It was a really boring day for mortgage charges. There was no significant change versus yesterday’s newest ranges and there have been nearly no situations of mid-day charge adjustments in response to market volatility. Reason being: there wasn’t a lot intraday market volatility, regardless that there have been occasions able to shifting the needle.
The first potential market movers had been the 2 key financial reviews launched at 8:30am ET this morning. The weekly Jobless Claims information and the Philly Fed enterprise outlook survey had been each stronger than anticipated. Strong econ information usually pushes charges greater. Today was no exception however the injury was restricted and solely made for a brief bump in bond yields this morning (yields = charges).
In order to see intraday charge adjustments from mortgage lenders, bond yields must transfer much more and in a extra sustained approach. The absence of motion allowed lenders to maintain issues unchanged day-over-day, opposite to lots of at the moment’s information headlines which erroneously reported a drop in charges.
Why so inaccurate? The headlines in query cite at the moment’s Freddie Mac charge survey, launched each Thursday, however fueled by information that usually measures Monday vs Monday charge adjustments. To Freddie’s credit score, they nailed the Monday vs Monday drop. It was nearly precisely the identical because the MND quantity. It’s simply that charges moved up after that and are actually barely greater than they had been final week.