Published Date 10/1/2024
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 support today. The MBS market worsened by -17 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Manufacturing: September ISM Manufacturing once again was in contractionary mode with a reading of 47.2 versus estimates of 47.5. The Employment Index moved from 46 down to 43.9 and Prices Paid moved from 54 down to 48.3.
Construction: August Construction Spending -0.1% versus estimates of 0.1%.
Jobs: The August Job Openings and Labor Turnover Survey (JOLTS) hit 8.04M versus estimates of 7.655M.
The Fed: We will hear from Bostic, Barkin, Collins and Cook today.
This morning markets are getting a small boost. Volatility has started high on the deluge of data and potential for geopolitical issues.
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: 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
NMLS: 258527
Cell: 469-628-4544
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