Published Date 10/23/2024
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 under pressure today. The MBS market worsened by -9 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Housing: Weekly Mortgage Applications contracted by -6.7%. Refinances were down -8.4% and Purchases were down -5.1%. September Existing Home Sales were 3.84M versus estimates of 3.90M units on an annualized basis.
The Fed: Today we will get the Fed's Beige Book at 2 pm ET and hear from Barkin and Bowman.
Treasury Auction: We will have a very key 20Y Treasury Bond auction today at 1 pm.
Central Banks: The Bank of Canada lowered their key interest rate from 4.25% down to 3.75%. We will also hear from the heads of the Bank of Japan, Bank of England and ECB.
This morning markets continue to be under pressure. Volatility has started at moderate levels.
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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