Published Date 8/22/2024
Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up.
Mortgage rates are under pressure today. The MBS market improved by +6 bps yesterday. This was not enough to decrease mortgage rates or fees. The market experienced moderate volatility yesterday.
Housing: We will get July's Existing Home Sales at 10 am ET. Estimates are in the range of 3.93M units. It was reported at 3.95M
Jobs: Initial Weekly Jobless Claims were inline with expectations, 232K versus et of 230K. The four week moving average dropped to 236K. Continuing Claims were 1.863M versus estimates of 1.870M.
The Fed: The Economic Symposium in Jackson Hole Wyoming is in full swing today. We have already heard from a few Fed members. The bond market will be sensitive to all commentary leading up to Friday's speech by Fed Powell.
This morning markets are under pressure. Volatility has started at moderate to low levels but may increase depending on Fed statements
If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.
Source: TBWSAll information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: 376247
470 OLDE WORTHINGTON RD, WESTERVILLE, OH 43082
470 OLDE WORTHINGTON RD,, WESTERVILLE OH 43082
Company NMLS: OMNISCIENT REAL ESTATE FINANCE
Office: 614-578-1623
Email: atiba@orefc.com
Web: http://www.orefc.com
NMLS: 376247
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