Mortgage News Daily

Mortgage News Daily

Record-Breaking Job Gains Would Normally Hurt Rates, But…

This week’s economic data included the biggest-ever gain in Pending Home Sales, a leading indicator for the housing market. Meanwhile, mortgage rates pushed down to new all-time lows yet again. But at what cost? The most pessimistic way to explain the surge in home sales is to say it was only made possible by the record-setting declines in the past …

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Purchase Mortgage Applications Fall Again as Inventory Dries Up; Rates Staying Low

Applications for both refinancing and purchase mortgages retreated last week , pulling the Mortgage Bankers Associations (MBA’s) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, declined by 1.8 percent on a seasonally adjusted basis during the week ended June 26 and was down 2.0 percent on an …

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Record Surge in Pending Home Sales; Rates Staying Near Record Lows

Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April’s home sales contract activity “will be the lowest point for pending sales.” That turns out to have been a huge understatement–at least for now. This morning’s release of NAR’s Pending Home Sales Index (PHSI) showed the number of those contracts for purchasing existing single-family …

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Forbearances Surge This Week; Mortgage Rates Are Headed Higher (Eventually)

The fates of the economy, the housing market, and interest rates remain closely intertwined with coronavirus. The pandemic is clearly responsible for the record-setting drop in economic activity (including the housing market). And it has clearly been the key source of motivation for both stocks and interest rates (which we can follow most objectively via 10yr Treasury yields). A shorter-term …

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