Consumer Confidence reports an unexpected boost

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Published Date 10/29/2024

Today's Mortgage Rate Summary

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 rates are under mild pressure today. The MBS market worsened by -10 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.

Today's Rate Forecast: Neutral

Jobs: The September Job Openings and Labor Turnover Survey (JOLTS) showed 7.443M versus estimates of 7.99M.

Housing: The August YOY Case Shiller Home Prices were up 5.2% versus estimates of 5.0% and the MOM FHFA Housing Price Index was up 0.3% versus estimates of 0.1%.

The Consumer: The Conference Board's October Consumer Confidence report shocked to the upside, blowing past 100 with a reading of 108.7 versus estimates of only 99.1.

Treasury Auction: We have a 7 year Note auction today at 1 pm ET.

Today's Potential Rate Volatility: Neutral

This morning markets are under mild pressure. Volatility has started at moderate to low levels with trading in a narrow channel.

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.

Boxcar Mortgage, LLC DBA Highland Mortgage | NMLS# 1969375

State Licenses - https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1969375 This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value (LTV) requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on the applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of the loan. Reduction in payments may reflect a longer loan term. Terms of the loan may be subject to the payment of points and fees by the applicant.