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As of yesterday, we knew mortgage rates were already in line with their lowest levels ever . It wouldn't have taken much to set the record today and indeed that's exactly what happened. Thus we find ourselves in a familiar situation where rates have returned slowly and steadily to an all-time low boundary after an initially volatile reaction (this time, the initial bounce was back in early March). At times like this, it's not uncommon to see a series of additional forays into what are technically "all-time lows." Will those rates be far enough away from today's to suggest that anyone waits to lock a rate if they're in a position to do so? That's a much trickier question. Many times, the additional improvements have been minimal in these situations. While there is reason to believe the current
Mortgage Rate Watch
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As of yesterday, we knew mortgage rates were already in line with their lowest levels ever . It wouldn't have taken much to set the record today and indeed that's exactly what happened. Thus we find ourselves in a familiar situation where rates have ... (read more)
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MBS Commentary
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As recently as April 21st, the fate of the mortgage market was still highly uncertain and that uncertainty was readily apparent in the ridiculously wide gap between mortgage rates and their normal benchmarks. For instance, the average 30yr fi... (read more)
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Housing News
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Fannie Mae's Economic and Strategic Research (ESR) group says it expects the U.S. gross domestic product (GDP) to decline by 35 percent (annualized) in the current quarter. The loss of 4.8 percent in the first quarter, the largest decrease in six yea... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) says applications for financing new home purchases were down 25 percent in April compared to March and by 12 percent year-over-year. This data from MBA's Builder Application Survey (BAS) does not include any adj... (read more)
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Rob Chrisman
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I messed up yesterday, not knowing “Bike to Work” Day was postponed until September. Getting out of the bedroom was okay on my Schwinn Varsity, but coming down the stairs was rough on “the boys.” What is also rough are margin ... (read more)
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Housing News
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In its May 5 report on the number of COVID-19 forbearance plans in effect, Black Knight said the rate of new plans had slowed , but speculated they could pick up again as the May mortgage payments came due. As of May 12, that had not happened. The co... (read more)
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