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Mortgage rates walked back a decent chunk of their recent improvements today. This claim runs counter to almost any other coverage you'll see, but I'm right and they're wrong. Actually to be fair, I'm right in a timely way and they're right in a not-so-timely way. At issue is the weekly release of Freddie Mac's mortgage rate survey, which only captures responses from the first half of any given week. Big market movement from Wednesday afternoon through Thursday morning is never represented in the Thursday release. Despite that, media outlets rely heavily on Freddie's data to craft their customary once-a-week mortgage rate pieces. Today's examples include multiple iterations of "the lowest rates in 3 years," etc. It's true that rates were at their lowest levels in 3 years, but it was only true
Mortgage Rate Watch
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Mortgage rates walked back a decent chunk of their recent improvements today. This claim runs counter to almost any other coverage you'll see, but I'm right and they're wrong. Actually to be fair, I'm right in a timely way and they're right in a not-... (read more)
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Housing News
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Fewer prospective homeowners are making the move from thinking about buying to actively shopping than a year ago, according to a new study by the National Association of Home Builders (NAHB). Rose Quint, writing in NAHB's Eye on Housing blog says the... (read more)
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Housing News
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A new study by the Mortgage Bankers Association (MBA) looks at lending and servicing of home equity lines of credit (HELOCs) and closed-end home equity loans (HE Loans.) The study finds that lenders see the current demand for equity lending to be mix... (read more)
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Housing News
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Construction spending inched up by 0.1 percent in July, to a seasonally adjusted annual rate of $1.289 trillion compared to $1.288 trillion in June. The July figure is 2.7 percent lower than the rate of spending in July 2018. On an unadjusted basis, ... (read more)
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Rob Chrisman
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Do you know what is picking up steam out there? Credit unions are on a “bank buying spree.” The numbers aren’t huge, but these not-for-profit financial firms have acquired a record number of banks since last year, acquiring 21 U.S. ... (read more)
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MBS Commentary
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It's only fitting to throw in a vacation-themed reference on Labor Day week. Unfortunately, only the metaphor is lighthearted. It's underlying message is a bit more troubling--potentially, anyway.
As far as we could see this... (read more)
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consumerfinancemonitor.com
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