RATES CURRENTLY TRENDING: NEUTRAL
Mortgage rates are moving sideways so far today. The MBS market improved by +30 bps yesterday. This was enough to improve rates or fees. The rates experienced high volatility yesterday.
TODAY'S RATE FORECAST:
Yesterday the bellwether 10-yr note closed above the key near term support at 2.70% ending at 2.72%. We have been pointing out the technical significance to the 2.70% level that has held any selling for over a month. This now suggests the 10 yr will increase to 2.82% and push mortgage rates slightly higher.
RATES CURRENTLY TRENDING: HIGHER
Mortgage rates are moving higher so far today. The MBS market worsened by -7 bps yesterday. This may havee been enough to worsen rates or fees. The rates experienced moderate volatility yesterday.
TODAY'S RATE FORECAST: HIGHER
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:
Mortgage rates are moving sideways so far today. The MBS market improved by +1 bps yesterday. This wasn't enough to improve rates or fees. The rates experienced low volatility yesterday.
Today's Rate News:
Last week’s economic news included readings on home builder confidence in housing market conditions, minutes of January’s Federal Open Market Committee meeting, and existing home sales reported by the National Association of Realtors®. Weekly readings on mortgage rates and new jobless claims were also released