Mortgage applications remain stable

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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 to slightly higher so far today.  The MBS market worsened by -16 bps yesterday. This was enough to worsen mortgage rates or fees.   The rates experienced moderate volatility yesterday.

Today's Rate Forecast: Neutral

Housing: Weekly Mortgage Applications fell by -0.2%. Purchases remained strong and were unchanged (0.0%) but refinance applications fell by -0.3%.

Treasury Auction: Today, we have our 5-year note at 1:00 am ET.

Oil: WTI Oil is up in early trading (67.83), and Brent is approaching $74 (73.75). We will get the EIA Petroleum Status Report at 10:30.

Japan: All Industry Activity Index 0.4% vs est of 0.4%.

Today's Potential Rate Volatility: Average

Mortgage rates continue to push slightly higher in a consistent and controlled manner. Nothing on the docket today that is likely to move mortgage rates significantly or create an unusual amount of volatility. Markets will be turning focus to oil for a gauge on inflation.

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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