Published Date 4/21/2022
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 moving higher today. The MBS market improved by +29 bps yesterday. This was enough to increase mortgage rates or fees. The market experienced high volatility yesterday.
Jobs: Initial Weekly Jobless Claims came in at 184K vs. est. of 180K. The more closely watched 4 week moving average ticked upward to 177,250. Continuing Claims were a smidge lighter than expected, 1.417M vs. est. of 1.455M
Manufacturing: The Philly Fed Manufacturing Survey showed expansion but was lighter than expected (17.6 vs. est. of 21.0). Of Note, Prices Paid surged to 84.6 which is the highest level since 1979.
Leading Indicators: The Conference Board's March LEI increased at 0.3% which matched forecasts. Feb was revised upward from 0.3% to 0.6%
The Fed: Today we hear from Fed Chair Powell as well as his counterpart in the ECB, President LaGarde.
This morning markets are moving in response to the strong economic data. Volatility has been high to start.
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.
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
NMLS: 376247
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