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Mark Hemingway

Mortgage Market Update for May 8th

Wednesday, May 8, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates held near 12-month lows in the latest week with the spring home buying season is now fully underway. The Mortgage Bankers Association (MBA) reports that the 30-yr fixed-rate mortgage was essentially unchanged in the latest week at 4.41%. Borrowing costs on jumbo loans averaged 4.27% from 4.31%. In addition, the Purchase Index rose 4% while the Refinance Index increased 1%. The MBAs Market Composite Index, a measure of total mortgage loan application volume, rose 2.7%.

US stocks are rebounding today after the three-day decline. US-China trade headlines continue to influence the capital markets with today's positive slant boosting stocks while weighing on bond prices. China had reneged on virtually all agreement terms previously met over the weekend, which set off the US retaliation of increased tariffs should a deal not be met by Friday. The Vice Premier of China is coming to the US tomorrow to hopefully strike a deal good for all parties and the globe.

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