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Mortgage rates are in bad shape . At some point in the past 3 days (depends on the lender), top tier 30yr fixed rate offerings hit their highest level in 5 years, then 7 years. For the first time since 2011, the most prevalent top tier rate is 4.875% (meaning a handful of lenders are at 4.75% or 5.0%). If this trajectory holds, the average lender would be at 5% next week. In order to make the past few days relevant for anyone who reads this, let's focus on the CHANGE between today's average rates and those seen less than a week ago. From Friday the 14th, the average 30yr fixed quote is an eighth of a percentage point higher (.125%). While we've seen moves that big in the past, with only 1 or 2 exceptions, we haven't seen anything like it in 2018. And when we consider that it takes rates to
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Mortgage Rate Watch
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Mortgage rates are in bad shape . At some point in the past 3 days (depends on the lender), top tier 30yr fixed rate offerings hit their highest level in 5 years, then 7 years. For the first time since 2011, the most prevalent top tier rate is 4.875%... (read more) |
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MBS Commentary
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One of the themes we often revisit in times of trouble is the long-term bull market in bonds. This traces back to the 80's and provides a shockingly linear set of lower highs and lower lows in 10yr yields. Most recently, we've seen yields... (read more) |
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Housing News
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It was a disappointment, but at least it wasn't a loss. Existing home sales, which were expected to increase in August after four straight months of declines instead remained unchanged from July. In fact, almost the entire report on August's existing... (read more) |
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Housing News
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The share of loans originated for refinancing rose in August for the first time this year. Ellie Mae's Origination Insight Report shows that closed transactions for refinancing represented 32 percent of the total, up 3 percentage points from July. Th... (read more) |
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Rob Chrisman
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This Saturday is the autumn equinox – season-wise, we know what is on the way. “Rob, we, like everyone else, are watching the approaching winter, and higher rates, and wondering if there are ways to improve our financial picture without l... (read more) |
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MBS Commentary
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The titular question could be taken two ways . Is the selling pressure in bonds over? Is the "low rate environment" that's been in effect since mid-2011 over? The answers, in order are "probably not" and "for now."
To be fair to th... (read more) |
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consumerfinancemonitor.com
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consumerfinancemonitor.com
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