Initial Weekly Jobless Claims meet expectations

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Published Date 8/29/2024

Today's Mortgage Rate Summary

How Rates Move:

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.

Rates Currently Trending: Neutral

Mortgage rates are moving sideways today. The MBS market worsened by -6 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.

Today's Rate Forecast: Neutral

Housing: We will get July's Pending Home Sales Index at 10 am ET.

Jobs: Initial Weekly Jobless Claims were 231K versus estimates of 232K. The 4 week moving average moved lower to 231K. Continuing Claims were a little lower than expected at 1.868M versus estimates of 1.870M.

GDP: The 2nd QTR GDP was revised upward from 2.8% to 3.0%. The GDP Price Index was also moved upward from 2.3% to 2.5%.

The Fed: Atlanta Fed President Bostic today.

Treasury Auction: We have the 7 year note auction at 1 pm.

Today's Potential Rate Volatility: Low

This morning markets are moving sideways. Volatility has started low as markets wait for tomorrow's PCE data.

Bottom Line:

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: TBWS

All 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.