Markets start off with mild boost on economic data

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Published Date 11/28/2023

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 more support today. The MBS market improved by +29 bps yesterday. This may have been enough to decrease mortgage rates or fees. The market experienced moderate volatility yesterday.

Today's Rate Forecast: Neutral

Housing: The September Case Hiller Metro City Index showed their sample data had a YOY gain of 3.9% versus estimates of 4.0%. The September MOM FHFA Housing Price Index gained 0.6% versus estimates of 0.4%.

Manufacturing: The November Richmond Fed Manufacturing Index tanked at -5 versus estimates of 1.

The Consumer: November Consumer Confidence came in at 102.00 versus estimates of 101.50, however we had a major revision to October from 102.6 down to 99.1.

The Fed: Today we hear from Goolsbee, Waller and Bowman.

Treasury Auction: We have a 7 year note auction today at 1 pm ET.

Today's Potential Rate Volatility: Neutral

This morning markets continue to get some positive support. Volatility has started at moderate levels with the bevy of reports this morning.

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.

Source: TBWS

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Millenium Home Mortgage, LLC NMLS # 51519 Licensed by the NJ Department of Banking and Insurance, CT Mortgage Banker 1st and 2nd Mortgages Licensed as MHM Home Mortgage, Licensed by the Pennsylvania Department of Banking. All interest rates, fees and programs are subject to change without notice. THIS ENTIRE SITE IS NOT INTENDED AS A SOLICITATION FOR MORTGAGE LOAN CUSTOMERS IN NEW YORK, PENNSYLVANIA, OR CONNECTICUT.