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Mortgage Rate Commentary Week of 11/15/10 through 11/19/10
What Happened
Interest Rates popped up last Friday and today. As to why they jumped and what's in store can always be answered with the movie title: "It's Complicated" :) My comments are in BOLD.
MBS Quoteline summarized it well here (italics):
Anticipation of the Fed's quantitative easing program pushed mortgage rates down to the lowest levels in decades, (until last Friday) but they have moved significantly higher since the announcement. (Friday and today.)
The size of the program was close to expectations. With yields so low, though, investors have been questioning what could push them lower in the future. There has been substantial opposition to the quantitative easing program from other countries and from many US politicians and economists, meaning that the Fed will face strong resistance to an expansion of the program.
Unless the economy falters, it may be difficult for mortgage rates to hold near recent lows, and investors have been selling MBS based on this outlook. Today's Retail Sales data was a little stronger than expected. (Mostly fueled by auto sales, remove them and it was a little worse.) Retail Sales ex-autos matched the consensus. The Empire State index came in below expectations. The Dow is up ... more

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