Welcome to the Total Mortgage 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 rose last week. With the yield on the U.S. 10-year treasury note rising sharply on Monday, we’re headed for new heights in this week’s Freddie Mac Private Mortgage Market Survey (PMMS). For anyone who missed it, the average rate on a 30-year fixed rate mortgage ticked up to 3.52% last week, which is significant because it hadn’t gone above 3.50% in over four months. So with the best indicator of things to come for mortgage rates (the 10-year yield) moving higher, it seems we’re destined to stay above 3.50% for at least another week.
To put things in perspective, mortgage rates are still very low historically. The all-time record low on the 30-year fixed rate is 3.31%. Right now we’re only about twenty-five basis points (one basis point = 0.01) above that. Looking back to the start of the year, the 30-year fixed was at 3.97%. Over the summer rates bottomed out, and while it might seem like they’re rising out from basement levels, they really have a long way to go before they reach the first floor.
Of course, the Fed’s December decision is a top issue on the minds of financial market participants right now. As we march toward that meeting, it’s looking more and more likely that it will happen. Until it does happen, it’s extremely hard to fully believe in all of the signs pointing towards its reality. Because while the Fed Fund futures might be giving it a near 80% chance of happening, they’ve felt that way about past meetings only to retreat back into the opposite corner. There are two months filled with economic data left for us to sift through, and until we come out the other side with strength, I remain skeptical.
Click here to get today’s latest mortgage rates.
What does this mean for me?
Rates are rising, but we’re still in a low rate environment. That means that right now is a great time for borrowers looking to either purchase a home or refinance their current mortgage. It does seem like we’re on a upward trajectory, though, so I would recommedn
Click here to get today’s latest mortgage rates.
Today’s economic data:
S&P Case-Shiller HPI
U.S. home prices rose a modest 0.2% in August, according to the S&P Case-Schiller HPI. That puts the year over year change at 5.1%. All twenty cities in the index are up from where they were last year, and ten of them posted higher gains than last month. Portland, Oregon, Seattle, and Denver were the cities that showed the most growth.
Consumer Confidence
Consumer confidence came in softer than expected at 98.6 for October. That’s almost five points lower than the prior reading of 103.5.
Fedspeak
Atlanta Fed President Dennis Lockhart will speak today at 1:20pm.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- S&P Case-Shiller HPI
- Consumer Confidence
- Fedspeak
Wednesday:
- International Trade
- New Home Sales
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- Jobless Claims
Friday:
- GDP
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2eFQ9xq
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