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Here is exactly what yesterday's Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn't set mortgage rates. Don't let the caps-lock fool you into thinking I'm some angry guy with a keyboard who's simply ranting for some self-serving purpose. Of all the people you'll talk to today and of all the articles you'll read on this topic, you should trust me the most. I don't say that lightly or very comfortably, for that matter. It sounds terribly cocky, but in this case, it's also terribly honest. For more than a decade, if markets are open and mortgage companies are quoting rates, I've religiously been tracking trends, patterns and plain old boring statistics. I use actual wholesale rate sheets from
Mortgage Rate Watch
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Here is exactly what yesterday's Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn't set mortgage rates. Don't let the caps-lock fool you into thin... (read more)
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MBS Commentary
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In the day just passed, bonds trading was exceptionally calm in the wake of Wednesday's Fed day. As I mentioned in the recap, it was one of the least volatile moves relative to expectations of any Fed day reaction I can remember. The cons... (read more)
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Housing News
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Thirty-year mortgage loans closed in August carried an average interest rate of 4.07 percent according to Ellie Mae's Origination Insight Report. Rates were down for the eighth consecutive month , easing back from an average of 4.18 percent in July. ... (read more)
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Rob Chrisman
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A mile is 5,280 feet. And Central Park Tower on West 57th St. in Manhattan now stands at 1,550 feet, about a third of a mile. I mention this because it is now the tallest residential building in the world , and if you’d like to pony up $6.9 mil... (read more)
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Housing News
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Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic's quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion yea... (read more)
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Housing News
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While the increase wasn't as strong as in July, last month's existing home sales posted a second straight month of gains and, as previously, the National Association of Realtors® (NAR) credited falling interest rates. Sales of previously owned si... (read more)
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consumerfinancemonitor.com
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