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?
Mortgage rates are on the decline again this morning after solid demand in yesterday’s Treasury auction. The yield on the 10-year treasury note is now at 2.47%. It had been hanging around 2.55% for about a week before it began to decline on Wednesday. Mortgage rates often follow in the footsteps of the 10-year yield, so they’re likely down a few basis points from where they started off the week.
Rates rise in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey (PMMS) came out on Thursday and it showed that mortgage rates ticked up again. This is now the ninth consecutive week that mortgage rates have increased in the PMMS.
The average rate on a 30-year fixed rate mortgage went up two basis points to 4.32% (0.5 points); the average rate on a 15-year fixed rate rose three basis points to 3.55% (0.5 points); the average rate on a 5-year ARM was the outlier of this report, decreasing by two basis points down to 3.30% (0.5 points).
Here is what Chief Economist at Freddie Mac Sean Becketti had to say about the week for mortgage rates:
“On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged. The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017.”
What does this mean for me?
Mortgage rates have declined for two days now. It’s an unexpected turn of events as we close out 2016. Like I said yesterday, this provides anyone looking to purchase a home or refinance an opportunity to get a slightly lower rate than what is to come. I expect rates to continue their ascent next week, so the window is closing.
Today’s economic data:
Chicago PMI
The Chicago PMI is coming in lower than expected in December at 54.6. The consensus was for 57.0.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Markets Closed
Tuesday:
- S&P Case-Shiller HPI
Wednesday:
- Pending Home Sales Index
Thursday:
- International Trade in Goods
- Jobless Claims
- EIA Petroleum Status Report
Friday:
- Chicago PMI
from Total Mortgage Underwritings Blog http://ift.tt/2hCpdlF
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