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Rates Rise after Election

The unexpected results in the Presidential election caused significant volatility in the markets, both overnight as the likelihood of a Trump victory grew and the next couple of days as investor expectations for the U.S. economy under Trump became the focus. Mortgage rates ended the week at the highest levels of the year, and the Dow stock index [...] Read more

Three Central Bank Meetings

Over the past week, the meeting of the Bank of England and news related to the U.S. election were the main influences on mortgage rates. The U.S. economic data had little impact. The net result was that mortgage rates ended the week a little lower. Three major central banks had meetings over the past week, and none of them made any policy changes. [...] Read more

Inflation and the Fed

Both central bankers and economic data influenced mortgage rates over the past week. Comments from the top two Fed officials caused some volatility but had little net impact. Weaker than expected inflation data was favorable. As a result, mortgage rates ended the week a little lower. Late Friday afternoon, Fed Chair Yellen unexpectedly discussed a [...] Read more

Retail Sales Stall

The most significant economic report released over the past week, retail sales, fell far short of expectations, which was good for mortgage rates. A decline in bond yields overseas also helped, and mortgage rates ended the week lower. After several months of strong readings, Friday's retail sales data fell far short of expectations. Excluding the [...] Read more

ECB Holds Steady

Thursday's European Central Bank (ECB) meeting was viewed as negative for U.S. mortgage rates. The economic data released this week had little impact. As a result, mortgage rates ended the week a little higher. Some investors were disappointed by Thursday's decision by the ECB to make no change in monetary policy. To help ease the impact of the [...] Read more

Stocks Rally, Rates Rise

Investors showed a preference for stocks over bonds this week. The economic data had little impact. As a result, mortgage rates ended the week a little higher. With long-term bond yields at or near record low levels following the Brexit vote on June 23, investors decided this week that stocks had become relatively more attractive than bonds. [...] Read more

Strong Job Gains

Over the past week, investors continued to seek the safety of U.S. bonds in the wake of the British vote to exit the European Union. This added demand offset stronger than expected U.S. economic data, and mortgage rates ended the week at the best levels in years. In May, the economy added just 11,000 jobs, the lowest level since September 2010. [...] Read more

Stocks and Rates Improve

The British vote to exit the European Union remained the primary influence on U.S. financial markets over the past week. U.S. stocks have recovered their losses, while mortgage rates have continued to improve. As a result, mortgage rates ended the week at the best levels in years. Following the British vote on June 23 to exit (Brexit), it has been [...] Read more

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