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Mortgage Market Update 5/23/18

Mortgage rates inched lower Wednesday on concerns that the new coalition government in Italy might consider leaving the Eurozone.  In the U.S., April New Home Sales fell 2% to an annual rate of 662,000, below the consensus forecast of 675,000.  Detailed minutes from the May 2 Fed meeting will be released at 2:00 PM.

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Mortgage Market Update 5/18/18

Mortgage rates eased slightly on Friday but finished 0.125% higher for the week, reaching their highest levels since 2011.  While rates remain historically low, recent increases have come more quickly than many economists had anticipated.  Higher mortgage rates, coupled with steadily rising home prices, have reduced housing affordability over the past year, taking the greatest toll on […]

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Mortgage Market Update 5/16/18

Rates stabilized Wednesday after yesterday’s sharp sell-off of US Treasuries and mortgage-backed securities.  Yesterday, the 10-year Treasury bond yield hit 3.11%, the highest level since 2011.  In economic news, April Housing Starts fell 4% to an annual rate of 1.29 million units, below the consensus forecast of 1.33 million.  Most of the decline came in multi-family […]

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Mortgage Market News 5/10/18

Rates were little changed Thursday as weaker than expected inflation data helped mortgage-backed securities recover from yesterday’s losses.  This morning, the April Consumer Price Index (CPI) rose 0.2%, below the consensus forecast for an increase of 0.3%, and was 2.5% higher than one year ago.  Core CPI, which excludes volatile food and energy components, increased […]

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Mortgage Market Update 5/9/18

Mortgage rates moved higher Wednesday following global bond yields.  This morning, the April Producer Price Index (PPI) rose 0.1%, below the consensus forecast for an increase of 0.2%.  The more closely watched “Core” PPI, which excludes volatile food and energy components, increased 0.2%, matching expectations, and was 2.3% higher than one year ago.  Investors will be […]

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Mortgage Market Update 4/27/18

Rates held steady Friday as newly released financial data brought no surprises.  The initial estimate for first quarter Gross Domestic Product (GDP) growth came in at 2.3%, above the consensus forecast of 2.0%, but down from 2.9% in the fourth quarter 2017.  Economists noted that the recent tax cuts may distort the typical distribution of […]

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Mortgage Market Update 4/26/18

Mortgage rates inched lower Thursday, backing off from four-year highs.  In economic news, March Durable Goods Orders rose 2.6%, above the consensus forecast for an increase of 2.0%.  However, excluding volatile transportation orders, the results came in below expectations.  Weekly Jobless Claims fell to 209,000 to the lowest level since 1969.  The European Central Bank […]

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Mortgage Market Update 4/20/18

Mortgage rates continued their upward trend Friday pushing to the highest levels in over four years.  Recent increases appear to be driven by concerns that improved economic conditions and larger budget deficits will lead to higher inflation.  Inflation erodes the value of fixed income investments, such as bonds and mortgage-backed securities.  No key economic data […]

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Mortgage Market Update 4/4/18

Rates held steady Wednesday as a sharp decline in stocks helped mortgage-backed securities recover from yesterday’s losses.  This morning, China announced new tariffs on 106 U.S. products in response to the recent tariffs imposed on Chinese products by the Trump Administration.  Fears of an escalating trade war sent stocks lower.  In other news, the Institute for Supply […]

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Mortgage Market Update 4/2/18

Rates inched higher Monday despite the release of weaker than expected economic data.  The morning, the Institute for Supply Management manufacturing index fell to 59.3, below the consensus forecast of 60.0.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Separately, February Construction Spending rose 0.1%.  An increase of 0.5% had been […]

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