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For most kids, heading back to school is an exciting time. It’s a chance to reconnect with friends, see new classrooms and experience the accomplishment of moving up a grade level. Read More
Having outdoor living spaces that go well beyond a picnic table and charcoal grill hold appeal for most buyers. Conversation areas, fire pits, and outdoor kitchens range from desirable to “must have” in some parts of the country. Read More

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MBS RECAP: Small Ray of Hope Amid Scary Sell-Off

Posted To: MBS Commentary

Today's sell-off brought 10yr yields to their highest levels since the middle of 2014 (when they were on their way down following the taper tantrum. With this, bonds have weakened substantially for each of the past 3 weeks. That's where the small ray of hope comes in. Because the past 3 weeks of pain in bond markets are NOT acting as a correction to an overly-big rally, and because they're not occurring amid a large-scale adjustment of risk (like the taper tantrum or the presidential election) they're an incredibly rare sight. In fact, apart from those aforementioned conditions, we really don't see more than 3 weeks of this much weakness strung together (once or twice every few years). Although today's afternoon weakness did little to change the overall damage this week...(read more)

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Worst Week Since June for Mortgage Rates

Posted To: Mortgage Rate Watch

Mortgage rates remained at 9-month highs today, with most lenders in worse shape than yesterday. In the morning, the sky hadn't yet fallen, the average lender was right in line with yesterday's 9-month highs, but at least we weren't any worse off than yesterday. Things changed in the afternoon as bond markets weakened abruptly. Many lenders issued negative reprices, thus leaving the average lender noticeably higher than yesterday. Today's weakness makes this the worst week for rates since late June and one of only 3 weeks with as much of a rate spike since 2016. For the third day in a row, I'm repeating the same mantra: any time we're pushing long-term highs, it's a good idea to remain defensive in terms of locking vs floating. The saving grace is that long-term highs typically precede extended...(read more)

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