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Mortgage rates held steady today--a welcome development after yesterday's move higher. In the bigger picture, rates have done an acceptable job of moving back down after spiking at the fastest one-week pace in years 2 weeks ago. The entirety of last week was spent moving lower. Now this week's theme seems to be best described as holding steady. To quantify the timeline described above, the big spike in rates earlier this month took the average lender .375% to .50% higher in rate from the long term lows seen at the beginning of the month. Last week's improvements have only allowed lenders to drop rates by about .125% from those recent highs. The bond market (which dictates rates) is on the lookout for cues from two key sources at the moment. On the one hand , unscheduled, unexpected headlines
Mortgage Rate Watch
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Mortgage rates held steady today--a welcome development after yesterday's move higher. In the bigger picture, rates have done an acceptable job of moving back down after spiking at the fastest one-week pace in years 2 weeks ago. The entirety of last ... (read more)
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Housing News
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Pending home sales resumed their upward trajectory in August after declining 2.5 percent in July, making for positive results in three of the last four months. It was also the third winning sales report this month after solid existing and new home sa... (read more)
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Rob Chrisman
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Depending on the product, 20-25% of the nation’s loans come from California. “Appraisal firms and appraisal management companies utilizing independent contractor appraisers in California, as well as any California appraisers working as in... (read more)
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MBS Commentary
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First, let's talk about how big today's sell-off was. In terms of 10yr yields, it fully erased the past 2 days of gains and some of the improvement seen last Friday. 10s were up nearly 9bps to 1.737%. From a technical standpoint, ... (read more)
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Housing News
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New home sales in August reclaimed part of July's sharp loss. The Census Bureau and Department of Housing and Urban Development said sales nationwide of newly constructed single-family houses was at a seasonally adjusted annual rate of 713,000 units.... (read more)
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Housing News
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Although changes in mortgage rates were gradual and mixed during the week ended September 20, mortgage volume moved sharply lower. Refinancing was especially hard hit. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure ... (read more)
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