Published Date 8/29/2024
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 -6 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced low volatility yesterday.
Housing: We will get July's Pending Home Sales Index at 10 am ET.
Jobs: Initial Weekly Jobless Claims were 231K versus estimates of 232K. The 4 week moving average moved lower to 231K. Continuing Claims were a little lower than expected at 1.868M versus estimates of 1.870M.
GDP: The 2nd QTR GDP was revised upward from 2.8% to 3.0%. The GDP Price Index was also moved upward from 2.3% to 2.5%.
The Fed: Atlanta Fed President Bostic today.
Treasury Auction: We have the 7 year note auction at 1 pm.
This morning markets are moving sideways. Volatility has started low as markets wait for tomorrow's PCE data.
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
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