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?
Mortgage rates are flat again. It’s not the most exciting story, but the fact that rate aren’t moving higher is good news for borrowers. I’ve been saying it for a while now, but mortgage rates are in a somewhat unprecedented place right now. They’ve been hovering at, or just above, all-time lows for over two months now. The Freddie Mac PMMS comes out tomorrow morning, and I expect that it will show the average rate on a 30-year fixed to be around 3.43%. That’s just 12 basis points above the record low of 3.31%.
Click here to get today’s latest mortgage rates.
Federal Reserve officials keep jawboning for a higher federal funds rate, which in turn could affect mortgage rates, but it doesn’t seem like a spike will happen anytime soon. The monthly jobs report is set to come out on Friday, and depending on what kind of number we get, that could significantly alter the rate hike discussion. For now, though, mortgage rates are holding steady.
What does this mean for me?
It’s a great time to be on the hunt for a house. Not only are there several good reasons why fall is a great time to buy, but mortgage rates are at very accommodating levels. There’s no need to rush, but I do think that the market is currently very favorable toward purchases and refinances.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Fedspeak
Boston Fed President Eric Rosengren spoke early this morning, saying that he thinks the Fed is quickly approaching both its inflation and employment goals, which means that the economy would be better suited to an earlier rate hike. He argues that:
“A somewhat faster move to rate normalization may defer somewhat how quickly we achieve the dual mandate goals of full employment and price stability, but could reduce the risk of a larger divergence from the dual mandate in the next downturn.”
Unfortunately, Rosengren didn’t delve into any details. He didn’t mention any of the remaining 2016 meetings by name, only making a case that the economy is strengthening and that the time for a rate hike is looming ever closer.
Minneapolis Fed President Neel Kashkari spoke this morning but didn’t say anything relevant to mortgage rates.
Chicago Fed President Charles Evans will speak later on today at 3:15pm.
ADP Employment Report
The ADP employment report is showing that 177,000 jobs were added in August. That’s about 20,000 lower than July’s reading, but it’s still a solid number, and points toward strength in Friday’s employment situation report.
Chicago PMI
The Chicago PMI is coming in soft at a 51.5 for August. That’s down over 4 points, and just a touch above the break-even point of 50.0. New orders, backlogs, production, and inventories all fell.
EIA Petroleum Status Report
Weekly change:
- Crude oil inventories: 2.3 M barres
- Gasoline: -0.7 M barrels
- Distillates: 1.5 M barrels
Notable events this week:
Monday:
- Personal Income and Outlays
Tuesday:
- S&P Case-Shiller HPI
- Consumer Confidence
Wednesday:
- Fedspeak
- ADP Employment Report
- Chicago PMI
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- PMI Manufacturing Index
- Consumer Comfort Index
- ISM Manufacturing Index
- Fedspeak
Friday:
- Employment Situation
- International Trade
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2bBZhiq
No comments:
Post a Comment