The Richmond Fed Manufacturing Index remains negative

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Published Date 10/22/2024

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 -32 bps yesterday. This was enough to increase mortgage rates or fees. The market experienced high volatility yesterday.

Today's Rate Forecast: Neutral

Manufacturing: We will get the October regional Richmond Fed Manufacturing Index at 10 am ET. It is expected to remain in negative territory with a reading of -16.5. It was reported at -14.

The Fed: Today we will hear from Harker.

Central Banks: We are in day two of the IMF meeting where we will hear from the German Central Bank President Nagel, the Bank of England's Gov Bailey and ECB President LaGarde.

Oil: Oil has resumed their trend upward and will need to be a focus today.

Today's Potential Rate Volatility: Low

This morning markets are moving sideways. Volatility has started low with little news moving markets.

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.

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