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?
The stock market slipped a little this morning causing treasury yields and mortgage rates to retreat back down a few basis points.
Rates up in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey (PMMS) got released this morning and it’s showing that mortgage rates ticked up again. That means that mortgage rates have now gone up in the PMMS for nine consecutive weeks.
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).
What does this mean for me?
Mortgage rates have unexpectedly dropped by a few basis points today. Anyone looking to lock in the lowest rate on their mortgage rate right now might want to try and get in before the climb resumes. This is the sort of unforeseen dip that some borrowers can take advantage of. In a rising rate environment, there are only so many opportunities downward swings to get in on. As we move closer and closer to a Trump presidency, more and more uncertainty and potential volatility comes into play.
Today’s economic data:
International Trade in Goods
The U.S. trade deficit widened to $65.3 billion in November. That’s a $3.4 billion decline from the previous revised reading. Weakness in this report is on pace to play a large role in keeping down fourth-quarter GDP.
Jobless Claims
Applications filed for U.S. unemployment benefits fell 10,000 for the week of 12/24 to 265,000. That puts the 4-week moving average at 263,000.
EIA Petroleum Status Report
For the week of 12/23:
- Crude Oil: 0.6 M barrels
- Gasoline: -1.6 M barrels
- Distillates: -1.9 M barrels
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/2iINeDL
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