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Any discussion of "all-time low" mortgage rates requires careful attention to specifics. Are we talking about weekly survey numbers or actual daily numbers? Intraday vs end of day? Best-case rates or averages? Purchases or refis? Depending on the specifics, it is true that some lenders are offering all-time lows on purchase mortgages. Refis are another story due to the new adverse market fee that is now being added to nearly all conventional refinance transactions. Sidenote for those confused about extension of the refi fee deadline to "Dec 1." This doesn't mean you can avoid the fee if you lock/apply before December 1st. The event that must occur by Dec 1st is the DELIVERY of the loan--a milestone in the lifecycle of a loan that occurs 2-4 weeks AFTER it closes. In other words, no loan that
Mortgage Rate Watch
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Any discussion of "all-time low" mortgage rates requires careful attention to specifics. Are we talking about weekly survey numbers or actual daily numbers? Intraday vs end of day? Best-case rates or averages? Purchases or refis? Depending on the spe... (read more)
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Housing News
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Another round of expirations reduced the number of active forbearance plans last week. Black Knight said the number of homeowners in COVID-19 related plans fell by 137,000 during the week, after a slight uptick the week before. The 5.0 percent improv... (read more)
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MBS Commentary
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10yr yields already showed their lack of bullish conviction when it came time to challenge a floor at .72%. If anything the message was that additional rally momentum would be hard to come by as yields vaulted back up to .79. Today, ... (read more)
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Rob Chrisman
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With Nevada’s 6 electoral college votes, nothing says 2020 like the fate of the nation resting in the hands of Reno. When sending out a daily commentary grows wearisome for me, I may shift gears and open up a rehab center in Oregon. Why Oregon?... (read more)
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Housing News
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The Urban Institute's (UI's) Housing Finance Policy Center has updated its credit availability index (HCAI) to reflect data for the second quarter of 2020. The Index shows a slight dip from an adjusted 5.3 percent in the first quarter to 5.2 percent ... (read more)
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Housing News
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An increase in refinancing carried overall applications onto the plus side of the ledger during the week ended October 30. The Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found a slight decline in purchase applications bu... (read more)
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