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Mortgage Rate Watch
  • Mortgage Rates Unable to Extend Last Week's Gains

    Mortgage rates moved back up today after ending last week on a positive note.  Improvements in rates have been uncommon so far in 2018.  In fact, we haven't seen more than 2 consecutive days without a move higher.  In that sense, today keeps the prevailing trend intact.  If there's a saving grace, it's that rates didn't quite rise back above last week's highs.

    If there's a downside (whatever the opposite of a "saving grace" might be...), it's that rates remain in line with the highest levels in more than 4 years.  

    ...(read more)

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  • Mortgage Rates Catch a Break Before Long Weekend

    Financial markets in the US will be closed for President's Day on Monday. Thus, mortgage lenders will not be open, nor will they be accepting locks. Given that mortgage rates took the road less traveled in 2018 and actually moved lower, it's worth having a chat with your mortgage professional if you have a loan in process. 

    Of course, many of you may not be reading this until after the lock window has passed for today, so let's take a look at next week's risks and opportunities.  The biggest risk is the same one that's been with us all year.  Simply put, rates have been trending higher in a steady but highly convicted fashion, quickly adding a half a percentage point or more to the average 30yr fixed rate quote.  As we've been saying all year, it doesn't make sense to bet against that trend until it shows clear signs of cooling, and today's modest improvement doesn't cut it.

    ...(read more)

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  • Rates Hold Steady Despite Stock Gains

    Mortgage rates were roughly unchanged today.  Some lenders even offered improved rates in the afternoon as underlying bond markets managed to hold modest gains.  All this despite another winning day for stocks (5th in a row now).  Much has been made of the interaction between stocks and bonds since last week's stock market flash crash.  Unfortunately many of the correlations mentioned in the news are fairly black and white.  

    For instance, many people believe that stock prices and bond yields move higher together because a growing economy not only implies stronger stock performance, but it can also support higher rates.

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  • Things Just Keep Getting Worse For Mortgage Rates

    Mortgage rates surged higher today, moving easily to new 4-year highs.  Today's average conventional 30yr fixed rate is roughly one eighth of a percentage point higher than Wednesday of last week and more than half a point higher than the best rates seen in January.  A half point increase would cost roughly $90/mo in terms of monthly payments on a $300k loan.  In terms of actual "note rates" being quoted, 4.625% is now replacing 4.5% as the most prevalent quote on top tier scenarios.  That said, it's worth noting that there's a fair amount of variability from lender-to-lender and day-to-day at the moment.  This is typical for market conditions we're currently enduring.

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  • Mortgage Rates Ready to Move After Tomorrow's Inflation Data

    Mortgage rates began the day fairly well in line with the past 2 days.  While it's nice to see some stability in this environment, it's not so nice that it's occurring at 4-year highs.  Do we have a shot at moving much lower or should you brace for more?  What warning signs should you look for to help answer that question?

    Much has been made in the news recently about the correlation between stocks and bonds (which dictate rates).  Depending on the day, stocks are said to be falling because rates are too high or rates are said to be rising because stocks are rising.  In reality, rates are largely doing their own thing, and that thing just happens to correlate with movement in stocks in general.  Last week's stock crash was a different story as it did actually help interest rates catch their collective breath.  

    ...(read more)

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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.