Published Date 6/11/2024
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 -5 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Optimism: The May NFIB Small Business Optimism Index was higher than expected, hitting 90.5 versus estimates of 89.7.
Treasury Auction: We have an important 10 year note auction today at 1 pm ET.
The Fed: The FOMC started two days of meetings today which will culminate in tomorrow's Interest Rate Decision and Policy Statement, a Live Presser with Fed Chair Powell and their Economic Projections (dot plot).
This morning markets have remained in a tight range. Volatility has started low as markets wait on the conclusion of FOMC.
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: 51519
Millenium Home Mortgage LLC
1719 Route 10 East, Suite 206, Parsippany NJ
Company NMLS: 51519
Office: 973-402-9112
Email: connie@mhmlender.com
NMLS: 51519
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