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 continued their upward trajectory this week. The Freddie Mac Primary Mortgage Market Survey (PMMS) got released on Thursday, and it showed that rates are at new 2016 highs. The average rate on a 30-year fixed rate mortgage is now 4.13% (0.5 points); the average rate on the 15-year fixed rate mortgage is 3.36% (0.5 points); while the average rate on a 5-year ARM is 3.17% (0.5 points). Mortgage rates have now moved higher for the fifth straight week. In total they’ve gone up 61 basis points in that time span.
With very little data out and no speaking engagements from Fed officials, the week before an FOMC meeting is almost always tedious. This week was no exception to the rule, although the ECB meeting did lend itself to a moderate amount of excitement. Are they tapering or aren’t they? It depends on who you ask. All we know is that they are continuing their bond-buying program for another nine months at a slightly reduced scale.
U.S. stock markets are in “meltup mode” right now, with all of the major indexes shooting higher. he DOW Jones is less than 400 points right now from hitting 20,000. There’s no one reason why this happening, but it’s at least in part due to expectations that the Donald Trump regime will roll back regulation with pro-business policies.
Click here to get today’s latest mortgage rates.
What does it mean for me?
Mortgage rates are on the rise. If you need to refinance, you should try to do that as soon as possible. If you’re looking into purchasing a home, you are slightly less vulnerable to rising rates, but should still try to lock in a rate sooner rather than later.
Today’s economic data:
Consumer Sentiment
Consumer sentiment for December is at 98.0, which is the highest reading since January 2015. That’s 4.2 points up from its prior reading. It’s also higher than the 94.1 that economists had predicted. For an economy that’s in the midst of the busiest shopping season of the year, this report is a good sign. It seems that many workers are feeling optimistic about the economy due to the change in administration. Whether or not their high hopes will be met is something that will be determined in the coming months and years.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- ISM Non-Mfg Index
- Fedspeak
Tuesday:
- International Trade
- Factory Orders
Wednesday:
- JOLTS
- EIA Petroleum Status
Thursday:
- Jobless Claims
Friday:
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2htIQb7
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