Unfilled jobs were higher than expected in June

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Published Date 7/30/2024

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 -1 bp yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.

Today's Rate Forecast: Neutral

Housing: The May YOY Case Shiller Metro City Home Price Index dropped from 7.3% to 6.8% but that was higher than expectations of 6.6%. The MOM FHFA Housing Price Index was flat at 0.0% versus estimates of 0.2%.

Jobs: The June Job Openings and Labor Turnover Survey (JOLTS) was higher than expected with 8.184M unfilled job postings versus estimates of 8.030M.

The Consumer: July's headline Consumer Confidence was higher than expected, 100.3 versus estimates of 99.7. The prior month was revised lower from 100.4 down to 97.8.

Today's Potential Rate Volatility: Low

This morning markets have been moving in a narrow range. Volatility has started low.

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.

J.C. Mier The Mortgage GOAT

Branch Manager/ Loan Officer

NMLS: 258527

Mortgage Goat LLC

130 N Preston rd #318, Prosper TX 75078

Company NMLS: 258527 /133739

Office: 469-628-4544

Cell: 469-628-4544

Email: jc@themortgagegoat.net

Web: http://www.themortgageGOAT.net