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 headed lower
Mortgage rates are on the decline again today. There was a brief rally in the early morning hours, but those gains have been lost and now we’re slightly below where we started. The yield on the U.S. 10 year treasury yield (the best market indicator of where mortgage rates are headed), we can see that it’s at 1.55%, which is down one basis point from where it closed yesterday.
There’s not much economic data out today, but we will hear from several Fed officials throughout the day. It’s doubtful that there will be any out of the ordinary talks that nudge the markets off their current trajectory.
Click here to get today’s latest mortgage rates.
Looking to tomorrow’s Freddie Mac PMMS
The Freddie Mac PMMS comes out tomorrow and I believe that we will be seeing mortgage rates several points below where they were last week. That’s great news for borrowers. The average rate on a 30-year fixed rate mortgage dipped back into the 3.41%-3.48% last week, so it’s likely that rates will be at the bottom end of that range tomorrow. The lowest reading of the year for the PMMS is indeed 3.41%, so the fact that we are headed back down in that area is no doubt beneficial to anyone trying to lock in a low rate on a refinance or purchase. For perspective, the highest reading of the year is 3.97%, which happened back in January.
What does this mean for me?
Mortgage rates are moving back down near the lows of the year. That means there are plenty of opportunities for borrowers to get a great deal on a refinance or purchase. It only takes a few minutes to call and see if refinancing makes sense. I feel confident that your time would be worth the potential reward. There’s no immediate threat to mortgage rates, but I would still recommend acting sooner rather than later.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Durable Goods
Durable goods orders were flat in August. That puts them at -1.3% year over year. The report signals more weakness from the factory sector.
EIA Petroleum Status Report
Crude oil inventories: -1.9 M barrels
Gasoline: 2.0 M barrels
Distillates: -1.9 M barrels
Fedspeak
- Minneapolis Fed President Neel Kashkari will speak at 8:45am.
- Fed Chair Janet Yellen will testify before the House Financial Services Committee at 10:00am.
- Chicago Fed President Charles Evans speaks at 1:30pm.
- Cleveland Fed President Loretta Mester is set to talk at 4:35pm.
- Kansas City Fed President Esther George will speak at 7:15pm.
Notable events this week:
Monday:
- New Home Sales
- Fedspeak
Tuesday:
- S&P Case-Shiller HPI
- Consumer Confidence
- Fedpeak
Wednesday:
- Durable Goods
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- GDP
- International Trade
- Jobless Claims
- Fedspeak
Friday:
- Personal Income and Outlays
from Total Mortgage Underwritings Blog http://ift.tt/2drD9Ju
No comments:
Post a Comment