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Mortgage News Daily

Mortgage Rate Watch
  • Mortgage Rate Rally May Be Pausing

    First things first: the average mortgage lender improved modestly today, compared to last Friday's levels. This leaves mortgage rates at their lowest levels in several months.  That's great news and indeed, the last few weeks have been the best few weeks we've seen in more than a year.  That having been said, we're now reaching the stage where the strong move in underlying financial markets may be running out of steam.

    "Running out of steam" could mean one of several things.  In the best case, this is just the obligatory pause that almost all such market movements encounter before ultimately continuing in the same direction.  The less pleasant eventuality would be that today could mark the lowest rates we'll see for a while.  There's no way to know which variety we'll get, but history suggests sprinkling a bit more caution into your strategy if you're in a position to lock a loan.

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  • Mortgage Rates Lowest Since September After Jobs Report

    Mortgage rates held on to their recent improvements today after the important Employment Situation (the big "jobs report") showed November job creation was lower than expected.  In general, weaker job creation is good for interest rates because it speaks to slower economic growth and inflation (both of which are enemies of rates).  This report was particularly important because a strong result would have cast doubt on several speeches from members of the Federal Reserve.  Those speeches have warned about slower economic growth in 2019 and the potential for fewer rate hikes than previously anticipated.  

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  • Mortgage Rates Are On a Tear!

    Mortgage rates dropped significantly yet again today, adding to an already impressive week of improvement and bringing most lenders into their best territory since September 13th, 2018.  The average lender improved by more than an eighth of a percentage point in just the past 3 business days and by nearly 3/8ths of a point from the highs seen in early November.  This comes out to roughly $70/month for a $300k loan, or an upfront savings of $4500 if you were to buy your rate down (paying points) back in early November.

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  • Mortgage Rates Deeper into 2 Month Lows as Stocks Swoon

    Mortgage rates technically hit their lowest levels in exactly 2 months yesterday.  Today merely takes them deeper into that territory.  The size of the improvement is less impressive and less meaningful compared to that "lowest in more than 2 months" talking point.   That said, taken in conjunction with the last 4 business days, the average lender is roughly an eighth of a percentage point lower.  That comes out to $7/mo for every $100k financed (or $21/mo on a $300k loan).

    On a somewhat frustrating note, mortgage rates didn't experience nearly as big of a move as the broader bond market.  For instance, 10yr Treasuries--the most widely-used benchmark for longer-term interest rates) dropped 0.05% today.  Mortgages only managed to drop by 0.02% in terms of effective rates. 

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  • Mortgage Rates Now at 2-Month Lows

    Mortgage rates didn't really improve today for the average lender, but they did manage to hit the lowest rates in 2 months on a technicality.  The reason for this is simple.  There was a big gap between the rates seen on October 2nd and October 3rd.  Rates merely had to hold steady today in order to earn the "2-month" title.  

    Despite the absence of mortgage rate movement, there were some encouraging developments behind the scenes.  When it comes to rates, 'behind the scenes' refers to trading in the bond market, and bonds managed to scratch out a solid day after starting out on weaker footing.  Typically, bonds need some inspiration for this sort of strength.  That can come from weaker economic data, weakness in stocks or other related markets, and even from geopolitical drama.  Today's strength, however, arrived without any obvious external prompt. 

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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.