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Mortgage News Daily·Nov 3, 202645 signal

Mortgage Rates Move Slightly Higher After Stronger Econ Data

Well... they can't all be winners. It seems as if rates could do no wrong over the past 3 days with each marking the lowest level in more than a month for the average top tier 30yr fixed rate. Today wasn't a winner, but it wasn't exactly bad. Apart from the past 3 days, today would still have been the lowest rate in more than a month, and it was only 0.03% higher to boot. So what happened? First off, when we're talking about a 0.03% change day-over-day, it's not particularly important to investigate causation because that level of movement falls in the incidental category. Nonetheless, there was some obvious motivation this morning in the form of stronger economic data.  Job openings data for the month of September was released today. It was the highest in 4 months and quite a bit higher than expected. All else equal, stronger labor market data tends to put upward pressure on rates. Tech stocks were also modestly higher today, and weakness in the tech sector has been a key factor driving persistently lower rates over the past several weeks.

Economy
American Banker·Nov 3, 202648 signal

Nonbank lender OppFi abandons plan to buy a bank

OppFi, a non-bank consumer lender based in Chicago, says it has scrapped its effort to buy North Dakota's BNC National Bank — at least for now. The exact reasons were not immediately clear, but OppFi pointed to a lack of clarity from regulators.

FinanceOPFI
KIRO 7 News Seattle·Nov 3, 202665 signal

Apple reports revenue growth in Q4 earnings

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FinanceAAPL