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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

Europe and China Worry Investors

Concerns about the pace of global economic growth were positive for mortgage rates over the past week. Friday's key employment data caused some volatility, but had little net effect. Mortgage rates ended the week lower. The news released over the past week caused investors to reduce their outlook for economic growth in Europe and China. On [...] Read more

Dovish Fed Statement Helps Rates

The big event this week was Wednesday's Fed meeting. A dovish Fed statement was positive for mortgage rates. The economic data released over the past week closely matched expectations, so it had little impact. Mortgage rates ended the week lower. The U.S. Fed made no change in the federal funds rate, as expected. There were few changes in the [...] Read more

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