Published Date 7/18/2019
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 so far today on a bit of volatility. The MBS market improved by+14bps yesterday. This caused rates or fees to tick very slightly lower.
Jobs: Initial Weekly Jobless Claims matched expectations (216K). The more closely watched 4-week moving average dropped to 218,750.
Manufacturing: We got another regional report that was significantly stronger than expected. The Philly Fed came in at 21.8 vs. est of 5.0.
Leading Economic Indicators: The June release showed a rare contraction of -0.3% vs. expectations for a small gain of +0.1%.
The Fed: We will hear from Raphael Bostic and John Williams today and get their weekly release of the Balance Sheet in the afternoon.
Great Britain: Retail Sales 1.0% vs. est of -0.3%
Canada: ADP Private Payrolls change 30.4K vs. last of -16.0K
Australia: Unemployment rate of 5.2% vs. est of 5.2%
While rates are moving sideways so far today, there has been a bit of volatility so far today. The manufacturing report this morning was stronger than expected, but on the flip side, the concern over trade and the debt ceiling is helping to keep rates in check. Look for rates to mostly move sideways today on moderate volatility.
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: 234616
Utmost Pro, Inc
4500 Park Granada Blvd Suite 202, Calabasas CA 91302
Company NMLS: 1516640
Office: 844-488-6678
Cell: 818-208-7772
Email: info@utmostpro.com
Web: http://UtmostPro.com
NMLS: 234616
Cell: 818-208-7772
3/15/2024
You got the money together. Your credit score is admirable. And you now know the... view more
3/15/2024
Inflation just won’t cooperate, continuing to increase. This week CPI and yester... view more
3/14/2024
Now that our Daylight Savings Time hangover is finally abating, let’s talk about... view more
3/14/2024
Headline Feb Producer Price Index (PPI) was DOUBLE market expectations, up 0.6% ... view more
3/13/2024
When Reese Witherspoon’s character in the movie Sweet Home Alabama hears Candice... view more
3/13/2024
Yesterday in reaction to the slightly higher inflation reported on the February ... view more
3/12/2024
That geodesic dome you see along the edge of the freeway or the house shaped lik... view more
3/12/2024
February Headline Consumer Price Index (CPI) grew at a MOM pace of 0.4% versus ... view more