Market volatility remains high as Factory orders exceed expectations

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Published Date 4/2/2024

Today's Mortgage Rate Summary

How Rates Move:

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.

Rates Currently Trending: Neutral

Mortgage rates are under pressure today. The MBS market worsened by -23 bps yesterday. This may have been enough to increase mortgage rates or fees. The market experienced high volatility yesterday.

Today's Rate Forecast: Neutral

Manufacturing: February Factory Orders were 1.4% versus expectations of 1%.

Jobs: The February Job Openings and Labor Turnover Survey (JOLTS) was 8.756M versus expectations of 8.74M unfilled jobs. January's pace was 8.863M.

The Fed: Today we will hear from Bowman, Mester, Williams, Daly.

Today's Potential Rate Volatility: High

This morning markets took some big hits but have recovered a little. Volatility has started high.

Bottom Line:

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.

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Lillian Wong

Mortgage Broker

NMLS: 630337

NEXA Mortgage

3100 W Ray Rd Ste 201, Chandler AZ 85226

Company NMLS: 1660690

Office: 480-650-5412

Cell: 480-650-5412

Email: lwong@nexamortgage.com

Web: https://lillianwong.net