Initial Weekly Jobless Claims remain lower than expected

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Published Date 10/24/2024

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 -19 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.

Today's Rate Forecast: Neutral

Housing: We will get September New Home Sales at 10 am ET, it is expected to hover around 722K units. It was reported at 738k.

Jobs: Continuing Jobless Claims hit a 3 YEAR HIGH at 1.897M which Initial Weekly Jobless Claims were 227K versus estimates of 242K.

The Fed: We will hear from Hammack today.

Today's Potential Rate Volatility: Neutral

This morning markets moving in a narrow range. Volatility has started at moderate levels with trading staying close to crucial support levels.

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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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.

“Equal Housing Lender. NEXA Mortgage, LLC NMLS 1660690. I am a licensed mortgage originator, NMLS # 630337, and licensed to originate mortgage loans in the state of AR, AZ, CA, NV, FL, GA, IL, MO, SC, TN, and TX. To learn more, visit my NEXA Mortgage website at https://lillianwong.net." 

Lillian Wong

Mortgage Broker

NMLS: 630337

NEXA Mortgage

3100 W Ray Rd Ste 201, Chandler AZ 85226

Company NMLS: 1660690

Office: 480-650-5412

Cell: 480-650-5412

Email: lwong@nexamortgage.com

Web: https://lillianwong.net