Published Date 7/25/2023
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 moving sideways today. The MBS market worsened by -15 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.
Housing: May FHFA Housing Price Index showed a MOM increase of 0.7% which was double the market expectations of 0.2%. The metro city Case Shiller Home Price Index showed a YOY price change of -1.7% which was better (less worse) than expectations of -2.2%
Consumer Confidence: July Consumer Confidence was much stronger than expected, 117.0 vs. est. of 112.0
Manufacturing: The July Richmond Fed Manufacturing Index hit -9.0 vs. est. of -10.0
The Fed: Today starts two days of FOMC meetings, we will get their Interest Rate Decision tomorrow at 2 pm ET.
Treasury Sale: We have a 5 year note auction today at 1 pm.
This morning markets are under very mild pressure. Volatility has started at moderate levels with most traders holding position for tomorrow.
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
4/29/2024
These are the three areas that have the greatest ability to impact rates this we... view more
4/22/2024
These are the three areas that have the greatest ability to impact rates this we... view more
11/27/2023
These are the three areas that have the greatest ability to impact rates this we... view more
11/20/2023
These are the three areas that have the greatest ability to impact rates this we... view more
11/10/2023
Slightly better this morning after the strong selling yesterday pushed MBS price... view more
10/30/2023
These are the three things that have the greatest ability to impact rates this w... view more
9/7/2023
Initial Weekly Jobless Claims dropped to 216K versus estimates of 234K. The more... view more
8/31/2023
The August Challenger Job Cuts showed that announced corporate cuts increased to... view more