Current Mortgage Rates for Tuesday, September 6, 2016

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 kick off the week slightly lower

After the long holiday weekend, mortgage rates are starting off the slightly lower. There’s a decent amount of economic data out over the next few days, but no significant market movers. With the disappointing jobs report on Friday, it seems that mortgage rates aren’t in any hurry to rise up to “normal” levels.

The Fed’s Beige Book (a report filled with anecdotal evidence about the state of the U.S. economy in the various fed regions) gets released tomorrow. In my opinion, it’s not the most reliable source of information. The fed tends to lean on the optimistic side, and since it’s just an informal report, it’s hard to really hang your hat on anything. I expect that we move through this week much like we have done the past ten weeks, with mortgage rates not moving a lot from their current position. That should put the 30-year somewhere between 3.41%-3.48%.

Click here to get today’s latest mortgage rates.

The yield on the U.S. 10-year treasury note is currently trading at 1.55%. That’s 6 basis points below its previous close. Mortgage rates typically follow in the footsteps of the 10-year yield so for now, rates are trending lower.

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

What does this mean for me?

It’s another week and another great time to be a homeowner/borrower. With mortgage rates still hovering around all-time lows, I recommend locking in a low rate on a purchase or seeing if you can save money on your monthly payment with a refinance.

Click here to get today’s latest mortgage rates.

Today’s economic data:

ISM Non-Mfg Index

The ISM non-mfg index came in at 51.4 for August. That’s a drop of over 4 points from the prior reading of 55.5.

Fedspeak

San Francisco Fed President John Williams is set to speak tonight at 8:30pm.

Notable events this week:          

Monday:  

• Labor Day

Tuesday: 

• ISM Non-Mfg Index
• Fedspeak

Wednesday: 

• Fedspeak
• JOLTS
• Beige Book

Thursday:

• Jobless Claims
• EIA Petroleum Status Report

Friday:

• Fedspeak

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

from Total Mortgage Underwritings Blog http://ift.tt/2c3K6Pr