Published Date 11/26/2024
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 under pressure today. The MBS market improved by +31 bps yesterday. This may have been enough to decrease mortgage rates or fees. The market experienced high volatility yesterday.
Consumer Affairs: The Conference Board's November Consumer Confidence Index was in line with estimates, 111.7 versus estimates of 111.6.
Housing: The YOY Case Shiller Home Price Index showed an increase of 4.6% versus estimates of 4.9%. The MOM FHFA House Price Index jumped by 0.7% versus estimates of 0.3%. October New Home Sales 610K versus estimates of 730K.
Manufacturing: November Richmond Fed Manufacturing Index continued to show contraction with a reading of -14 versus estimates of -10.
The Fed: We will get the Minutes from the last FOMC meeting at 2 pm ET.
Treasury Auction: We will have a 5 year Treasury Note auction at 1 pm today.
This morning markets are under pressure. Volatility has started 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: 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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