average lender already near the highest levels since February, a bad reaction to CPI could easily launch rates back to levels not seen since November. On the other hand, if CPI manages to come in much lower than expected, rates would almost certainly drop.
Mortgage Rate Watch
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Mortgage rates moved up somewhat abruptly today as the bond market lost more ground over the weekend. Rates are driven primarily by bonds, but mortgage lenders tend to only update rates once per day unless the bond market is moving very quickly... (read more)
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MBS Commentary
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Bonds began the new week with follow-through selling overseas. Losses were steady and linear in both Asia and Europe. It's tempting to chalk up some of the weakness to a big beat in German industrial production data, but Treasury yields w... (read more)
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Rob Chrisman
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“A fine is a tax for doing wrong. A tax is a fine for doing well.” April 15th is in a week, the traditional date when taxes are due. Time flies. Do you realize that we have seven more months until the election? Seven more months of headlines and gaff... (read more)
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