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Mortgage rates are coming off a rough week-- the roughest , in fact, since June 2020 by some measures. That's the last time rates rose this quickly for market-driven reasons. There were a few instances of bigger moves in Aug/Sept as the new refinance fee was announced, delayed, and ultimately implemented. Either way, things aren't great right now, relatively speaking. The "relative" qualification is important considering this abrupt move higher has yet to threaten to take the average top tier 30yr fixed quote above 3%--far from it, in fact. Most lenders can still offer 2.875% or better on refis and 2.625% or better on purchases. This assumes an ideal scenario with 20%+ equity, strong credit, etc. If this drama were to conclude right now, it wouldn't be that big of a deal in the bigger picture
Mortgage Rate Watch
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Mortgage rates are coming off a rough week-- the roughest , in fact, since June 2020 by some measures. That's the last time rates rose this quickly for market-driven reasons. There were a few instances of bigger moves in Aug/Sept as the new refinance... (read more)
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Housing News
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In most parts of the country owning a home is more affordable than renting one according to ATTOM Data Solutions' 2021 Rental Affordability Report . The company looked at the median price of a three-bedroom home in 915 U.S. counties and the rent for ... (read more)
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Housing News
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A month end wave of plan expirations in December led to a substantial decline in the number of active forbearances during the first week of 2021. Black Knight says there were 92,000 fewer active plans as the week ended, a decline of 3 percent and the... (read more)
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Housing News
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The rate of mortgage delinquencies remains significantly elevated from last year, but there is gradual improvement . The national rate moved higher in October on an annual basis per CoreLogic's Loan Performance Insights Report . Loans that were 30 or... (read more)
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Rob Chrisman
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Nearly two weeks into 2021 already? I was just getting used to saying “2020.” Now I have to add a syllable every time. “One.” There’s continued talk of companies like Finance of America , loanDepot , SoFi , and Homepoint... (read more)
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MBS Commentary
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Much-Anticipated Correction Finally Arrives. Now What?
This morning's alert noted a scary scenario playing out in bonds due to a confluence of big picture negative motivations (power shift in D.C.,... (read more)
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