•Tuesday’s mortgage rates should be higher by approximately .250 - .375 of a discount point if compared to Monday’s early pricing. If you saw an intraday increase yesterday, you should see smaller upward move this morning. The bond market is currently down 28/32 (3.58%).
•Stocks are showing early strength, pushing the Dow up 250 points and the Nasdaq up 109 points.
•February's Existing Home Sales report was today’s only relevant economic release. The National Association of Realtors announced a 14.5% jump in home resales, breaking the streak of twelve consecutive monthly declines. It was also the largest monthly increase since July 2020, indicating a potential rebound in the housing market.
•This week’s 20-year Treasury Bond auction is taking place today also. Results of the sale will be posted at 1:00 PM ET, making this an afternoon event for rates. If the sale draws a strong demand from investors, we could see bonds improve during early afternoon trading, possibly leading to a slight downward revision to mortgage pricing.
•Tomorrow is all about the Fed. Their FOMC meeting will adjourn at 2:00 PM ET. As recent as earlier this month it was widely expected they would make at least a .250 bump to key short-term interest rates with .500 a real possibility also.
•The recent banking crisis has broken the consensus of an increase coming this week. There is now plenty of debate of whether the Fed will actually make a move at this meeting since the previous rate hikes are being blamed as a heavy contributing factor to the bank issues.
•Along with the adjournment and post-meeting announcement, we will also get the Fed's updated economic projections. The press conference with Chairman Powell will start at 2:30 PM. It is likely going to be a pretty active afternoon in the financial and mortgage markets tomorrow.
•Visit our Daily Commentary page on our site for detailed explanations on current news that is relevant to mortgage rates.
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