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April 24, 2024 Mortgage Market Update
This Weeks Market Update:Wrap Up:UMBS 6.0: 99.10 (-34bps)10-year Treasury yield: 4.70%Today's higher rates were triggered by the latest quarterly PCE inflation data, which was a part of the GDP report and came in higher than expected. The question now is whether tomorrow's monthly PCE data will further impact rates. While another significant reaction isn't expected, it's still a possibility. Unfortunately, rates aren't likely to decrease anytime soon. Next week's labor data or the upcoming Fed meeting probably won't provide much relief either.On a positive note, the housing market continues to show resilience. Foreclosures over 90 days are down, and foreclosure loan information has remained stable, indicating that despite inflation affecting our daily expenses, the housing market remains robust.
March 8th 2024 Market Update Report
Market Update for Friday March 8th, 2024 Mortgage interest rates are showing some reprieve, with conventional loans averaging around 6.85%, indicating a slight decrease from previous weeks. This positive movement is attributed to the bond market's performance, with expectations of further improvements in interest rates starting the next Monday.FHA and VA loan rates have also decreased significantly, catching up with the downward trend observed in conventional loan rates. This shift is seen as a positive sign, bringing rates closer to the lows experienced in January.A major factor influencing interest rates is the Bureau of Labor and Job Statistics (BLS) report, which saw a significant revision in job creation numbers for January, down from 353,000 to 229,000 jobs. This revision has played a critical role in the recent behavior of interest rates.The latest BLS report showed a creation of 275,000 jobs, surpassing the forecasted 200,000, but the unemployment rate increased to 3.9% against the expected 3.7%. This discrepancy indicates a potential concern for inflation and economic stability.The unemployment rate's impact is closely watched by the Federal Reserve Board, with indications that an increase beyond 4.1% could prompt actions to adjust the Federal rate, directly affecting mortgage interest rates and overall economic conditions.
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