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Mortgage rates dropped at a modest pace for the 3rd straight day on Thursday. This brings them back in line with levels seen at the end of last week. That's notable because many media outlets--even some with a focus on mortgages and real estate--are running articles saying that rates are higher this week. While it's true that rates WERE higher on Monday, they've quickly fallen back into line. The source of the confusion is the same as it ever was on any given Thursday during times of relatively higher volatility. The vaunted Freddie Mac mortgage rate survey is an industry and news media benchmark. It comes out every Thursday, but only captures rate quotes from Monday through Wednesday (with heavy weight given to Monday based on my observations and comparisons with average daily rates). So if
Mortgage Rate Watch
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Mortgage rates dropped at a modest pace for the 3rd straight day on Thursday. This brings them back in line with levels seen at the end of last week. That's notable because many media outlets--even some with a focus on mortgages and real estate--are ... (read more)
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MBS Commentary
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At a few points in the past 2 days, it looked as if bonds were finally ready to move back toward lower yields after 2 weeks spent moving fairly quickly higher. After all, much of that weakness was due to fear that the UK could slam through a ne... (read more)
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Housing News
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Homeowners continued to reduce and/or retire their mortgage debt at an accelerated clip in September according to Black Knight's "first look" at the month's loan performance data. The single month mortality (SMM) rate, an indication of early mortgage... (read more)
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Rob Chrisman
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With only one week until Halloween we are reminded that time flies. Dating back 2,000 years to the Celtic festival of Samhain, Halloween is an ancient tradition associated with images of witches, ghosts and vampires, though it has been taken over by ... (read more)
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Housing News
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New home sales came in at a respectable seasonally adjusted annual rate of 701,000 in September, down only 0.7 percent from the revised rate of 706,000 in August. The August rate was originally estimated at 713,000. Sales of newly constructed homes a... (read more)
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Housing News
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Fannie Mae asked lenders, as part of its third quarter Mortgage Lender Sentiment Survey about their digital transformation efforts. The company says that, in previous surveys, lenders have consistently shown a strong interest in leveraging technology... (read more)
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