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Mortgage Market Update 11/2/18

Rates inched higher Friday following the release of stronger than expected employment data.  The economy added 250,000 jobs in October, well above the consensus forecast for an increase of 190,000.  The unemployment rate remained at 3.7%, the lowest level since 1969.  Average hourly earnings rose 0.2%, matching expectations, and were 3.1% higher year-over-year, the largest […]

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Mortgage Market Update 10/31/18

Rates inched higher Wednesday as a rally in stocks hurt mortgage-backed securities.  In economic news, payrolls firm ADP estimated October private sector job growth of 227,000, well above the consensus forecast of 180,000.  The Chicago Purchasing Managers Index fell to 58.4, a bit below expectations.  Readings above 50.0 indicate expansion in the manufacturing sector in […]

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Mortgage Market Update 10/25/18

Mortgage rates were little changed Thursday.  In economic news, September Pending Home Sales rose 0.5%, above the consensus forecast for a flat reading.  Weekly Jobless Claims increased to 215,000, in line with expectations.  The European Central Bank (ECB) made no change in interest rates or monetary policy.  Results from today’s 7-year Treasury auction will be […]

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Mortgage Market Update 10/19/18

Mortgage rates inched lower Friday in volatile trading as stocks moved higher.  This morning, the National Association of Realtors reported September Existing Home Sales fell 3.4% to an annual rate of 5.15 million units, well below expectations.  Sales were 4% lower than the same period last year.  The national median home price rose 4.2% to […]

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Mortgage Market Update 10/17/18

Rates held steady Wednesday as September Housing Starts fell 5% to an annual rate of 1.20 million units, below the consensus forecast of 1.22 million.  Stocks moved lower.  Detailed minutes from the September 26 Fed meeting will be released at 2:00 PM.

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Mortgage Market Update 10/11/18

Rates inched lower Thursday following yesterday’s sharp sell-off of stocks and this morning’s release of weaker than expected inflation data.  The September Consumer Price Index (CPI) rose 0.1%, below the consensus forecast of 0.2%.  Core CPI, which excludes volatile food and energy components, also rose 0.1% and was 2.2% higher year-over-year.  Weekly Jobless Claims increased […]

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Mortgage Market Update 10/4/18

Mortgage rates moved higher Thursday reflecting yesterday’s late sell-off of U.S. Treasuries and mortgage-backed securities.  Long-term rates are now at their highest levels since 2011.  In economic news, weekly Jobless Claims fell to 207,000, a bit below forecast.  August Factory Orders rose 2.3%, beating estimates.  Investors will be closely following tomorrow’s key Employment Report for September which will be released at […]

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Mortgage Market Update 10/3/18

Rates inched higher Wednesday following the release of stronger than expected economic data.  This morning, payrolls firm ADP estimated September private sector job gains of 230,000, well above the consensus forecast of 180,000.  Separately, the Institute for Supply Management services index came in at 61.6, beating expectations, to a new record high.  Readings above 50.0 […]

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Mortgage Market Update 9/27/18

Rates were little changed Thursday following yesterday’s Fed announcement.  The Federal Reserve raised short-term rates by 0.25% Wednesday, as  expected.  In today’s economic news, the National Association of Realtors reported August Pending Home Sales fell 1.8%, below the consensus forecast for a decline of 0.5%, to the slowest pace since January.  Sales were 2.3% lower […]

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Mortgage Market Update 9/25/18

Rates inched higher Tuesday ahead of tomorrow’s Fed announcement.  The Federal Open Market Committee began a two-day meeting this morning to discuss monetary policy and will release a policy statement tomorrow at 2:00 PM, followed by a press conference by Fed Chair Jerome Powell at 2:30.  It is widely expected that the Fed will raise […]

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