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Mortgage Rates Fall below 4%, Lowest since November 2016

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Mortgage Rates Fall below 4%, Lowest since November 2016

From Matthew Graham at Mortgage News Daily: Trump Administration Drama Pushing Rates Even Lower Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs.  Twitter was in play again today.  This time around it was Gary Cohn, Trump’s economic advisor.  Rather, it was rumors of Cohn’s departure that sent financial...
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CBO: Fiscal 2015 Federal Deficit through May about 10% below Last Year

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CBO: Fiscal 2015 Federal Deficit through May about 10% below Last Year

More good news … the budget deficit in fiscal 2015 will probably be lower than the recent CBO March forecast. From the Congressional Budget Office (CBO) today: Monthly Budget Review for May 2015 The federal government ran a budget deficit of 8 billion for the first eight months of fiscal year 2015, CBO estimates. That...
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Existing Home Sales: Expect Below Consensus Sales

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Existing Home Sales: Expect Below Consensus Sales

The NAR is scheduled to report June existing home sales on Monday. The consensus is for sales of 5.27 million on seasonally adjusted annual rate (SAAR) basis. However economist Tom Lawler is estimating the NAR will report a June sales rate of 4.99 million. I’m reminded of the Damon Runyon line paraphrasing Ecclesiastes: “The race is not...
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Refinancing surges as mortgage rates dip below 4.5%

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Refinancing surges as mortgage rates dip below 4.5%

?A surge in mortgage refinancing applications last week is likely to create a bump in lending activity, but only for as long as mortgage rates hold below the 4.5% level, analysts say. "For lenders, when mortgage rates take a drop like they have, especially when it involves record lows, the phones ring off the...
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Weekly Initial Unemployment Claims below 400,000, Lowest since July 2008

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Weekly Initial Unemployment Claims below 400,000, Lowest since July 2008

The DOL reports on weekly unemployment insurance claims: In the week ending Dec. 25, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 34,000 from the previous week’s revised figure of 422,000. The 4-week moving average was 414,000, a decrease of 12,500 from the previous week’s revised average of 426,500....
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