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Mortgage Rate Watch
  • Mortgage Rates Bounce Higher

    Mortgage rates saw their biggest bounce higher in more than a week today as domestic bond markets (which dictate rates) followed a much bigger move in European bond markets.  The European move can be traced to comments from European Central Bank President Mario Draghi depending on the lender.  In a nutshell, his comments sounded like the Fed's comments in the early days of the "taper tantrum" in the US (a big jump in rates that occurred when the Fed signaled its intention to buy fewer bonds).  Translated into simpler terms, big central banks buy lots of bonds.  When they do that, prices of those bonds go up and rates come down.  

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  • Rates Still Flat at 8-Month Lows

    Mortgage rates were steady to slightly lower today, depending on the lender.  Underlying financial markets continue moving in a narrow range--something that's not uncommon for the first few weeks of the summer.  It's that market movement that can result in mortgage lenders issuing mid-day reprices.  The more volatile and the bigger the moves, the more likely lenders are to reprice.  Today saw zero reprices.

    Rates may have risen this morning were it not for weaker economic data.  In general, weaker data tends to drive demand for the safe-haven of the bond market (which results in lower rates).  This morning's Durable Goods data was noticeably weaker, and bonds improved immediately following its release at 8:30am.  Though the improvement in markets was modest, it meant that most lenders were looking at bond prices that were at least as good as last Friday's.

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  • Rates Cap Impressively Sideways Week Near Long-Term Lows

    Weeks like this are the reason that some mortgage rate analysis is only done once a week. There haven't been any significant developments in financial markets--at least not as far as bonds (which dictate rates) have been concerned.  And there certainly hasn't been any significant movement in mortgage rates themselves.  In fact, with the exception of a modest dip last Wednesday, mortgage rates have been essentially flat for the entire month of June.

    As we've discussed all week, being "flat" at current levels is a good thing considering lenders continue quoting conventional 30yr fixed rates in a range from 3.875% to 4.0% on top tier scenarios.  

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  • Mortgage Rates Sideways to Slightly Lower

    Mortgage rates have been so little-changed in recent days that yesterday's coverage wouldn't need to be changed in order to apply perfectly today.  Indeed, the 3rd paragraph is a word-for-word repeat.  To be fair though, we would need to update yesterday's reference to "especially over the past 5 days."  That "5" would now be a "6," obviously.  

    Any detectable difference in today's rate quotes would come in the form of slightly lower upfront costs versus yesterday.  The actual interest rate quote remains unchanged.  This sideways trend could easily continue for several more days.

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  • Mortgage Rates are Barely Budging (And That's Great!)

    Mortgage rates have been locked in an exceptionally narrow range for most of the month of June, but especially over the past 5 days.  Given that mortgage rates are determined by the bond market where trading levels move constantly throughout the day, it can be useful to consider what's been happening with those trading levels.  Long story short, they haven't been remotely close to moving any higher or lower than the highs and lows seen last Wednesday.

    In other words, Wednesday's range set the boundaries of the current playing field for rates, and they haven't left the field since then.

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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.