Published Date 3/7/2024
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 getting a small boost today. The MBS market improved by +20 bps yesterday. This was not enough to decrease mortgage rates or fees. The market experienced low volatility yesterday.
Jobs: The February Challenger Job Cuts remained very elevated with 84.638K announced corporate cuts. Initial Weekly Jobless Claims were 217K versus estimates of 215K. The 4 week moving average dropped to 212K. Continuing Claims remained quite high at 1.906M versus estimates of 1.885M.
Manufacturing: The 4th QTR Non Farm Productivity remained at 3.2%, this is the third time that this data has been released. Unit Labor Costs were revised from 0.5% to 0.4%.
Trade: The total Goods and Services Trade Balance for January was worse than expected, $-67.4B versus estimates of $-63.5B.
The Consumer: We will get January's Consumer Credit Change at 3 pm today.
The Fed: We will get day two of Fed Chair Powell's testimony at 10 am, this time in front of the Senate Banking Committee.
Central Banks: The European Central Bank kept their key interest rate at 4.5% and lowered their inflation rate expectations across the board with them showing that they will hit 2% in 2025.
This morning markets got an initial boost but has already seen some pullback. Volatility has started high at moderate levels.
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: 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
NMLS: 3304
Cell: 818-793-6650
4/29/2024
Fish gotta swim. Birds gotta fly. And inflation gotta inflate, according to...... view more
4/29/2024
These are the three areas that have the greatest ability to impact rates this we... view more
4/26/2024
It’s the nightmare we think only happens in the movies. “We have to pack,” says ... view more
4/26/2024
Yesterday the release of the advance Q1 GDP sent rates up and MBS prices lower. ... view more
4/25/2024
The preliminary 1st QTR GDP was much lighter than expected, showing a QoQ increa... view more
4/24/2024
Ever notice how some of the most elegant clothing and beautiful home decor have ... view more
4/22/2024
Click the link; buy a sofa. Click on another; buy a pergola for your backyard...... view more
4/22/2024
These are the three areas that have the greatest ability to impact rates this we... view more
4/19/2024
Cosmetically all the hard work had already been done for them. What they didn’t ... view more
4/19/2024
Israel retaliated against Iran last night. Tit for tat may have run its course..... view more