ISM Services Higher
Concerns about the strength of the labor market helped lift MBS at the start of the session. The ADP Employment data slightly exceeded expectations, however, causing MBS to lose early gains. The ADP forecast for private sector job gains in January was 175K, above the consensus of 170K.
ISM Services rose to 54.0, matching expectations.
MBS prices correlate and are inversely related to today's mortgage rates available from U.S. banks and lenders. When MBS prices rise, mortgage rates tend to fall. When MBS prices fall, mortgage rates tend to rise. In general, a .250 change in MBS pricing corresponds to a 0.125 percentage point change in mortgage rates.
MBS pricing is provided by MBSQuoteline, a mortgage pricing subscription service available to loan officers, real estate agents, and finance professionals. Today's mortgage rates are based on the real-time pricing shown above.