Markets get some support ahead of Big Jobs Friday

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Published Date 4/4/2024

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 getting some support today. The MBS market worsened by -7 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced high volatility yesterday.

Today's Rate Forecast: Neutral

Jobs: Challenger Grey Job Cuts climbed to over 84K in February, today will get the March tally of major corporate job cuts. Weekly Jobless Claims were 221k versus expectations of 213k. Last week's claims were revised 2k higher.

The Fed: Today we will hear from Kugler, Kashkari, Barkin, Goolsbee and Mester.

Today's Potential Rate Volatility: High

This morning markets are getting some support on the jobs data. Volatility has started high but will likely moderate as markets wait for Big Jobs Friday.

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