Stronger than expected Retail Sales data turned small early gains into losses this morning. February Retail Sales jumped 1.1%, far above the consensus of 0.5%, and the biggest monthly increase since September 2012. Retail Sales ex-Auto showed a similar 1.0% increase. Some economists have been forecasting that the increased payroll tax credit and higher gas prices seen this year will cause consumer spending to decline, but today's data sharply contradicted this view.
February Import Prices increased 1.1% from January, but they were still lower than one year ago. The results from the 10-yr Treasury auction will come out around 1:00 et.
This chart shows the change in mortgage-backed securities (MBS) prices from today's market open at 8:00 AM ET and tracks how MBS prices have changed until the time of this post. The vertical-axis reflects the change in MBS pricing as measured in 32nds. Each 32nd is equal to 3.125 basis points.
Falling MBS prices result in higher mortgage rates. Rising MBS prices result in lower mortgage rates. MBS pricing provided by MBSQuoteline. Daily mortgage rates are based on real-time mortgage market pricing.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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2015 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)