Welcome to the TMS current mortgage rates blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Click here to get today’s latest mortgage rates.
Where are mortgage rates going?
Bond yields are rising this morning, and that means mortgage rates are too. Financial market participants appear to be willing to roll the dice at the moment.
Last week, the Freddie Mac PMMS showed that the average rate on a 30-year fixed rate mortgage fell down to 3.54% (0.5 points). That’s a new low for 2016. The drop was largely due to a rush into safer investments like government bonds ahead of the Fed’s FOMC meeting, and the U.K.’s upcoming Brexit referendum.
It’s going to be another slow week. Janet Yellen goes before the House Financial Services Committee on Tuesday and Wednesday for her semi-annual testimony. She’s not really expected to say anything that we don’t already know, but there’s usually a few entertaining exchanges that make the otherwise uneventful affair worth watching.
Click here to get today’s latest mortgage rates.
All eyes on the U.K.
The Brexit vote is the biggest event of the week by a longshot. At the beginning of last week, it seemed as though the Leave camp had the edge over those wishing to stay. Right now we’re seeing the reverse, with the Remain camp in the lead. The tide began to turn after the tragic murder of MP Jo Cox last Thursday.
10-year yield moves
The yield on the U.S. 10-year Treasury note is currently trading at 1.68%. That’s seven basis points up from the previous close of 1.61%.
Fed Fund futures
When will the Federal Reserve rates again? According to the Fed Fund futures, December is the most likely candidate with an implied probability of a rate hike at 56%. There’s a little over one month until the July meeting, and investors don’t seem to think that’s enough time to turn things
What does this mean for me?
Mortgage rates are up a little from last week’s floor, but they’re still very appealing. If you’re thinking about purchasing a home or refinancing your current mortgage, I’d recommend acting sooner rather than later.
Click here to get today’s latest mortgage rates.
Today’s economic data:
- Minneapolis Fed President Neel Kashkari speaks today at 1:00 PM.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Janet Yellen Speaks
Wednesday:
- FHFA House Price Index
- Existing Home Sales
- Janet Yellen Speaks
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- PMI Manufacturing Index
- New Home Sales
Friday:
- Durable Goods Orders
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/28JuFxU
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