Welcome to the TMS current mortgage rates blog. Click here to get today’s latest mortgage rates.
Where are mortgage rates going?
Last week we were in the media blackout stage before this week’s FOMC meeting. It starts tomorrow but there won’t be any action until the statement is released on Wednesday afternoon at 2:00 PM. Two weeks ago it seemed as though there was a chance for an adjustment in monetary policy in June, but the dreadful May jobs report swiftly and soundly did away with that notion. Now, spectators are keen to see what kind of forward guidance the Fed will offer up given the recent disappointing data.
The Fed has hammered home the idea that it’s possible rates could rise at any FOMC meeting, but so far, they’ve only chosen to do so when there is a post-meeting press conference scheduled. July does not have such a press conference scheduled. There’s been talk that this could potentially provide an opportunity for the Fed to prove they mean what they say. Personally, I don’t think it’s likely. With such little time between the June and July meetings, I find it unlikely that the Fed will have enough data to feel confident about a July rate hike.
That’s not to say that they won’t try to keep July on the table when they release their statement on Wednesday. The Fed has a penchant for downplaying poor data and propping up meetings with little chance of action. I expect they will not mention July directly, opting to say that a gradual rate hike path is still appropriate, without giving any timeline.
Click here to get today’s latest mortgage rates.
U.S. 10-year Treasury Note
The yield on the U.S. 10-year Treasury note has been on a bit of a roller-coaster ride this morning, bouncing up and down in the 1.61% to 1.64% range. Aside from a brief stint in February, the yield has not been this low all 2016. Mortgage rates tend to follow the 10-year yield so it’s good for borrowers when it drops.
What does this mean for me?
Mortgage rates are low. If you’re on the hunt for a house, right now is a great time to get a low rate locked in for years down the road. For those homeowners who already have a mortgage, I think it’s worth calling to find out if you can save on your monthly mortgage payment with a refinance.
Click here to get today’s latest mortgage rates.
Today’s economic data:
- There’s nothing of importance out today.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Nothing
Tuesday:
- FOMC Meeting Begins
- Retail Sales
- Import and Export Prices
- Business Inventories
Wednesday:
- PPI-FD
- Empire State Manufacturing
- Industrial Production
- EIA Petroleum Report
- FOMC Meeting Ends
Thursday:
- CPI
- Weekly Jobless Claims
Friday:
- Housing Starts
from Total Mortgage Underwritings Blog http://ift.tt/1U984xf
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