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?
It’s another day of flat mortgage rates. The slow march toward Friday’s Janet Yellen speech and GDP number continues. The yield on the U.S. 10-year treasury note has barely moved this week. Right now, it’s trading at 1.56%. That’s 2 basis points from where it closed yesterday. Mortgage rates usually trail behind the 10-year yield, and so we can be fairly certain that rates are basically unchanged today. All the major U.S. market indexes are in the red as I write this blog. The Freddie Mac Private Mortgage Market Survey comes out tomorrow and it shouldn’t have mortgage rates much different from where they were last week.
Click here to get today’s latest mortgage rates.
The Fed Fund futures are currently giving September, November, and December a 24.0%, 30.3%, and 53.6% chance of a rate hike taking place. Those aren’t amazing odds, however, they are trending higher. Investors seem to be warming up to the idea of a rate hike in September, and depending on GDP and what Janet Yellen says on Friday, we could really see those odds grow. Of course, the reverse is just as likely. It’s very hard to believe firmly one way or the other. I am still of the opinion that a September rate hike will not happen.
What does this mean for me?
It’s a slow week so the message remains the same: rates are low and right now is a great time to refinance your current mortgage or purchase a home.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Existing Home Sales
Existing home sales for July came in this morning at 5.39 million. That’s down from the previous reading of 5.570 million.
EIA Petroleum Status Report
- Crude oil – 2.5 M barrels
- Gasoline – 0.0 M barrels
- Distillates – 0.1 M barrels
Notable events this week:
Monday:
- Nothing
Tuesday:
- PMI Manufacturing Index Flash
- New Home Sales
- Richmond Fed Manufacturing Index
Wednesday:
- Existing Home Sales
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- Jobless Claims
- Consumer Comfort Index
Friday:
- GDP
- International Trade in Goods
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2bgsnaf
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