Markets will be focused on FOMC today

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At 9 am ET the 10 yield at 4.33% -3 bps, MBS prices +14 bps.

At 9:30 am the DJIA opened +66, NASDAQ +11, S&P +8. 10 year note 4.33% -3 bp. FNMA 6.0 30 year coupon at 9:30 am +15 bps from yesterday’s close and +3 bps from 9:30 am yesterday.

Weekly MBA mortgage applications this morning increased; the composite +5.4%, purchase apps +2.3% and refinances jumped 13.2% from the prior week. Mortgage applications increased last week. Purchase apps -26% year/year, refinances -29% year/year. The refinance share of mortgage activity increased to 31.6% of total applications from 29.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.2% of total applications.

Look for quiet now until 2 pm through 3:30 pm when volatility will occur, digesting the policy statement and Powell’s press conference. The Federal Open Market Committee will keep rates steady at its meeting in a range of 5.25% to 5.5%, a 22-year high. The rate decision and committee forecasts will be released at 2 pm in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. The increase in food and energy costs, usually ignored by the Fed is going to get questions for Powell this afternoon.

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.

Guardian Mortgage, a division of Sunflower Bank, N.A.

Dean Wegner

Mortgage Area Manager

NMLS: 220741

Guardian Mortgage

16430 N Scottsdale Rd #120, Scottsdale AZ

Company NMLS: 709491

Office: 602-432-6388

Cell: 480-286-3303

Email: deanwegner@gmc-inc.com

Web: https://www.guardianmortgageonline.com/loanoriginators/Dean-Wegner

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Dean Wegner

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Mortgage Area Manager

NMLS: 220741

Cell: 480-286-3303


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