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Mortgage News Letter


Mortgage News Daily

Lowest Mortgage Rates in 2 Weeks
Mon, 18 Nov 2019 21:51:26 GMT

Mortgage rates added to last week's improvement with another modest drop today. That brings the average lender to the best levels in exactly 2 weeks--a welcome change after hitting the highest levels in more than 3 months on Friday November 8th. US/China trade relations have been a key source of volatility , but markets are also eager to see how economic data unfolds as 2019 draws to a close. The combination of a phase 1 US/China trade deal and reasonably resilient economic data could push rates much higher and confirm a rising rate trend for the next several months. Conversely, if the trade deal looks shaky and if economic data deteriorates, rates could take another run at the long-term lows seen in early September. This isn't a narrative that will play out today, tomorrow, or even any time ...read more

Much Better Week For Rates, But Bigger Picture Risks Remain
Sat, 16 Nov 2019 00:06:01 GMT

Mortgage rates finished the week in much better territory compared to last Friday. Today only added modestly to that move, but the simple act of moving in a friendly direction feels like a major victory after coming toe to toe with the highest rates in more than 3 months (last week). There weren't any obvious reasons for today's meager gains. In fact, the underlying bond market was slightly weaker on the day (which usually implies higher rates). But lenders were still getting caught up with the week's previous bond market gains and thus managed to overlook the contrary cues from the market. In the slightly bigger picture, this week can be seen as the bond market's way of saying it's not quite ready yet to embark on a panicked race back toward higher rates . The question remains: is that sort ...read more

Mortgage Rates Are Actually LOWER This Week
Thu, 14 Nov 2019 21:57:29 GMT

Mortgage rates moved lower again today. Whereas it was a bit easier to be dismissive about recent improvements, they're starting to add up at this point. Granted, we're not talking about anything other than a return to the rates seen on November 6th, but for anyone who was rate shopping at the end of last week, that's a welcome change. As if often the case on Thursdays, there is a major discrepancy between much of today's mortgage rate news and what I'm telling you here. Specifically, whereas I'm telling you rates are lower today and as low as they've been in more than a week, the average major media outlet is saying rates are HIGHER this week. As usual (at least when it comes to rates on Thursdays), I'm right and they're wrong. Actually, I'm right in a timely way and they're right if the goal ...read more

Mortgage Rates Continue Much-Needed Recovery
Wed, 13 Nov 2019 23:24:04 GMT

Mortgage rates have been more willing to move higher than lower recently. While that may continue to be the case in the near-term future, there have been pockets of resistance to that trend. The first 2 days of this week seem to be just such a pocket. The direction of the movement is good, but the magnitude may leave a bit to be desired, depending on your standards. The average loan scenario would still be seeing the same "note rate" quote as yesterday, but the effective rate would be slightly better due to lower upfront borrowing costs. In the bigger picture, it makes sense to remain defensive about the possibility that the broader trend toward higher rates can continue. We'd need to see a much more substantial push back toward lower rates in order to abandon that defensive stance. Loan Originator ...read more

Mortgage Rates Avoid More Pain, Even if Only For Today
Tue, 12 Nov 2019 22:17:54 GMT

Mortgage rates had a bad October . November hasn't exactly been great either, with last Thursday being one of the worst days of the year in terms of day-over-day jumps in rates. In addition to the abrupt move, last week's weakness also brought rates in line with their highest levels in more than 3 months. All of the above could be part of a bigger shift away from the prevailing trend toward lower rates (which had been intact since last November) and into a new trend of rising rates. This newer, unfriendlier trend arguably tried to make an appearance in mid September but was quickly shut down as rates nearly returned to the super-long-term lows seen earlier that month. Notably though, they failed to make it all the way back down to those lows, and that can be an early warning sign of a shift ...read more