Published Date 6/11/2024
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 moving sideways today. The MBS market worsened by -5 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Optimism: The May NFIB Small Business Optimism Index was higher than expected, hitting 90.5 versus estimates of 89.7.
Treasury Auction: We have an important 10 year note auction today at 1 pm ET.
The Fed: The FOMC started two days of meetings today which will culminate in tomorrow's Interest Rate Decision and Policy Statement, a Live Presser with Fed Chair Powell and their Economic Projections (dot plot).
This morning markets have remained in a tight range. Volatility has started low as markets wait on the conclusion of FOMC.
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.
View the full disclaimer and licensing details at https://homemac.com/mortgage-banker-disclaimer.
NMLS: HMAC #1165808
Home Mortgage Alliance Corporation (HMAC)
4 Hutton Centre Dr, Santa Ana CA 92707
Company NMLS: 1165808
Office: 800-900-7040
Cell: 310-980-7157
Email: info@homemac.com
Web: https://homemac.com
NMLS: HMAC #1165808
Cell: 310-980-7157
9/27/2024
The dream of buying a home with friends can quickly turn into a nightmare when i... view more
9/27/2024
August inflation slightly better than the forecasts, except the annual core infl... view more
9/26/2024
Most Realtors would agree that if there were one thing that can send their buyer... view more
9/25/2024
At 8:30 am ET this morning the 10 year note at 3.76% +3 bp, MBS prices down...... view more
9/24/2024
In the aftermath of devastating wildfires that have ravaged...... view more
9/24/2024
The Reserve Bank of Australia kept their key interest rate at 4.35%. For the sec... view more
9/23/2024
In a remarkable turn of events, the US housing market has witnessed a dramatic i... view more
9/23/2024
Two releases today. The Chicago Fed National Activity at 8:30 am ET and PMI Flas... view more