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How Did The Employment Report Affect Mortgage Rates?

How Did the Employment Report Affect Mortgage Rates?

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How Did The Employment Report Affect Mortgage Rates?

Mortgage rates held steady near the lowest levels of the year yesterday. That was a dominant theme this week. Regardless of volatility in the stock and bond markets, MBS prices moved quietly sideways in a tight range. Mortgage pricing did manage to improve a few basis points though, after lenders passed along pricing gains that were due last week. Unfortunately the rebate offered up wasn't sizable enough to lower the par 30yr fixed mortgage rate another 0.125% to 4.50%. Not until today at least......

Published Fri, Jun 06 2010 5:37 PM by Victor Burek

Filed under: mbs, mortgage rates, non farm payrolls, unemployment rate, employment situation report
How Did The Employment Report Affect Mortgage Rates?

Normally a better than expected economic release, especially one as influential as the Employment Situation Report, gives stock traders a reason to buy. However the current market environment is far from normal. Instead of rallying, stocks moved lower which led to another flight to safety in the Treasury market. Mortgage-backed security prices did benefit from the rush to buy risk-averse Treasury assets, but the gains seen were not large enough to warrant noticeably better mortgage rates. While consumer borrowing costs are at their best levels of the year, this is another reminder that lender rate sheets do not always keep up with improvements in benchmark Treasury yields. ...

Published Fri, May 05 2010 6:44 PM by Victor Burek

Filed under: mbs, mortgage rates, unemployment rate, non farm payroll, employment situation
How Did The Employment Report Affect Mortgage Rates?

When looking back on the week that was, it seems like mortgage rates went on a wild ride. Lenders repriced for the better and lenders repriced for the worse, sometimes they did both on the same day. Yet, ahead of the most influential economic report released by the government, rates managed to find their way back to where they started the week: NEAR 2010 MORTGAGE RATE LOWS. At least until 8:30am this morning....

Published Fri, Mar 03 2010 9:57 AM by Victor Burek

Filed under: mbs, mortgage rates, unemployment rate, bls, non farm, employment report
How Did The Employment Report Affect Mortgage Rates?

When considering the LOCK vs FLOAT decision, I think of it as so: WE ARE PLAYING CHESS, NOT CHECKERS. My lock bias is based on the big picture outlook. Mortgage rates are currently priced near very aggressive levels. Barring a major shift in sentiment that drives benchmark Treasury yields lower, mortgage rates should move higher in months to come. While floating day to day can result in small reductions in borrowing costs, the risk of rates rising is large. This is long term guidance. ...

Published Fri, Feb 02 2010 10:37 AM by Victor Burek

Filed under: mbs, mortgage rates, unemployment rate, Mortgage Rate Outlook, nonfarm payrolls, mortgage rates update
How Did the Employment Report Affect Mortgage Rates?

Today was a CROSSROADS EVENT. We were hoping rising mortgage rates in December was not a function of shifting sentiment in the rates market. We were hoping that rising rates were dramatized by a slow holiday season marketplace. Today's WORSE THAN EXPECTED report on the labor market was a perfect opportunity for mortgage rates to correct from December weakness. It didn't happen. Reports from fellow mortgage professionals indicate lender rate sheets to be HIGHER after the Employment Situation Report. While the par 30 year fixed conventional mortgage rate does remain in the 4.875% to 5.125% range for well qualified consumers, lender rate sheet pricing worsened which means it will cost you a few more discount points (basis points) to get to 4.875%....

Published Fri, Jan 01 2010 4:46 PM by Victor Burek

Filed under: mbs, mortgage rates, unemployment rate, non farm payroll, employment situation, mortgage rate update
How Did The Employment Report Affect Mortgage Rates?

Today’s report is great news for our economy....unfortunately great news for the economy is better for stocks than bonds. Following the release at 830AM, benchmark Treasury rates rose 12 basis points and MBS prices moved considerably lower... which pushed mortgage rates higher...AGAIN. While we did see a considerable amount of weakness in the market after the report, selling pushed rates to a very familiar level of support, a level we have tested several times in 2009: 3.50% on the 10yr Treasury note. In almost every run in with this support level, rates have reversed course and moved lower.This is occurring again today. Plus, year end is a seasonally supportive time for the rates market...

Published Fri, Dec 12 2009 12:57 PM by Victor Burek

Filed under: mbs, unemployment rate, factory orders
Float Bias Back as Mortgage Rates Hold Steady After Jobs Data

While price action has been volatile so far this morning, MBS continue to hold in the middle of the recent trading range. Because the Employment report was friendly to the fixed income sector, I am switching my outlook from lock to float. However, because we are seeing better rates this morning, there is nothing wrong with locking today to take advantage of overnight and morning improvements. ...

Published Fri, Nov 11 2009 10:13 AM by Victor Burek

Filed under: mbs, unemployment rate, NFP, average hourly earnings, average work week
Mortgage Rates Steady Ahead of Busy Week

Despite mixed economic reports last week, mortgage rates held near four month lows as prices of mortgage-backed securities approached four month highs. General weakness in stock markets contributed to the rally in fixed income and mortgage rates. As stock sold, Treasuries rallied, MBS moved higher in price, and lenders were able to pass along better mortgage rates...bringing the par 30 year fixed rate mortgage to 4.75% by week’s end. ...

Published Mon, Sep 09 2009 10:32 AM by Victor Burek

Filed under: mbs, adp, unemployment rate, non farm payroll

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