Published Date 10/22/2024
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 moving sideways today. The MBS market worsened by -32 bps yesterday. This was enough to increase mortgage rates or fees. The market experienced high volatility yesterday.
Manufacturing: We will get the October regional Richmond Fed Manufacturing Index at 10 am ET. It is expected to remain in negative territory with a reading of -16.5. It was reported at -14.
The Fed: Today we will hear from Harker.
Central Banks: We are in day two of the IMF meeting where we will hear from the German Central Bank President Nagel, the Bank of England's Gov Bailey and ECB President LaGarde.
Oil: Oil has resumed their trend upward and will need to be a focus today.
This morning markets are moving sideways. Volatility has started low with little news moving markets.
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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