March 8th, 2017
|Wednesday, March 8, 2017||Report||For||Estimate||Actual||Prior||Impact|
|8:15 AM||ADP Employment Report||Feb||246K||High|
What Is Going On With Interest Rates? #wigowir
Below is the news when it happened and the market’s reaction. For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time. When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.
8:28 AM Fed Fund Futures show a 90% probability of a hike to the short term Fed Funds Rate at next week's FOMC meeting.
8:27 AM S&P futures remain near unchanged, despite the solid ADP numbers.
8:20 AM The U.S. dollar index on the rise on the notion that a Fed rate hike is now solidly on the table at next week's FOMC meeting after the ADP payrolls report.
8:18 AM The Treasury will purchase up to $1.9B in Fannie/Freddie 30-yr 3.5% and 4% coupons beginning at 9:00 a.m. ET.
8:17 AM MBS losing ground after the better-than-expected ADP data.
8:14 AM February ADP Private Payrolls at 298K vs the 180K expected.
8:08 AM The benchmark 3.5% Fannie Mae 30-yr coupon opens below support at 101.84, now trading at 101.59.
8:03 AM MBA: 30-yr fixed conforming rate rises to 4.36% from 4.30%, 30-yr fixed jumbo +4bp to 4.27%, FHA 30-yr fixed +11bp to 4.18%.
8:02 AM The refinance index +5.2%, purchase index +1.7%.
8:01 AM The MBAs Market Composite Index, a measure of total mortgage loan application volume, rose 3.3%.
7:58 AM WTI oil $52.59/barrel, $-0.55.
7:58 AM U.S. dollar index 101.91, +0.11.
7:56 AM Q4 2016 Productivity will also be released this morning.
7:54 AM S&P futures flat as investors look ahead to Friday's Jobs Report. ADP Private Payrolls will be released this morning at 8:15 a.m. ET.
Johnmarbury.com has attempted to verify the information contained on this post. However any aspect of such may change without notice. Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow you see where actual rates have been along with the news that caused the fluctuations on the rate sheet. I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly. Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscrbers of www.themortgagemarketguide.com The cost of subscription is very reasonable.