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?
A poor industrial production report yesterday has caused economists to rethink their position that GDP will shake itself from the grip of a growth under 2%. This might be bad news for the economy, but it’s good for mortgage rates (generally speaking, strong economic data pushes rates higher, while poor data pushes them lower). The drop is only by a few basis points, but it brings rates back down below the 3.48% threshold that they’ve been under since June. Tomorrow morning we get the Freddie Mac Private Mortgage Market Survey. I’d guess that rates will be flat to slightly higher.
The Fed Fund futures has remained fairly predictable these past couple months. That could be viewed as a positive thing, but it’s certainly much less entertaining for onlookers. December stands tall as the only chance left for a 2016 rate hike. Currently the markets have it priced in at about a 65% chance. That’s right where its been for several weeks now.
Click here to get today’s latest mortgage rates.
What does this mean for me?
There’s only so many ways to say it: mortgage rates are continuing to hover around near record lows. I would say that makes right now a good time to be a borrower. Whether you’re trying to refinance into a lower rate, or you’re purchasing your first home, mortgage rates–like the apples on the trees here in Connecticut–are prime for the picking.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Housing Starts
Housing starts are down to 1.047 M for September, which is lower than both economist’s expectations for 1.180 M, and the previous reading of 1.142 M. Multi-family starts are the main culprit in the report, falling a staggering 38%. While overall home building dropped in September, there are still positive signs in today’s report. Single-family starts–the most important component–actually rose a very solid 8.1%. If it weren’t for the abysmal multi-family numbers, this report would be getting much more praise.
EIA Petroleum Status Report
- Crude oil: -5.2 M barrels
- Gasoline: 2.5 M barrels
- Distillates: -1.2 M barrels
Fedspeak
- San Francisco Fed President John Williams speaks this morning at 8:45am.
- Dallas Fed President Rob Kaplan will give a talk at 1:30pm.
- New York Fed President William Dudley is scheduled to talk tonight at 7:45pm.
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/2e7Rf8l
No comments:
Post a Comment