Friday, January 20, 2017

Current Mortgage Rates for Friday, January 20, 2017

Happy Friday and welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic news happening 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 on pace this morning to log their first weekly gain in a month. Positive inflation data on Wednesday morning kicked off the rise in yields, which has been sustained by strong labor and manufacturing data on Thursday.

Today is, of course, inauguration day for president-elect Trump, and the markets will be closely watching. The occasion is largely ceremonial and nothing of actual substance is really expected to occur. With no economic data out today, financial market participants have little to go off of.

Click here to get today’s latest mortgage rates.

It’s mostly going to be psychological reactions to any subtle comments that Trump may or may not make. Investor anxiousness can be a fickle, and impressionable, beast that could turn at a moment’s notice. Despite all of the hype, I really don’t expect much to happen today.

Treasury yields ticking up a few notches and finishing higher sounds accurate to me.

The yield on the 10-year treasury note is currently at 2.48%. That’s two basis points higher than yesterday’s close and over fifteen basis points higher than where it was on Monday. The 10-year yield is the best market indicator of where mortgage rates are headed, which means that we’re looking at higher rates as we head into the weekend.

Click here to get today’s latest mortgage rates.

For what it’s worth, Fed Chair Janet Yellen gave a speech last night during which she said that there is very little risk that the US economy will overheat in the coming months, and as such, there is no reason to believe it will be necessary to increase the pace of rate hikes.

What does this mean for me?

While I doubt anything too unusual will take place, it’s a good idea to keep an eye or an ear out for any unexpected happenings at the Trump inauguration today. It’s hard to offer advice at the moment, as no one really knows what will happen in the first few days of the Trump Presidency. I expect some volatility, and possibly a surge in rates if Trump finally articulates a clear infrastructure spending plan.

I would recommend that anyone looking to refinance or purchase a home stay attentive to the markets and lock in a rate on a day when there is a downward swing. I still think mortgage rates are headed higher long-term, but that doesn’t mean there won’t be volatile moments where they slide down a bit.

Today’s economic data:

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

Fedspeak

  • Philly Fed President Patrick Harker at 9am.
  • San Francisco Fed President John C. Williams at 1pm.

Trump Inauguration

  • Coverage begins at 11:30am.

Click here to get today’s latest mortgage rates.

Notable events this week:                                      

Monday:   

  • Markets Closed: Martin Luther King Jr. Day

Tuesday:    

  • Fedspeak

Wednesday:  

  • Consumer Prices Index
  • Industrial Production
  • Fedspeak

Thursday:  

  • Housing Starts
  • Jobless Claims
  • Philly Fed Outlook
  • EIA Petroleum Report
  • Fedspeak

Friday:  

  • Fedspeak
  • Trump Inauguration

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/2jHbRoC

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