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?
Rates inch higher in Freddie Mac PMMS
It’s been a slow week (month? months?) for mortgage rates, as is reflected in the Freddie Mac PMMS that was released this morning. The average rate on a 30-year fixed rate mortgage went up 3 basis points to 3.46% (0.5 points); the average rate on a 15-year fixed rate mortgage went up 3 basis points 2.77% (0.5 points); and the average rate on a 5-year ARM rose 8 basis points to 2.83% (0.4 points). That puts the 30-year fixed at 15 basis points above the all-time low of 3.31%.
Here is what Chief Economist at Freddie Mac, Sean Becketti, had to say about mortgage rates this week:
“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average. The 30-year fixed-rate mortgage rose 3 basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past ten weeks.”
The August jobs report will be released tomorrow morning at 8:30am, and has the potential to shake things up. From what it seems like, though, we are going to get an average to slightly above average report that will most likely leave mortgage rates little changed.
What does this mean for me?
Mortgage rates continue to hover around historically low levels. That means it’s a great time for anyone seeking to refinance their current mortgage or lock in a low rate on a purchase.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Jobless claims are still down
Jobless claims for the week of 8/27 are at 263,000. That is also the same number as the 4-week average. Heading into tomorrow’s August jobs report, the labor market seems strong.
PMI manufacturing index posts very modest gain
The PMI manufacturing index came in at 52.0 this morning. Anything less than 50.0 reflects contraction, so the report doesn’t point toward much growth.
Consumer comfort index drops
The Bloomberg consumer comfort index fell 1.9 points for the week of 8/28 to 43.4. The previous reading was the highest of the year, so the drop isn’t that significant, as the average of the two still puts the index right at where its been all year.
ISM manufacturing index falls into contraction
The ISM manufacturing index posted under the growth threshold of 50.0 for the first time since last February with a reading of 49.4. That’s a 3.2 point decline from the previous reading.
Fedspeak
Cleveland Fed President Loretta Mester will speak today at 12:25pm.
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/2bMzdD7
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