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?
Maybe you noticed, maybe you haven’t, but mortgage rates have been on a tear recently. The average rate on a 30-year fixed rate mortgage shot up 37 basis points (1 basis point = 0.01) to 3.94% in the Freddie Mac Primary Mortgage Market Survey (PMMS) last Thursday. Fortunately, the treasury selloff that has been driving mortgage rates up ever since the presidential election has stabilized this week. The yield on the U.S. 10-year treasury note is currently trading at 2.32%, which is right where it closed on Monday.
We don’t get a Freddie Mac PMMS this week, as Thursday is Thanksgiving, but mortgage rates have certainly gone up since data was collected for the last report. That means that the average borrower is getting a rate just north of 4.00% for a 30-year fixed rate mortgage. While we are experiencing relief from rising rates right now, the general consensus is that rates are going to continue to rise in the coming weeks.
The Federal Reserve’s Federal Open Market Committee meets in the second week of December and right now the market is pricing in the chance of a rate hike at 100%. It’s certainly hard to beat those odds.
What does this mean for me?
Mortgage rates are up a little over 4.00%, but that’s no reason to not make a purchase or refinance. From a historical perspective, rates are still extremely low. As stated above, it does seem as though rates are going to continue their ascent over the coming weeks, so I’d recommend locking i na rate sooner rather than later.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Existing Home Sales
Existing home sales rose by 2.0% to 5.6 M in October. That’s higher than economists’ expectations for 5.420 M.
Notable events this week:
Monday:
- Fedspeak
- Chicago Fed Index
Tuesday:
- Existing Home Sales
Wednesday:
- Durable Goods Orders
- Jobless Claims
- PMI Index Flash
- New Home Sales
- Consumer Sentiment
- EIA Petroleum Status Report
- FOMC Minutes
Thursday:
- Markets closed for Thanksgiving
Friday:
- International Trade in Goods
from Total Mortgage Underwritings Blog http://ift.tt/2fZlH0l
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