Current Mortgage Rates for Wednesday, October 26, 2016

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?

Financial market participants are continuing to increase investments in stocks, which is pushing treasury yields higher. The best market indicator of where mortgage rates are headed (the yield on the U.S. 10-year treasury note) is now up to 1.79%. The previously close was 1.76%. Tomorrow we get the Freddie Mac Private Mortgage Market Survey, and I expect that it will show mortgage rates rose slightly from where they were last week. That means that the average rate on a 30-year fixed rate mortgage should be around 3.56%.

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

The Fed Fund futures are still showing a greater than 70% chance of a rate hike in December, but it is slightly lower than where it was yesterday. Looking ahead to Friday, we get the first estimate for third-quarter GDP. The Econoday consensus is predicting a rate of 2.5%. That’s the next biggest market moving report we’ll see before the October employment situation. At this point, anything that isn’t a disaster will help keep a December rate hike afloat.

Click here to get today’s latest mortgage rates.

What does this mean for me?

There aren’t many surprises happening at the moment. We’re still in a low rate environment, but rates seem to be set on a gradual upward path. My advice is to take enough time to make sure you’re doing the right thing, but not so much that you’ll miss out on your target mortgage rate.

Click here to get today’s latest mortgage rates.

Today’s economic data:

International Trade

The U.S. trade deficit shrunk from the previous revised number of $-59.2 B to $-56.1 B in September. Exports were up a solid 0.9%, while imports declined by 1.1%.

New Home Sales

New home sales came in at 593,000 in September, which is actually a gain from the prior revised reading of 575,000.

EIA Petroleum Status Report

For the week of 10/21:

• Crude oil: -0.6 M barrels
• Gasoline: -2.0 M barrels
• Distillates: -3.4 M barrels

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

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/2f7plZC