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 a brief flight to safety due to recent terror acts, investors have returned to stocks, pushing treasury yields and mortgage rates higher this morning. The yield on the U.S. 10-year treasury note is at 2.58% right now, which is four basis points higher than where it was at yesterday’s close. Mortgage rates have a strong tendency to follow in the footsteps of the 10-year yield, so for now the ascent continues. If the trend continues today and tomorrow we will be looking at two straight months of rising mortgage rates in the Freddie Mac Primary Mortgage Market Survey.
Trading volume is expected to be on the softer side for the rest of the week, but there’s always the chance for an unseen event to make waves.
What does this mean for me?
Mortgage rates continue to rise, and my advice continues to remain the same: if you’re on the market for a refinance or a purchase, you should try to lock sooner rather than later. It’s never smart to rush into a decision, but for the foreseeable future mortgage rates are only going up.
Today’s economic data:
Sorry folks, but there’s no significant economic data out today.
Click here to get today’s latest mortgage rates.
Miscellanea:
- Federal Reserve Chair Janet Yellen gave a talk yesterday at the University of Baltimore, but monetary policy was never mentioned. Rather, she chose to take the opportunity to tout what she believes are the benefits of a college educated workforce.
- Members of the Electoral College cast their ballots yesterday, resulting in what we already knew–Donald Trump will be the next President of the United States. Leading up to the vote there was a lot of talk about electors going rogue and voting against their states wishes, and while several members did defect, it wasn’t even close to enough to make a difference.
Notable events this week:
Monday:
- Fed Chair Speech
Tuesday:
- Nothing
Wednesday:
- Existing Home Sales
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- GDP Jobless Claims
- Personal Income and Outlays
Friday:
- New Home Sales
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2hR2CkX
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