Just When You Thought Rates Wouldn’t Go Any Lower

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Posted To: Mortgage Rate Watch

Mortgage rates were already in great shape on Friday after having fallen to the lowest levels since November 2016. Rather than draw inspiration from the week’s big ticket events (Fed announcement and jobs report), the biggest source of inspiration was a flare-up in trade tensions following Trump’s announcement of new tariffs on Chinese imports. Trade war drama flared over the weekend as China’s central bank set the country’s currency at the weakest levels in more than a decade. What does Chinese currency have to do with US mortgage rates? Quite a lot, really! The outright level of Chinese Yuan versus the US dollar is not what’s important here. Rather, it was the fact that such a move was directed by the Chinese government in an obvious retaliation to Trump’s trade war escalation. In other words…(read more)

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