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?
All eyes on the Fed
Today is the day. The Federal Reserve’s Federal Open Market Committee is expected to close out their final meeting of the year with a quarter point increase to the federal funds rate. A written statement will be released at 2:00pm, followed by a press conference with Fed Chair Janet Yellen. The language the Fed uses at these meetings plays a large role in determining what actions financial market participants will take in the coming days and weeks. Many onlookers will be hoping for some comments on the upcoming administration and how it will affect the fed’s policy decisions, but it’s highly unlikely that any such comments will be made. The last thing the Fed wants is to be seen as some sort of force fighting against the Trump regime.
The yield on the U.S. 10-year treasury note is down this morning as investors await the Fed’s decision. It’s currently trading at 2.43%, which is four basis points below yesterday’s close.
What does this mean for me?
Mortgage rates are still heading higher. The tone the Fed takes at their meeting today could cause that trend to pick up, slow down, or keep chugging along at its current pace. I’m more partial toward the latter. Either way, I think that borrowers are better off locking in a rate sooner rather than later.
Today’s economic data:
PPI-FD
Producer prices picked up slightly in November. Month over month, PPI-FD rose 0.4%, putting it at 1.3% year over year. PPI-FD less food and energy went up 0.4% month over month bringing it to 1.6% year over year. PPI-FD less food energy and trade services is at 0.2% month over month and 1.8% year over year.
Retail Sales
Retail sales rose by 0.1% in November. Retail sales less autos went up 0.2%. Less autos and gas retail sales also rose 0.2%.
Industrial Production
Industrial production fell 0.4% in November. Manufacturing fell 0.1%. That now puts the capacity utilization rate at 75.0%.
EIA Petroleum Status Report
For the week of 12/9:
- Crude Oil: -2.6 M barrels
- Gasoline: 0.5 M barrels
- Distillates: -0.8 M barrels
FOMC Meeting Ends/Janet Yellen Press Conference
The FOMC meeting wraps up today with a written statement and press conference. It all starts at 2:00pm.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Treasury Auctions
Tuesday:
- FOMC Meeting Starts
- NFIB Small Business Optimism Index
- Import and Export Prices
Wednesday:
- PPI-FD
- Retail Sales
- Industrial Production
- EIA Petroleum Status Report
- FOMC Meeting Ends/Janet Yellen Press Conference
Thursday:
- Consumer Price Index
- Jobless Claims
- Philly Fed Outlook
Friday:
- Housing Starts
from Total Mortgage Underwritings Blog http://ift.tt/2hlNnQ8
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