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Mortgage Rate Watch
  • Mortgage Rates Hold Ground Amid Market Volatility

    Mortgage rates were unchanged to slightly lower today.  Political drama in Europe pushed stocks lower overnight and sent investors toward safer haven assets like bonds.  Higher demand for bonds pushes rates lower, all things being equal.  

    All of the above meant a stronger start for bond markets and slightly lower mortgage rates this morning.  Still, the average improvement was so small that it was barely noticeable, largely because bonds had weakened yesterday afternoon, implying that lenders would have started today at a disadvantage were it not for the overnight improvement.  Still with me there?  In a nutshell, bond market weakness yesterday never made it onto lender rate sheets and this morning's bond market strength was just barely enough to counteract that weakness.

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  • Mortgage Rates Rise Only Modestly Despite Market Weakness

    Mortgage rates moved modestly higher today despite bigger movement in underlying bond markets.  In part, this is a byproduct of the way rates behaved at the end of last week, when lenders didn't adjust rates lower as quickly as bond market strength would have suggested.  In short, rates are playing it closer to the vest while the bonds that underlie and inform rate movement have been a bit more volatile.  

    Bonds and rates frequently react to economic reports and other news that speaks to the health of the economy or the rate-setting policies of the Federal Reserve.  Although we did have a key report on new home construction and several speakers from the Fed today, rates were preoccupied with less overt motivations.  One example would be bond traders who decided to sell bonds today simply because trading levels hit certain targets. 

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  • Mortgage Rates Rise a Bit More From Recent Lows

    Mortgage rates were at their best levels in roughly a month last Friday afternoon.  Since then, they've risen modestly on each of the past two business days.  As has been the case for quite some time, day-to-day movement continues to be very tame.  The actual interest rates at the top of loan quotes rarely change from one day to the next.  Instead, fine-tuning adjustments to the overall cost of financing come courtesy of slightly higher upfront costs--at least in today's case.

    In other words, if you were being quoted 3.875% yesterday on a 30yr loan yesterday, chances are you'd be seeing the same rate today, but with upfront costs just a bit higher (or a lender credit that's just a bit lower, depending on the scenario). 

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  • Mortgage Rates Sideways to Slightly Higher

    Mortgage rates were sideways to slightly higher today, depending on the lender.  Underlying bond markets suggested a bit more movement, and that will likely be reflected in tomorrow morning's rate sheets unless bonds improve overnight.

    In other words, effective rates are just a bit lower this afternoon than bond market trading levels would imply.  This happens fairly often when bonds move during the day, but not by a wide enough margin to prompt mortgage lenders to reissue the day's rate sheets. 

    All that having been said, the change would still be fairly minimal in the bigger picture, with most any lender continuing to quote the same interest rate (just with slightly higher upfront costs).  After dropping at the best pace in more than a month to the lowest levels in roughly a month on Friday, this modest pullback isn't yet cause for concern, but that could change if the weakness continues tomorrow.

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  • Mortgage Rates Back Into The 3's After Inflation Report

    Mortgage rates moved lower today.  For many lenders, it was the biggest drop in more than a month and it also brings them to the best levels in roughly a month.  Others were more hesitant to make significant updates to today's rate sheets based on this morning's strength in bond markets (which underlie mortgage rates).  If you're not seeing much of an improvement compared to yesterday at a specific lender, they're more likely to pass along that improvement if bond markets continue holding in current territory at the start of next week.

    Just to be clear on how much improvement you might expect from a day like today, we're talking about roughly one quarter of ...

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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.