Published Date 4/18/2024
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 under pressure today. The MBS market improved by +33 bps yesterday. This may have been enough to decrease mortgage rates or fees. The market experienced moderate volatility yesterday.
Housing: We will get Existing Home Sales at 10 am ET. They are expected to come in at an annualized pace of 4.2M units.
Jobs: Initial Weekly Jobless Claims remained very low at 212K versus estimates of 215K. The 4 week moving average remained at 214K. Continuing Claims were at 1.812M versus the prior reading of 1.810M, so both very level readings.
Manufacturing: The April Philly Fed Manufacturing Survey was much better than expected, 15.5 versus estimates of 1.5.
The Fed: We will hear from Bowman, Williams and Bostic today.
This morning markets are seeing choppy trading within a narrow range. Volatility has started high despite the lack of meaningful movement.
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.
First
Priority Home Loans is a DBA of Anchor Funding, Inc. NMLS #236419 &
1626581. California
Bureau of Real Estate,
Real
Estate Broker Number 01276087. Loans made or arranged pursuant
to the
California Department of Business Oversight. California Finance Lenders Law
license number 603 L293.
NMLS: 220937
First Priority Home Loans
891 Kuhn Drive #204, Chula Vista CA
Company NMLS: 236419
Office: 619-323-2066
Cell: 619-208-6499
Email: andrefunds4u@sbcglobal.net
NMLS: 220937
Cell: 619-208-6499
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