Published Date 6/27/2024
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 getting support today. The MBS market worsened by -18 bps yesterday. This was probably not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Jobs: Initial Weekly Jobless Claims were better than expected, 233K versus estimates of 236K. The four week moving average moved up to 236K. Continuing Claims were worse (higher) than expected at 1.839M versus estimates of 1.820M.
Manufacturing: Headline May Durable Goods Orders beat out estimates, 0.1% versus estimates of -0.1% but the rest of the data was weak. Durable Goods ex Transportation contracted by -0.1% versus estimates of +0.2%. The closely watched Non Defense/Ex Aircraft was down -0.6% versus estimates of 0.2%.
Report Card: The 1st QTR GDP was revised again (this is the third time this data point has been released), this time to 1.4% versus estimates of 1.4%. It was originally released at 1.6% and had been revised down to 1.3%.
Housing: We get the May Pending Home Sales Index at 10 am, it is expected to improve by 2.5%. The report came in at -2.1%.
Treasury Auction: We have a 7 year note auction today at 1 pm.
This morning markets are getting a small boost. Volatility has started at moderate levels with markets still waiting on inflation data.
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.
Millenium Home Mortgage, LLC NMLS # 51519 Licensed by the NJ Department of Banking and Insurance, CT Mortgage Banker 1st and 2nd Mortgages Licensed as MHM Home Mortgage, Licensed by the Pennsylvania Department of Banking. All interest rates, fees and programs are subject to change without notice. THIS ENTIRE SITE IS NOT INTENDED AS A SOLICITATION FOR MORTGAGE LOAN CUSTOMERS IN NEW YORK, PENNSYLVANIA, OR CONNECTICUT.
NMLS: 65345
Millenium Home Mortgage LLC
211 North Ave East, Westfield NJ
Company NMLS: 65378
Office: 908-588-7601
Cell: 908-875-7918
Email: jgalayda@mhmlender.com
NMLS: 65345
Cell: 908-875-7918
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