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Daily Mortgage Market Overview

Mortgage

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TODAY’S MORTGAGE RATE SUMMARY

JOB OPENINGS UNEXPECTEDLY TICK UP

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 backed securities (FNMA 3.50 MBS) lost -17 basis points (BPS) yesterday. This may’ve been enough to worsen mortgage rates or fees.  There was average mortgage rate volatility yesterday.

TODAY’S RATE FORECAST: NEUTRAL

Small Business Optimism: The NFIB Index was very strong, coming in at 104.5 vs est of 103.8 and was just off of its 12-year high.

Jobs: The March JOLTS (Job Openings and Labor Turnover Survey) showed a massive amount of job openings that were unfilled (5.743M job openings).

Wholesale Inventories: The final March reading was higher than expectations (0.2% vs est of -0.1%).

Fed: Today we have Neel Kashkari, Eric Rosengren and Robert Kaplan

Treasury Auction: We kick off three straight days of dumping our debt into the marketplace with our 3-year note…generally too short of a term to impact mortgage rates.

TODAY’S POTENTIAL RATE VOLATILITY: AVERAGE

Look for another very tight range today for mortgage rates. There’s no economic data due out today that has the ability to move rates out of our tight channel. However, as always, an unforeseen geopolitical event could move mortgage rates out of our long lasting channel and cause significant mortgage rate volatility.

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

All 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.

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