Published Date 3/14/2024
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 higher today. The MBS market worsened by -3 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.
Jobs: Initial Weekly Jobless Claims were 209K versus estimates of 218K. The 4 week moving average dipped to 208K. Continuing Claims were 1.811M versus estimates of 1.900M.
Retail Sales: February headline Retail Sales were lighter than expected, up 0.6% versus estimates of 0.8% and as a double-whammy, January was revised lower to -1.1%. Ex-autos, Retail Sales were up 0.3% versus estimates of 0.5%.
Inflation: Headline Feb Producer Price Index (PPI) was DOUBLE market expectations, up 0.6% versus 0.3% on a MOM basis and up 1.6% versus 1.1% on a YOY basis and the highest since June of 2022. Core (ex food and energy) PPI was up 0.3% versus estimates of 0.2% on a MOM basis and 2.0% versus 1.9% on a YOY basis.
This morning markets are getting hammered by the inflation data. Volatility has started high.
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.
THIS IS AN ADVERTISEMENT. This is not a commitment to lend. Offer of credit subject to credit approval. A and N Mortgage Services, Inc. 1945 N. Elston Ave. Chicago, IL 60642 p: 773.305.LOAN (5626) ANmtg.com NMLS No. 19291 For licensing information, go to: https://www.anmtg.com/licensing/ (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org)
NMLS: 19291
A and N Mortgage Services
1945 N. Elston, Chicago IL 60642
Company NMLS: 19291
Office: 773-305-5626
Cell: 312-961-4380
Email: neenav@anmtg.com
NMLS: 19291
Cell: 312-961-4380
6/5/2024
ADP reported May private jobs weaker than forecasts at 152K against estimates of... view more
6/4/2024
Now that summer is upon us, it may not be the most opportune time to talk about ... view more
6/3/2024
These are the three areas that have the greatest ability to impact rates this we... view more
6/3/2024
There will be key day throughout the week culminating on Friday with may employm... view more
5/31/2024
Inflation in April didn’t increase or decrease; the estimates markets were expec... view more
5/30/2024
Home is a place that reflects us. When it comes to decor that speaks to our soul... view more
5/30/2024
Initial Weekly Jobless Claims hit 219K versus estimates of 218K. The four week m... view more
5/29/2024
Builders do it as an incentive to sell new construction, so why not the sellers ... view more
5/29/2024
The markets got hit hard yesterday on the very weak 2 year and 5 year auctions..... view more
5/28/2024
In some instances, buying a home in today’s market amounts to a lot more than ma... view more