Daily Mortgage Market Overview

Take a look at the Daily Mortgage Market Overview.

Daily Mortgage Market Overview

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 moving sideways to slightly higher so far today.  The MBS market improved by +35 bps yesterday. This was enough to improve mortgage rates or fees.   The market experienced moderate volatility yesterday.

Today’s Rate Forecast: Neutral

Domestic: There are no domestic events today.

Germany (# 4 economy): Still recovering from their latest terrorist attack, this morning we got their PPI which was much stronger than expected. Their MOM Producer Price Index gained 0.3% vs est of only 0.1%. And YOY it was up 0.1% vs est of a decline of -0.2%.

Japan (# 3 economy): The Bank of Japan left their key interest rate alone. In a 7 to 2 vote, they left all their key asset purchase levels and policies alone. But they did upgrade their economic outlook for Japan which some are considering a “back door” form of tightening.

China: Handed over our lost naval drone.

Today’s Potential Rate Volatility: Average

Since there isn’t economic news due out today, we’re not looking for much movement in mortgage rates.  The only thing that is likely to move mortgage rates today is a surprising geo-political event.

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

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About Me

Jim Marcinkowski joined the U.S. Army at the age of 17. While in the military, he moved my way up through the ranks to become a Staff Sergeant and Team Leader of a Bomb Squad. He participated in Desert Shield and Storm. This is where he acquired leadership and management skills. Upon leaving the military, he took a position as Manager of Administrative Services of a non-profit corporation. Jim was responsible for Human Resources and Fiscal accountability of approximately three million dollars in Federal, State, and local grants. This is some of the experience Jim brings to the mortgage business. He is committed to helping clients make the most educated and best financial mortgage decisions. Jim enjoys helping clients meet their housing goals, needs, desires and investment needs.

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