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?
Anticipation from the Brexit vote is creating market volatility and driving bond yields and mortgage rates higher. There are a lot of polls out this week and they’re actually showing that the Leave campaign is gaining some momentum back after losing it late last week.
Voting will take place in less than 48 hours, and it’s expected that market volatility will be the norm up to and quite possibly after the results are in on Friday morning. Stock markets are hoping for the status quo to prevail, and would most likely rally if the Remain camp came out ahead.
On the flip side, no one can be certain what to expect if the Leave camp comes out on top, but some market turmoil should be expected, at least in the near term.
Click here to get today’s latest mortgage rates.
10-year yield moves up
The yield on the U.S. 10-year Treasury note is still floating around where it was yesterday at 1.66%-1.69%. Mortgage rates usually trail behind the lead of the 10-year year yield, so mortgage rates are edging higher today.
Fed Fund futures unchanged
Not much has changed in the world of the Fed Fund futures. July is still showing little sign of life with a 14% chance of a rate hike. After that, we have September, November, and December with a 35%, 36%, and 54% chance, respectively.
What does this mean for me?
It’s true, mortgage rates are on the rise for the second day in a row. On the positive side, they began the ascent from 3.5-year lows, so they’ve still got a way to go before they get anywhere that’s considered historically high. That means the potential is there to lock in a low rate for a purchase or refinance.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Janet Yellen Speaks
- Federal Reserve Chairwoman, Janet Yellen, will meet before the Senate Banking Committee for her semi-annual testimony today. She isn’t expected to cover any new ground during the two-day event, but as usual, any utterance that strays from the normal party line has the potential to send markets one way or another.
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/28KUVX2
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