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?
End of the year slowdown begins
Today is a slow day in the middle of a slow week. Treasury yields rose yesterday morning only to slide back down to where they were on Monday. Today they’re basically flat. Activity usually winds down during the last week or so of the year, so the slowdown isn’t anything out of the ordinary. It does mean, however, that financial market participants will have to wait until at least 2017 to see the DOW break 20,000. The good news for borrowers is that mortgage rates are also on pause from their ascent today. Long-term, all signs still point toward higher rates. Tomorrow we get the Freddie Mac Primary Mortgage Market Survey (PMMS), and it’s likely that mortgage rates will be higher for the eighth straight week.
What does this mean for me?
Mortgage rates are getting some slight relief from their upward charge. This could be a great time for anyone looking to refinance or purchase a home to lock in a rate. Aside from any unforeseen events, the longer you wait right now, the higher your rate will be.
Today’s economic data:
Existing Home Sales Rise
Existing home sales beat out expectations in November, surging 0.7% to 5.61 million–their highest level in almost 10 years. Economists had expected about a 1% drop. What caused the rise? It’s hard to say for sure, but there is some speculation that rising mortgage rates caused buyers to lock in before rates get any higher.
EIA Petroleum Status Report
For the week of 12/16:
- Crude oil: -2.6 M barrels
- Gasoline: 0.5 M barrels
- Distillates: -0.8 M barrels
Click here to get today’s latest mortgage rates.
Miscellanea:
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/2hHNypk
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