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?
The Freddie Mac Private Mortgage Market Survey (PMMS) got released this morning (as it does every Thursday at 10:00am), and it showed that mortgage rates trended higher this week. The average rate on a 30-year fixed rate mortgage rose five basis points (one basis point = o.01) to 3.52% (0.5 points); the average rate on a 15-year fixed rate mortgage went up three basis points to 2.79% (0.5 points); and the average rate on a 5-year ARM went up three basis points to 2.85% (0.5 points). It’s a fairly significant report, as the 30-year fixed average hasn’t been over 3.50% in the past four months.
Here is what Sean Becketti, Chief Economist at Freddie Mac, had to say about mortgage rates this week:
“The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 months that rates have risen above 3.50 percent. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.”
Click here to get today’s latest mortgage rates.
What does this mean for me?
Mortgage rates did rise this week, but that doesn’t mean there aren’t good opportunities out there for borrowers. All things considered, rates are still not far off from all-time lows. It does seem more likely than not that mortgage rates will continue to rise, so I recommend acting sooner rather than later.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Jobless Claims
Applications filed for U.S. unemployment benefits for the week of 10/15 came in at 260,000. That’s 13,000 higher than the previous revised reading and 10,000 higher than economists’ projections. The 4-week moving average is now at 251,750.
Philadelphia Fed Business Outlook Survey
The Philly Fed report came in at a 9.7 for October. That’s higher than the 7.0 that was expected. New orders and shipments are both way up, posting some of the best numbers since November 2014. Employment and the work week are both showing contraction. Overall, though, the report is a good one.
Existing Home Sales
Sales of existing homes for September came in at 5.470 M. That’s 3.2% higher than the prior reading of 5.33 M. The year over year change is now at 0.6%.
Fedspeak
New York Fed President William Dudley will speak several times throughout the day at a workshop examining culture and behavior in the financial services industry.
Notable events this week:
Monday:
- Empire State Mfg
- Industrial Production
- Fedspeak
Tuesday:
- Consumer Price Index
Wednesday:
- Housing Starts
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Existing Home Sales
- Fedspeak
Friday:
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2ebAqJH
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