Happy Friday, and 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?
The October Jobs Report is the big market moving data out today. The headline number of 161,000 is definitely below the consensus of 178,000, but some of the details in the report are positive. Wage growth, an important sub-component that the Fed closely watches, grew by 0.4%. The unemployment rate is at 4.9%, and the participation rate is at 62.8%. Overall, the report is nowhere near robust, but it’s most likely good enough to please Fed officials and keep December firmly on the table.
Click here to get today’s latest mortgage rates.
Positive economic news usually means that mortgage rates are headed higher. While the yield on the U.S. 10-year treasury note (the best market indicator of where mortgage rates are headed) did spike immediately after the report was released, it has since retreated back and is currently three basis points below where it closed yesterday. That most likely means that mortgage rates are flat to slightly lower on the day.
Rate moved up in the Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey (PMMS) came out on Thursday and it showed that mortgage rates ticked up this week. The average rate on a 30-year fixed rate mortgage, which moved down to 3.47% last week, climbed back up to 3.54% (o.5 points). The average rate on a 15-year fixed rate mortgage is 2.84% (0.5 points). The average rate on a 5-year ARM is 2.87% (0.4 points).
What does this mean for me?
Mortgage rates moved higher this week but they’re still not too far above all-time lows. If you’ve been thinking about purchasing a home or refinancing your current mortgage, you should consider locking in a rate sometime soon, as rates are likely to continue rising.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Employment Situation
- 161,000 jobs added
- Unemployment rate = 4.9%
- Participation rate = 62.8%
- Avg. hourly earnings M/M = 0.4%
International Trade
The U.S. international trade deficit came down to -36.4 B in September.
Fedspeak
Dennis Lockhart, Rob Kaplan, and Stanley Fischer are all set to speak today.
Notable events this week:
Monday:
- Personal Income and Outlays
Tuesday:
- ISM Mfg. Index
- FOMC Meeting Begins
Wednesday:
- EIA Petroleum
- FOMC Meeting Announcement
Thursday:
- Jobless Claims
Friday:
- Employment Situation
- International Trade
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2elWmeQ
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