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Mortgage Rate Watch
  • Mortgage Rates Slightly Higher Despite Flat Markets

    Mortgage rates moved slightly higher today.  Yet again, underlying bond markets suggested another fate.  In other words, if mortgage rates were perfectly tied to underlying bond markets, they would have remained unchanged today.  

    So why didn't they?  The answer is as simple as the timing of lender rate sheets.  Bond markets were in slightly weaker territory earlier this morning.  This resulted in lenders offering slightly higher rates.  As bonds improved throughout the day, the gains weren't quite enough for those lenders to "reprice" to lower rates.  There's a certain bar to clear in terms of market movement before reprices make sense and we didn't clear it today.

     

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  • 2 Paradoxes For Mortgage Rates

    Mortgage rates were microscopically higher today, which is paradoxical on two levels.  The first paradox has to do with today's bond market improvements.  Bonds underlie rates and bond market improvements coincide with rates moving lower--usually!  In some cases, the day-to-day change in the bonds that underlie mortgage rates can be quite a bit smaller than the change in US Treasuries (the core of the US bond market).  That was part of the problem today.  The other part had to do with weakness yesterday afternoon.  That weakness meant today's improvements merely got mortgage-backed bonds back to yesterday morning's levels despite being in stronger territory compared to yesterday afternoon's latest levels.

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  • Mortgage Rates Edge Slightly Higher

    Mortgage rates moved modestly higher today after holding in roughly the same territory for the past 3 days.  This brings them back in line with last Thursday's levels.  In general, trade tensions helped the bond market earlier this week (stronger bonds = lower rates), but the bonds that underlie mortgages didn't benefit nearly as much as US Treasuries. 

    Additionally, mortgage lenders have had to play it safer than normal amid a rising rate environment and recently higher volatility. The net effect of these factors is that mortgage rates have often not been able to participate too much during the good days, but have still had to take their lumps on the bad days.

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  • Mortgage Rates Barely Budge Despite Market Gains

    Mortgage rates didn't move much today, despite a somewhat decent improvement in bond markets.  Overnight, trade war brinksmanship between the US and China had investors seeking the safe haven of bond markets.  Excess demand for bonds pushes rates lower, all other things being equal.

    As is often the case with safe haven trades, US Treasuries saw more of the benefit than the bonds that underlie mortgage rates.  The net effect is a move back in line with last Friday's levels for the average mortgage lender.

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  • Mortgage Rates Little-Changed to Begin Quiet Week

    Mortgage rates were sideways to slightly higher today, depending on the lender.  The underlying bond market (which dictates rates) was exceptionally quiet.  On the heels of last week's important events and without much on the calendar this week, markets may take a couple days to relax. 

    To put that in context, rates have been holding somewhat steady just below long-term highs.  Their next major decision will be between pushing into new long-term highs or attempting to move lower for more than just a week or two.  "Relaxation," in this context, means we're not likely to see evidence of either this week.

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Housing Wire

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  • Judge: Wells Fargo $142 million fake account settlement may not be enough
    Wells Fargo's proposed $142 million settlement in the class action lawsuit brought on behalf of the bank's customers who had a fake account opened in their name is moving closer to being finalized, but the judge overseeing the settlement cautioned the bank that $142 million may not be enough money to compensate all the affected customers.
  • Pro Teck: These 7 housing markets close mortgages faster than anywhere else
    Out of all 200 metros Pro Teck analyzed, only seven metros are selling in 50 days or less. “These numbers represent the average for the entire metro,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “This doesn’t take into account the hot micro-markets inside of these metros, some of which have sold days on market as low as 30.”
  • Second estimate revises 1Q GDP higher
    The second estimate revised the real gross domestic product higher, increasing the annual rate from the original 0.7% estimate. This estimate is based on a more complete source data than what was available for the advance estimate issued last month. But even though there was a sluggish start to the year, it doesn’t reflect how the rest of the year will perform.
  • CBC offers new LexisNexis FCRA report for lien and judgment data
    Starting July 1, the three national credit reporting agencies will stop collecting and reporting information on lien and judgement data obtained from public records, leaving lenders with a significant hole in their assessment of a borrower’s creditworthiness. To fill that information gap, two subsidiaries of CBC Companies — CBCInnovis and Factual Data — are offering the LexisNexis RiskView Liens & Judgments Report.
  • Grassroots military organizations ask Congress to save the CFPB
    As the Financial CHOICE Act winds its way through the House of Representatives, two grassroots organizations that represent current and former members of the military are asking the members of Congress to leave the Consumer Financial Protection Bureau alone and allow the bureau to continue functioning as it does now.