Mortgage applications jump last week

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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 so far today.  The MBS market ended unchanged yesterday, keeping rates unchanged.   The rates experienced low volatility yesterday.

Today's Rate Forecast: Neutral

Housing: Weekly Mortgage Applications increased by 4.9%, led by a nice 6.0% jump in Purchase Applications. Refinance Applications increased by 4.0%.

Fed: The Beige Book will be released today at 2:00, this is a compilation of all 12 Federal Reserve Districts to be used in the May 1-2 FOMC policy meeting.

Federal Reserve vice chair for supervision Randal Quarles will start his second day of stumping in Congress for lower levels of reserves for banks to pass "stress tests."

We will also hear from retiring NY Fed President William Dudley.

Great Britain: PPI YOY 2.4% vs est of 2.3%, CPI YOY 2.3% vs est of 2.5%.

Eurozone: CPI YOY 1.3% vs est of 1.4%.

Canada: The Bank of Canada will release their latest policy and interest rate decision.

Today's Potential Rate Volatility: Low

Once again today, mortgage rates will likely move sideways. Only an unexpected geopolitical event is likely to push rates significantly higher or lower today.

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

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.

http://nmlsconsumeraccess.org/

NMLS # 75605

Peter Sweeney

Loan Officer

License: NMLS 87705

Lake City Mortgage

1875 N Lakewood Dr #102, Coeur dAlene ID

Office: 208-640-5626

Cell: 208-640-5626

Email: peter.lakecitymortgage@gmail.com

Web: http://www.YourMtgXpert.com

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Peter Sweeney

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Loan Officer

License: NMLS 87705

Cell: 208-640-5626


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