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Mortgage Market Update 3/9/18

Rates faced upward pressure Friday as newly released employment data showed stronger than expected job growth in February.  This morning, the Labor Department reported net job gains of 313,000 last month, far exceeding expectations for an increase of 205,000.  In addition, upward revisions added 54,000 jobs to prior months.  Construction firms added 61,000 workers, the highest monthly increase […]

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Mortgage Market Update 3/8/18

Mortgage rates were little changed Thursday.  This morning, the European Central Bank adjusted monetary policy by dropping its “easing bias”, which was a pledge to increase its bond purchases if the region’s economy deteriorates.  The move had been expected by investors and caused little market reaction.  In the U.S., weekly Jobless Claims rose to 231,000, […]

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Mortgage Market Update 3/7/18

Mortgage rates held steady Wednesday as stocks moved lower on news that well-respected White House chief economic advisor Gary Cohn has resigned.  His departure may increase market volatility in the near term due to uncertainty over his replacement.  Cohn opposed President Trump’s proposed tariffs, which are viewed by many investors as inflationary.  In other news, […]

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Mortgage Market Update

Rates eased slightly despite the release of stronger than expected economic data.  This morning, weekly Jobless Claims fell to 210,000, well below the consensus forecast of 230,000, to the lowest level since 1969.  The Core PCE price index, the Fed’s preferred measure of inflation, rose 0.3%, in line with expectations, and was 1.5% higher than […]

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Mortgage Market Update 2/28/18

Mortgage rates were little changed Wednesday in quiet trading.  This morning, fourth quarter GDP was revised lower to 2.5% growth, matching expectations.  The National Association of Realtors reported January Pending Home Sales fell 4.7%, well below the consensus forecast for an increase of 0.5%, to the lowest level in nearly 4 years.  Extreme inventory shortages […]

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Mortgage Market Update 2/26/18

Mortgage rates were little changed Monday as U.S. long-term interest rates have been less volatile over the past two weeks.  In economic news, January New Home Sales fell 8% to 593,000 annual units, well below the consensus forecast of 625,000.  No other key data will be released today.

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Mortgage Market Update 2/21/18

Rates were little changed Wednesday as stocks rebounded from yesterday’s sharp losses.  In economic news, the National Association of Realtors reported January Existing Home Sales fell to 5.38 million annual units, well below expectations.  Severe weather and rising interest rates were blamed for the shortfall.  Detailed minutes from the January 31 Fed meeting will be […]

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