Published Date 1/7/2022
Published Date 1/6/2022
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 -40 bps yesterday. This was enough to increase mortgage rates or fees. The market experienced high volatility yesterday.
Jobs: The announced corporate layoffs in the Challenger Grey Job Cuts report for December hit 19.052K which is about 5k higher than November's pace but well below norms. Initial Weekly Jobless Claims hit 207K vs. est. of 197K. The more closely watched 4 week moving average ticked upward a smidge to 204,500. Continuing Claims were higher than expected, 1.754M vs. est. of 1.688M
Manufacturing: November Factory Orders hit 1.6% vs. est. of 1.3%
Services: The national ISM Non Manufacturing PMI (2/3 of our economy) had very expansionary reading of 62.0 vs. est. of 66.9. Prices paid were 82.5 and the Employment Index was 54.9.
This morning looks like it will continue the overall negative trend we have seen all week. Volatility remains 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: 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.
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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