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Housing Starts Jump

Mortgage markets generally were quieter than they have been over the last several weeks. The most highly anticipated economic release, the Fed minutes, had little impact. Mortgage rates ended the week a little higher. The minutes from the April 29 Fed meeting released on Wednesday contained no major surprises. According to the minutes, Fed [...] Read more

Volatility Continues

With little connection to this week's economic data, large swings in mortgage rates were seen. Rising rates dominated the first few days, while much of that was reversed on Thursday and Friday. Mortgage rates ended the week a little higher. To understand this week's market action, it is helpful to look at long-term trends. In recent months, bond [...] Read more

European Yields Rise

Rising yields in Europe drove global bond markets this week. Weaker than expected US economic data and the Fed statement had little impact. As a result, mortgage rates ended the week higher. In a week packed with big economic events in the US, a shift in sentiment in Europe had the greatest influence on US mortgage rates. With bond yields in much [...] Read more

Existing Home Sales Increase

Mixed economic data released this week had offsetting effects on mortgage rates. Positive housing data pushed rates a little higher, while weakness in the details of the March Durable Orders report helped rates reverse some of the increase. For the week, mortgage rates ended just a little higher. The housing data released this week was mixed, but [...] Read more

Job Openings Increase

After a big week last week, there was little major news this week. It was a light schedule for economic reports, and the Fed Minutes had little impact. Mortgage rates ended the week with little change. While last week's disappointing Nonfarm Payrolls report caused investors to worry that the labor market is slowing, there was a growing conviction [...] Read more

Job Gains Fall Short

The economic data released this week again fell below the consensus forecasts. Since slower economic growth reduces expectations for future inflation, this was good news for mortgage rates. As a result, mortgage rates ended the week lower, falling to the best levels since early February. Over the past year, the economy has added an average of 266K [...] Read more

Fischer Outlines Fed's Plans

Optimism about Fed policy helped mortgage rates improve early in the week. The rally may have been overdone, however, and the gains were lost later in the week. As a result, mortgage rates ended the week just a little higher. On Monday, Fed Vice Chair Stanley Fischer elaborated on the Fed's plans for monetary policy. He said that it is "widely [...] Read more

Fed Lowers Forecasts

The big story this week was Wednesday's Fed meeting, and the Fed statement was well received by mortgage investors. Also positive for mortgage rates, the economic data released this week fell short of expectations. As a result, rates ended the week lower. For several reasons, the Fed statement caused investors to push expectations for federal [...] Read more

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