Settlement Risk: Tuesday: Fed Chair Powell

To Estimated risk per 03/06/2023 19:11:00

From Matthew Graham of Mortgage News Daily: Mortgage rates initially fell, but rose during the day

Mortgage rates fluctuated around the highest levels in the last 2 weeks, but made some progress towards the end of last week. Improvement carried over to the beginning of today. In other words, this morning the average lender offered slightly lower rates compared to the end of last week.

Unfortunately, during the day the bond market began to lose ground. Bonds dictate daily rate changes. So the average mortgage lender was forced to withdraw their original rates and “reprice” to slightly higher rates.

This brings the average lender in the neighborhood of 7% for the average standard scenario corresponding to the 30 year fixed scenario. [30 year fixed 6.95%]
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Tuesday:
• At 8:00: CoreLogic House Price Index for January.

• At 10:00: Testimony of Fed Chairman Jerome Powell, Semi-Annual Monetary Policy Report to CongressBefore the U.S. Senate Committee on Banking, Housing, and Urban Affairs