Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Fiscal stimulus is back on the menu
Treasury yields rose higher during late trading on Thursday after President Donald Trump made comments that were considered pro-growth during a meeting with airline industry leaders.
He used the word “phenomenal” to describe his upcoming tax plan, the details of which he said he will divulge in the next few weeks. Financial market participants had grown extremely pessimistic about Trump’s fiscal stimulus, fearing that it had fallen off the totem poll. Now, with these comments, investors have perked up with new hope that fiscal stimulus is still a priority.
Click here to get today’s latest mortgage rates (Feb. 10, 2017).The yield on the U.S. 10-year Treasury note (the best market indicator of where mortgage rates are moving) was down around 2.34% before the news broke, and is currently trading at 2.41%. That’s still about five basis points below where it started the week, but it’s a significant rebound that cuts away at what would have been a big weekly decline.
Of course, it’s not all great news for borrowers, as mortgage rates are most likely on the rise today. Historically, though, rates are still incredibly low.
Freddie Mac PMMS
Mortgage rates sunk down a tad from where they were last week. The average rate on a 30-year fixed rate mortgage slid two basis points to 4.17% (0.4 points); the average rate on a 15-year fixed rate mortgage fell three basis points to 3.39% (0.4 points) ; the average rate on a 5-year ARM edged lower by two points to 3.21% (0.4 points). Mortgage rates are basically now back to where they were at the start of the year.
Click here to get today’s latest mortgage rates (Feb. 10, 2017).What does this mean for me?
The markets are keeping up with their unpredictable reputation. Mortgage rates are still down on the week, so the opportunity is there for anyone looking to make a purchase or refinance.
Today’s economic data:
Import and Export Prices
Today’s report doesn’t bode well for the nation’s trade deficit. Prices on imported goods jumped 0.4% in January, which is the third rise in four months. That now puts the year over year growth at 3.7%–the highest it’s been since 2012. Export prices also rose, but only by 0.1%.
Consumer Sentiment
Consumer sentiment for February came in at 95.7. That’s down almost three points from its last reading, but still a very strong number.
Click here to get today’s latest mortgage rates (Feb. 10, 2017).Notable events this week:
Monday:
- Fedspeak
Tuesday:
- International Trade
- JOLTS
Wednesday:
- EIA Petroleum Status Report
- 10-Year Note Auction
Thursday:
- Jobless Claims
- Fedspeak
Friday:
- Import and Export Prices
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2kcPKTe
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