30-Year Fixed Mortgage Rate Hits Seven Month High; Current 30-Year Fixed Rate is 4.73%
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on…
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30-Year Fixed Mortgage Rate Drops 13 Basis Points From Seven-Month High
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on…
What Is a Letter of Explanation? Your Chance to Talk to an Underwriter
Mortgage Q&A series: âWhat is a letter of explanation?â If youâre currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a âletter of explanationâ or LOE to provide a little more color to what the underwriter might feel is a complicated matter. You can think of… Read More »What Is a Letter of Explanation? Your Chance to Talk to an Underwriter
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The Top 10 Cities Where Cash-Out Refinances Are King
Despite being nowhere close to levels seen just over a decade ago, cash-out refinance loans are on the rise, this according to a new data dive by LendingTree. The company reported that 62% of those who refinanced in the first quarter took âcash out with that,â up from 54% a year earlier. This number is… Read More »The Top 10 Cities Where Cash-Out Refinances Are King
The post The Top 10 Cities Where Cash-Out Refinances Are King appeared first on The Truth About Mortgage.
30-Year Fixed Mortgage Rate Declines For Fourth Consecutive Week
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on…
Housing Market Tracker: Inventory and purchase applications data fall together
Purchase applications fell 10% and housing inventory decreased by 8.664 units last week, according to the Housing Market Tracker.
Pay off student loans or invest — how to move toward funding retirement
In my recent post, “Why investing can be better than paying down debt,” Dianecy’s comment raised a question faced by many: What do you do about investing when you have student loans?
It is quite the dilemma, actually, because the best time to start funding your retirement is when you’re still in your 20s. And as anyone who has been reading Get Rich Slowly for more than, say, 10 seconds would know, few things impede your progress toward getting rich (at any speed) like debt.
The reason is simple: A dollar can be spent only once — either for another person’s benefit or for yours. So it follows that repaying debt benefits the bank; investing those same dollars in a CD or index fund, on the other hand, benefits you and your future.
Mortgage job numbers drop further in annual revision
Nonbank mortgage employment in 2022 was even lower than initial estimates suggested, the Bureau of Labor Statistics found after its annual adjustment for company filings. The revised payroll count shows the figures for the number of people on mortgage banker and broker payrolls were overestimated by 10,000 positions or more each month, with steeper declines … [Read more…]
Perfect Storm Leaves Rate Range Perfectly Intact
Perfect Storm Leaves Rate Range Perfectly Intact Coming into the week, yields were near the top of a narrow range (3.4-3.56 give or take). With both ISM reports, the jobs report, and policy announcements from the Fed/ECB/BOE, it was a distinct possibility that we’d see that range broken. By Thursday morning, that looked like it was a work in progress, but by the end of the day, yields were back to 3.40. Then in a cruel twist of fate this morning, NFP beat forecasts by the widest margin in a year and half. 90 minutes later, ISM crushed its forecasts as well. These events combined to push yields right up to the top of the range, leaving us to hurry up and wait for the next set of potential market movers. Econ Data / Events NFP 517k vs 185k f’cast, 260k prev unemployment 3.4 vs 3.6 f’cast, 3.5 prev earnings 0.3 vs 0.3 f’cast, 0.4 prev ISM Non Manufacturing 55.2 vs 50.4 f’cast, 49.2 prev Market Movement Recap 09:29 AM Heavy selling after massive NFP number. Perhaps finding footing now. 10yr yield up 11.2bps at 3.514. MBS down 3/8ths of a point in 5.0 coupons, and half a point in 4.5s. 10:05 AM More losses after ISM data. 10yr up 15bps at 3.552. MBS down 5/8ths of a point. 01:43 PM 10am marked the weakest levels and bonds have erased about half of the post-ISM losses. MBS trading flat with 5.0 coupons down just under half a point. 10yr up 11.5bps on the day at 3.517.
Economy Is Improving, but Recession Risk, Inflation Still Hover
It seems inflation is, indeed, being tamed. But itâs still uncertain whether the U.S. is in the clear or if a potential downturn is ahead.