Published Date 10/24/2024
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 -19 bps yesterday. This was not enough to increase mortgage rates or fees. The market experienced moderate volatility yesterday.
Housing: We will get September New Home Sales at 10 am ET, it is expected to hover around 722K units. It was reported at 738k.
Jobs: Continuing Jobless Claims hit a 3 YEAR HIGH at 1.897M which Initial Weekly Jobless Claims were 227K versus estimates of 242K.
The Fed: We will hear from Hammack today.
This morning markets moving in a narrow range. Volatility has started at moderate levels with trading staying close to crucial support levels.
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.
Darren Orshoff is a Marketing and Real Estate professional, licensed Realtor with the California Department of Real Estate DRE#01803671 with WSR Real Estate DRE#01977642. Darren is also a Certified Mortgage Planner, A Certified Financial Literacy Coach, A Dave Ramsey Trained Financial Coach, A Certified Mortgage Advisor, and while Darren is licensed by the NMLS, he is not originating loans but refers lending transactions to Golden Empire Mortgage, Inc. ("GEM") [NMLS ID No. 2427] licensed by the Department of Financial Protection and Innovation pursuant to the California Residential Mortgage Lending Act, for which he represents as the Corporate Marketing Coordinator.
License: CalDRE#01803671
The Key To Your Home!™ at WSR
6736 Palm Avenue, Riverside CA
Office: 951-468-8326
Cell: 951-323-2119
Email: darren@darrenorshoff.com
License: CalDRE#01803671
Cell: 951-323-2119
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