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Initial Weekly Jobless claims continue to show a surprisingly strong labor market
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Published Date 2/8/2024
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 -14 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Today's Rate Forecast: Neutral
Jobs: Initial Weekly Jobless Claims were 218K versus estimates of 220K. The more closely watched 4 week moving average moved upward to 212K which is still extremely low. Continuing Claims were 1.871M versus estimates of 1.878M.
Treasury Auction: We have an important 30Y Treasury Bond Auction today at 1 pm.
The Fed: We will hear from Barkin several times.
Today's Potential Rate Volatility: Neutral
This morning markets are under mild pressure. Volatility has started at moderate levels but the 30 Year Bond Auction does present a risk.
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: 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.
This content is not intended for consumer use as defined under Regulation Z and is intended for approved brokers’ informational use only. Pricing and/or program parameters are subject to change without notice. The information on this site is not intended as an offer to extend credit nor a commitment to lend. Products and services are not available to residents of states in which Sage Home Loans Corp. is not licensed. Sage Home Loans Corp. is not licensed in all 50 states. See "Where We Lend" for additional licensing information about the company. Sage Home Loans Corporation NMLS ID #3304 (Sage Home Loans Corporation (CA) in the state of Georgia; Sage Loans Corporation(CA) in the states of Florida, Nebraska and Washington), formerly known as Lenox Financial Mortgage Corporation (doing business as WesLend Financial, WesLend Financial Corp., Lenox Financial Mortgage Corporation (CA), Lenox Financial Mortgage Corporation of California). ©2024
Sage Wholesale
Marketing
NMLS: 3304
Sage Wholesale
200 SANDPOINTE AVE, 8th Floor, SANTA ANA CA 92707-5751
Company NMLS: 3304
Office: 949-681-5253
Cell: 818-793-6650
Email: Info@SageTPO.com
Sage Wholesale
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Marketing
NMLS: 3304
Cell: 818-793-6650
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