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?
Mortgage rates are continuing to float around the 3.52% mark this morning. That’s five basis points (one basis point = 0.1) higher from where it was in the Freddie Mac PMMS last week. While mortgage rates have been on a steady climb for the past week, it seems they are experiencing a slight slowdown.
Late last night and into this morning, the U.S. 10-year treasury note yield (after trending higher this week) faltered a bit and is currently trading at 1.82%, down from the previous close of 1.83%. Mortgage rates have a tendency to follow in the footsteps of the 10-year yield, so it’s likely that their climb has also come to a halt.
The big market news for today is the statement from the Federal Open Market Committee. More on that below.
What does this mean for me?
It’s been the same song and dance for a while now. Mortgage rates remain fairly close to all-time lows. If you’ve been thinking about purchasing a home or refinancing your current mortgage, you should seriously consider taking action.
Click here to get today’s latest mortgage rates.
Today’s economic data:
FOMC Meeting Announcement
The FOMC meets eight times a year to discuss current monetary policy. The seventh meeting of the year concludes today with a written statement at 2pm. We’ll have to wait until December for the next Janet Yellen press conference.
While no one is expecting the FOMC to raise the federal funds rate today (less than a week away from the presidential election), many are predicting that the language used in their statement will “set the stage” for a rate hike in December. Now, written statements from the FOMC are almost always scraped for clues about upcoming monetary policy moves, and often times these “clues” seem to be a stretch.
However, investors might not have to dig so deep this time around. The last time the Fed raised rates (December 2015), they overtly gave the nod in the previous meeting, saying that it could happen at “the next meeting.” If they were to drop that line again, it would no doubt be the clearest signal we’ve gotten all year.
EIA Petroleum
- Crude oil: 14.4 M barrels
- Gasoline: -2.2 M barrels
- Distillates: -1.8 M barrels
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/2e26yhG
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