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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

UK Votes to Exit

A shocking British vote to exit the European Union sent both stocks and mortgage rates much lower on Friday. The other economic news had little influence. As a result, mortgage rates ended the week lower, near the best levels since early 2015. While the final polls ahead of the vote were close, the vast majority of investors expected the UK to [...] Read more

Rates Near Multi-Year Lows

Central bankers were the main influence on mortgage rates over the past week. The economic data caused little reaction. Mortgage rates ended the week lower, near the best levels in several years. In a speech on Monday, Fed Chair Janet Yellen discussed the disappointing Employment report seen in May. Yellen warned against reading too much into one [...] Read more

Disappointing Job Gains

The major economic news over the past week was positive for mortgage rates. This included weaker than expected U.S. economic data, dovish ECB comments, and increased concerns about the UK leaving the EU. As a result, mortgage rates ended the week lower, near the best levels of the year. The important monthly jobs report released on Friday was a [...] Read more

Huge Home Buying Activity

Despite stronger than expected housing data and a nice rally in the stock market, investors showed significant demand for bonds, including mortgage backed securities (MBS). As a result, prices for MBS improved, causing mortgage rates to end the week a little lower. The housing data released this week showed that home buyers were busy in April [...] Read more

Shift in Outlook for Fed Policy

Stronger than expected economic data and a shift in expectations for Fed policy were negative for mortgage rates over the past week. As a result, mortgage rates ended the week higher. Speeches made by Fed officials during the first part of the week alerted investors that the Fed may be much closer to another federal funds rate hike than investors [...] Read more

Retail Sales Jump

The economic data released over the past week was generally better than expected. Strength was seen in retail sales, the labor market, and consumer sentiment. As a result, mortgage rates ended the week a little higher, but they remain near the best levels of the year. After a slow start to the year, Friday's report on retail sales went a long way [...] Read more

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