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?
After two weeks of near constant climbing, treasury yields remained fairly subdued on Monday and Tuesday. The question was never really if they would retreat back down, but rather, when they would begin to rise again. Eager observers didn’t have to wait very long, as data out this morning has revitalized positive economic sentiment.
It wasn’t even as though jobless claims or durable orders were overly strong reports, but sometimes not being terrible is enough to bolster investors’ confidence. Treasury yields started the day at 2.31% and have risen 9 basis points up to 2.40%. That’s an important milestone for 2016, as it creates a new 52-week high.
What’s all this have to do with mortgage rates? Well, the yield on the 10-year treasury note is the best market indicator of where mortgage rates are headed. If the yield rises or falls, it’s more than likely that mortgage rates are doing the same. Unfortunately for borrowers, that means that mortgage rates are back on the rise this morning.
What does this mean for me?
Mortgage rates are back on the rise after a brief pause. This could very well be the pattern we experience over and over again for the next few weeks/months. I think that if you’re looking to purchase a home or refinance your current mortgage, it makes sense to act sooner rather than later.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Durable Goods Orders
New orders on durable goods orders rose a better than expected 4.8% in October. Transportation led the way with a 12.0% increase. Year over year, new orders are at 2.1%. Ex-transportation new orders rose 1.0% in October, putting it at 0.3% year over year. Core capital goods surged 14.5% in large part due to civilian aircraft orders. That puts it at 2.4% on the year.
Jobless Claims
Applications for U.S. unemployment benefits came in at 251,000 for the week of 11/19. That’s 18,000 higher than the previous week. The 4-week moving average is also at 251,000, down slightly from the previous week. Jobless claims have now been under 300,000 for 90 consecutive weeks, which is the longest streak since 1970.
PMI Index Flash
The PMI manufacturing index flash is at 53.9 for November. That’s 0.4 above the consensus of 53.5. The manufacturing sector hasn’t been showing many signs of strong growth recently.
New Home Sales
New home sales are at 563,000 for October. That’s 30,000 below the prior reading, and 27,000 below the consensus.
Consumer Sentiment
Consumer sentiment for November is at 93.8. That’s 2.2 higher from the prior reading.
EIA Petroleum Status Report
For the week of 11/18:
- Crude oil: -1.3 M barrels
- Gasoline: 2.3 M barrels
- Distillates: 0.3 M barrels
FOMC Minutes
The minutes from the Fed meeting at the beginning of the month will be released today at 2:00pm.
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/2foYTWk
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