Published Date 5/7/2024
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 getting some minor support today. The MBS market worsened by -5 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Consumer Credit: The March Consumer Credit report will hit at 3 pm and is expected to increase by $15B, bond traders will be focused on the revolving debt component.
Treasury Auction: We kick off three days of dumping a massive $125B into the market place with today's shorter term 3 year note auction of $58 at 1 pm ET.
The Fed: Today we hear from Kashkari.
Central Banks: The Reserve Bank of Australia kept their key interest rate at 4.35%.
This morning markets are seeing some minor positive movement. Volatility has started at moderate levels but may spike this afternoon.
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.
Millenium Home Mortgage, LLC NMLS # 51519 Licensed by the NJ Department of Banking and Insurance, CT Mortgage Banker 1st and 2nd Mortgages Licensed as MHM Home Mortgage, Licensed by the Pennsylvania Department of Banking. All interest rates, fees and programs are subject to change without notice. THIS ENTIRE SITE IS NOT INTENDED AS A SOLICITATION FOR MORTGAGE LOAN CUSTOMERS IN NEW YORK, PENNSYLVANIA, OR CONNECTICUT.
NMLS: 252647
Millenium Home Mortgage LLC
211 North Ave East, Westfield NJ
Company NMLS: 65378
Office: 908-588-7602
Cell: 908-884-7443
Email: greg.fevola@mhmlender.com
NMLS: 252647
Cell: 908-884-7443
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