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Last week ultimately ended up being great for mortgage rates , but only after a somewhat abrupt increase heading into the election. On Tuesday, the average lender raised rates at the fastest pace in weeks to prepare for post-election volatility. Wednesday and Thursday saw significant improvements before rates leveled off on Friday. The new week began in a bad way before lenders were even out of bed. Early morning news about Pfizer's late stage vaccine trial sent financial markets reeling. Stocks surged to all-time highs and bonds (which dictate rates) lost ground at the fastest pace in months. The average mortgage lender raised rates by at least as much as they did last Tuesday, thus erasing a majority of the improvement seen since then. All of this is occurring in a historically low rate range
Mortgage Rate Watch
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Last week ultimately ended up being great for mortgage rates , but only after a somewhat abrupt increase heading into the election. On Tuesday, the average lender raised rates at the fastest pace in weeks to prepare for post-election volatility. Wedn... (read more)
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MBS Commentary
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Bonds Reeling. Was That Enough Weakness to Find Some Support?
Pfizer's vaccine trial update rocked markets this morning, making for the biggest hour of overnight trading volume (and the highest Treasury yiel... (read more)
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Rob Chrisman
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First Sean Connery, and now Alex Trebek! Their time together on Jeopardy is legendary. (“Please refrain from using ethnic slurs!”) The last time I checked, “ethnic” is not a bad word, and in fact is often celebrated. How many ... (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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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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