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Mortgage rates were mixed today, with some lenders holding steady while others offered mid-day improvements in response to strong performance in the bond market. In either case, today's loan quotes are likely to be as good as they've been since the first few weeks in 2018. But are they under 4.00%? That's the claim being made by more than a few news stories out there. Let's take a look at the underlying facts. First off, any time you see consensus among mortgage rate headlines on a Thursday morning, chances are the story is citing Freddie Mac's weekly mortgage rate survey. Today's survey has the average 30yr fixed quote dropping to 3.99% for the first time since (you guessed it) the first few weeks of 2018. But that doesn't mean anyone can go down to the corner store and pick up a 3.99% mortgage
Mortgage Rate Watch
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Mortgage rates were mixed today, with some lenders holding steady while others offered mid-day improvements in response to strong performance in the bond market. In either case, today's loan quotes are likely to be as good as they've been since the f... (read more)
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MBS Commentary
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In the day just past, bonds started out in stronger territory only to lose ground by the closing bell. This wasn't necessarily destined to be the case, but a rather weak 7yr Treasury auction suggested that the recently bottomless demand for Tre... (read more)
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Housing News
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April's pending home sales had been expected to build on the gains posted in two of the three previous months, but they retreated instead. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI), a measure of newly sig... (read more)
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Rob Chrisman
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My cat Myrtle’s direct exposure to the falling stock market is minimal. Mine, however, has become a sense of concern as I watch the value of my holdings get clocked, reminding me of the proverbial question lenders debate: would they rather have... (read more)
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Housing News
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"The face of America is changing, and the housing market is changing along with it. If the mortgage market doesn't keep up, the nation's economy will bear the consequences." That flat statement introduces an article by three housing experts that appe... (read more)
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Housing News
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Mortgage application volume declined during the week ended May 24, more than reversing a 2.4 percent increase a week earlier. Both refinancing and purchase activity moved lower. The Mortgage Bankers Association said its Market Composite Index which t... (read more)
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