Current Mortgage Rates for Wednesday, December 7, 2016

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?

Treasury yields are heading lower ahead of tomorrow’s European Central Bank meeting. Everyone wants to know where there $85 billion dollar bond buying program is headed. The current plan expires in March, and ECB President Mario Draghi promised to talk about where things are headed on Thursday, drawing in much focus from financial market participants. Almost no one is expecting him to come out and say that they are cutting back on quantitative easing.

Click here to get today’s latest mortgage rates.

The general consensus is that he will say the current plan is going to continue for at least a little while longer. Bonds have been selling off globally ever since the U.S. presidential election, but we’re currently seeing a bit of a slowdown. That’s at least partly due to the fact that this is a very slow week data-wise. Tomorrow’s ECB meeting is the biggest event on the calendar, and it’s unlikely that it will create much of a stir. The yield on the U.S. 10-year treasury note is trading at 2.35% right now, which is down from yesterday’s close of 2.39%.

Rates are still near record lows. Contact us today to see if we can save you money on your home payments.

All signs are still pointing toward a quarter-point rate hike next Wednesday at the conclusion of the FOMC’s two day meeting. The fed fund futures has the likelihood of it happening at 94.9%.

Today’s economic data:

JOLTS

The job openings and labor turnover survey (JOLTS) is showing 5.534 M job openings for October. That’s down from the prior revised reading of 5.631 M. Year on year, job openings are up 2.1%.

EIA Petroleum Status

For the week of 12/2:

• Crude oil: -2.4 M barrels
• Gasoline: 3.4 M barrels
• Distillates: 2.5 M barrels

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

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

from Total Mortgage Underwritings Blog http://ift.tt/2gU7NiV