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?
October has finally come and gone. It wasn’t a good month for the U.S. 10-year treasury note, as its yield jumped twenty three basis points (the yield rises as the price falls), which is the largest monthly increase since June 2015.
The 10-year yield is the best indicator we have of where mortgage rates are going, and while mortgage rates did move higher, they did not ascend upwards with the same amount of vigor as the 10-year yield. Right now they are up about thirteen basis point gain from where they were at the beginning of the month. That put’s the 30-year yield at about 3.55%.
Click here to get today’s latest mortgage rates.
As we step into November, it’s only natural to wonder if this upward trend will continue. There are plenty of variables at play (e.g. the presidential election, October jobs report, FOMC announcement tomorrow), but it seems more likely than not that rates will continue on their gradual ascent. The biggest chance for a wrench to get thrown in the rate hike gears comes with the presidential election, but it seems like Hilary Clinton is going to prevail. Of course, with all the talk about not accepting the voting results, there’s the possibility of chaos no matter who is officially declared the winner.
What does this mean for me?
Mortgage rates are moving higher but that doesn’t mean right now is a bad time for borrowers. On the contrary, mortgage rates are still very close to all-time lows, providing many opportunities to lock in a low rate. That being said, it is important to recognize that rates are likely to continue moving higher, and to act accordingly. All it takes is a quick call to get started. Don’t feel like talking? No problem. Check out our online refinance and purchase calculators.
Click here to get today’s latest mortgage rates.
Today’s economic data:
ISM Mfg. Index
The ISM manufacturing index came in at 51.9 for October. That’s four tenths higher than the previous reading.
FOMC Meeting Begins
The FOMC meets today and tomorrow, with a written statement coming tomorrow afternoon. With only a week left until the presidential election, little is expected of this meeting. It’s basically just a stepping stone toward the December meeting, which has a 77% of a rate hike according to the Fed Fund futures.
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/2eXDp3G
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