If you are a mortgage shopper that is looking to purchase a new home or refinance a current residence, or if you are a mortgage professional without a web site (or has content restrictions from your employer), you are in the right place. We do not recommend a mortgage company or individual Loan Officer. We are not owned or affiliated with any mortgage company or bank. Therefore, our report and recommendations have no ulterior motive other than to educate you about what drives mortgage rates and their current movements. We also offer some recommendations about locking or floating an interest rate if you don’t mind taking a risk to possibly better yourself financially.
Simply put, we take the complex economic data and events that affect mortgage rates on a daily basis and translate them into laymen’s terms. The end result is Daily Mortgage Commentary that allows you to better understand how and why mortgage rates changed that day. It is written and e-mailed at least 6 times a week, excluding holidays. M-F morning reports address that day’s economic data, its impact on the morning markets and rates and a brief outline of what to expect the next business day. The 6th day is a weekly preview and itemization of the upcoming week that is posted Sunday evenings. Additionally, there are periodic afternoon updates to the report due to significant events such as FOMC meetings or market movements that lead to a drastic change in mortgage rates.
Please keep in mind that our report is geared towards mortgage pricing and not necessarily the stock markets or other indexes. We address only data that is relevant to mortgage rates. Mortgage Lenders use Mortgage Backed Securities (MBS) for setting mortgage rates, but they are complex instruments that are not easily priced or available to you. Therefore, we reference the 10-year Treasury Note as the benchmark index in the reports so that you can easily follow movements in the markets and rates. However, the same influences and data that drive Mortgage Bonds also affect longer-term Treasury securities. They move in parallel except for rare occasions. However, when we address that morning’s change in mortgage pricing, we use actual pricing from MBS’s to calculate the change that we will include in the weekday reports.
You can expect the weekday reports most days between 10:30 AM ET and 11:15 AM ET. Release times for relevant economic data is usually 8:30 AM ET or 10:00 AM ET. Days that later reports are scheduled will be the days the report is sent during the latter part of that range. If there is no data or events scheduled that may influence mortgage rates that day, you can expect to see the report a little earlier. We usually do not post our content immediately after a key report is released because the markets often make a knee-jerk reaction and then correct themselves or stabilize. Accordingly, we will allow a little time to pass so that when you get your report, it is not already irrelevant due to market swings.
The same applies to afternoon events such as the Fed FOMC meetings. We will usually update our report at least 30 minutes after the adjournment so the markets have an opportunity to react and then settle into the proper direction.
We write the report from your angle. In other words, what we imply is good news is actually good news for you and not necessarily mortgage lenders. Rate improvements mean rates have moved lower. When we say rates have worsened or moved higher, we are feeling your pain.
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