Initial jobless claims at lowest level since 1969

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Published Date 3/24/2022

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: Higher

Mortgage rates are moving higher today. The MBS market improved by +30 bps yesterday. This was enough to decrease mortgage rates or fees. The market experienced moderate volatility yesterday.

Today's Rate Forecast: Higher

Jobs: Initial Jobless Claims broke below 200K! It came in at 187K vs. est. of 212K. The more closely watched 4 week moving average dropped to 211,750. Continuing Claims were also lower than expected, 1.350M vs. est. of 1.410M

Manufacturing: February headline Durable Goods Orders were a big miss to the downside, -2.2% vs. est. of -0.5%. Ex Transportation, it was down -0.6% vs. est. of +0.6%

The Fed: Today we will hear from Waller, Evans, Bostic, Kashkari and get the KC Fed manufacturing survey and the Fed's weekly balance sheet release.

Today's Potential Rate Volatility: High

This morning inflation worries and positive economic news put pressure on rates. Volatility is high to start but may calm down later in the day.

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.

Atiba Thompson

President

NMLS: 376247

470 OLDE WORTHINGTON RD, WESTERVILLE, OH 43082

470 OLDE WORTHINGTON RD,, WESTERVILLE OH 43082

Company NMLS: 796590

Office: 614-578-1623

Email: atiba@orefc.com

Web: http://www.orefc.com