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Mortgage rates settle in for the summer

Mortgage rates haven’t moved much since April. The 30-year fixed rate has drifted between 4.55 percent and 4.66 percent with incremental increases and decreases each week.

“The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.”

Many experts don’t expect this trend to change anytime soon. Bankrate.com , which puts out a weekly mortgage rate trend index , found more than half the experts it surveyed say rates will remain relatively stable in coming week. Shashank Shekhar, CEO of Arcus Lending, is one who expects rates to hold steady.

A decade on, pre-crisis mortgages linger for big banks, homeowners

Eager to see a turning point in loan books, analysts count these portfolios as one factor, along with home equity loan runoff and new mortgage demand, to watch for when deciphering the true loan growth picture as U.S. second-quarter bank earnings start on Friday.

Wells Fargo & Co and Bank of America Corp executives have flagged portfolios from prior to the 2008-2009 crisis era where banks are no longer originating similar new products when they are asked to predict a turning point in consumer loans.

“These are portfolios of a bygone era that were very, very painful for the banks,” said Gerard Cassidy, bank analyst with RBC Capital Markets. “They are not plain vanilla portfolios, which means they are more costly to manage. It may just not be worth the headache.”

Analysts have said higher loan growth is critical to driving bank’s stock prices, but they anticipate only a modest acceleration year over year, driven primarily by commercial and industrial loans, not residential.

Can someone please explain the correlation between credit/mortgage fears and the stock market?

"Major gauges tumble on credit and mortgage market fears; Dow, Nasdaq, S&P 500 all down 10 percent off highs - reaching market correction levels."

This was the headline on CNN.


I work for one of the largest (still standing) mortgage banks in the county. I've been in and out of the industry for 10 years. I got out in the last crash in 1998. By the looks of things, it's a lot worse than it was 10 years ago.