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Mortgage rates have generally been moving sideways for the past 2 weeks. This has accomplished a twofold goal of coming to terms with the strong gains seen in May as well as preparing for tomorrow's hotly-anticipated announcement from the Fed. It has been and continues to be the case that any major surprises (or even minor surprises) from the Fed could have big, immediate effects on rates for better or worse. But just as the sideways momentum was about to lull us to sleep this week, central bank news from across the Atlantic stepped up to change the field of play today. European Central Bank (ECB) President Mario Draghi delivered a speech this morning in which he laid out the likelihood of additional stimulus measures including rate cuts deeper into negative territory. European bond markets
Mortgage Rate Watch
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Mortgage rates have generally been moving sideways for the past 2 weeks. This has accomplished a twofold goal of coming to terms with the strong gains seen in May as well as preparing for tomorrow's hotly-anticipated announcement from the Fed. It has... (read more)
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MBS Commentary
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In the day just past, bonds did absolutely nothing new or interesting. Yields continued to trade in a narrow, sideways range--one that has persisted for more than 2 weeks. The ostensible catalyst for a breakout was (and still IS, in some ... (read more)
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Housing News
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Residential construction figures had been expected to, at a minimum, hold the fort in May after a mixed report in April. While revisions to the April report somewhat skewed the numbers changes to both permits and starts were only fractional. The Cens... (read more)
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Rob Chrisman
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With the backdrop of a global bond market rally today, let’s look back at Randy Newman singing, “It's money that matters, hear what I say. It's money that matters, in the USA.” What does $5.6 million buy you these days? A road-gray ... (read more)
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Housing News
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Freddie Mac's forecast for June sees more dark clouds than usual , but few of those are on the housing front. The company's Economic and Housing Research Group notes that some of those gathering clouds, concerns about global growth and the lingering ... (read more)
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Housing News
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The National Association of Home Builders' (NAHB's) measure of builder confidence broke out of its multi-month slump in May, rising 3 points. Much of that gain was reversed this month as the NAHB/Wells Fargo Housing Market Index (HMI) dropped by 2 po... (read more)
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