Published Date 6/8/2023
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 -21 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Domestic News:
Jobs: Initial Weekly Jobless Claims were higher than expected, up 261K vs. est. of 235K. The more closely watched 4 week moving average inched upward to 237K. Continuing Claims "dropped" to 1.757M vs. est. of 1.800M
Overseas News:
Eurozone: Employment Change 0.6% vs. est. of 0.6% and GDP 1st QTR -0.1% vs. est. of 0.0%
This morning markets are getting a boost on the jobs data. Volatility has started high as markets go over the data.
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: 250609 / DRE 01137630
Allianze Mortgage Services
15820 Whittier Blvd. Suite G, Whittier CA 90603
Company NMLS: 346138 / DRE 01403147
Office: 949-241-2527
Cell: 949-241-2527
NMLS: 250609 / DRE 01137630
Cell: 949-241-2527
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