Published Date 3/26/2024
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 moving sideways today. The MBS market worsened by -6 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.
Manufacturing: Headline February Durable Goods Orders were up 1.4% versus estimates of 1.3%. Ex Transportation, they were up 0.5% versus estimates of 0.4%. Non Defense Capital Goods Orders Ex Aircraft (a proxy for capital goods spending) was up 0.7% versus estimates of 0.1%. The March Richmond Fed Manufacturing Index contracted by -11 versus estimates of -5.
Housing: The January FHFA Housing Price Index actually showed a MOM decline of -0.1% versus estimates of +0.1%. The January metro city Case Shiller Home Price Index showed a YOY price increase of 6.6% versus estimates of 6.7% but a nice bump over December's level of 6.2%.
Consumer Confidence: The Conference Board's March reading dropped from 104.8 in February (revised lower from originally posted 106.7) down to 104.7 in March versus estimates of 107.0.
Treasury Auction: We have a 5 year note auction at 1 pm ET today.
This morning markets are trading in a narrow channel. Volatility has started low.
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: 252097
TR Mortgage
113 W G ST 335, San Diego CA
Company NMLS: 252573
Office: 619-507-3419
Cell: 619-507-3419
Email: tammy@trmortgage.net
NMLS: 252097
Cell: 619-507-3419
5/21/2024
We hear from a bunch of Feds today with Barkin, Waller, Bostic, Barr and then Bo... view more
5/20/2024
Value is — and always has been — in the eye of the beholder especially with the... view more
5/20/2024
These are the three areas that have the greatest ability to impact rates this we... view more
5/20/2024
This week gets underway with a calendar full of Fed officials speaking, however ... view more
5/17/2024
This market. Call it what you will, because today’s homebuyers no doubt have all... view more
5/17/2024
After a week full of key data, today nothing but Leading Economic Indicators whi... view more
5/16/2024
Ever walk into a house and see something that reminded you of your childhood, bu... view more
5/16/2024
April Import Prices increased on a MOM basis of 0.9% versus estimates of 0.3%. E... view more