Happy Friday and welcome to the Total Mortgage Current Mortgage Rates Blog. Here’s your daily mortgage rate forecast/advice.
Where are mortgage rates going?
There’s not much economic data out this morning, and currently all the major U.S. stock market indexes are trading in the red. The yield on the U.S. 10-year Treasury note is down four basis points from its previous close. Typically, mortgage rates follow closely behind the 10-year yield, but as we saw in yesterday’s Freddie Mac Primary Mortgage Market Survey, that is not currently happening in 2017.
Click here to get today’s latest mortgage rates (Feb. 17, 2017).Since the beginning of the year, the average rate on a 30-year fixed rate mortgage has fallen seventeen basis points, while the 10-year yield has wavered but ultimately wound up in the same position. No one is calling this the new normal; however, it a noteworthy deviation from a trend that has been going on for nearly fifty years.
- The average rate on a 30-year fixed rate mortgage fell two basis points to 4.15%.
- The average rate on a 15-year fixed rate mortgage slid four basis points to 3.35%.
- The average rate on a 5-year adjustable rate mortgage dropped three basis points to 3.18%.
Looking ahead to next week, which is a short week because of President’s Day on Monday, there’s really not too much significant economic data out except for the FOMC minutes on Wednesday. That shifts more of the pressure onto the ever-volatile news coming out of 1600 Pennsylvania Ave. President Trump has stated that a new travel ban will be put into effect once he issues another executive order sometime next week. While this time there will be less shock-value, it’s still likely to send ripples throughout the markets and could send mortgage rates lower.
Click here to get today’s latest mortgage rates (Feb. 17, 2017).What does this mean for me?
Mortgage rates continue to hover around historic lows. In the long-run mortgage rates are expected to rise, but it seems like that will happen very gradually. Still, anyone looking to refinance or purchase a home should probably act sooner than later if they want to get the lowest rate possible.
Today’s economic data:
- Nothing
Notable events this week:
Monday:
- Nothing
Tuesday:
- PPI-FD
- Fedspeak
Wednesday:
- CPI
- Retail Sales
- Industrial Production
- Fedspeak
- EIA Petroleum Status
Thursday:
- Housing Starts
- Jobless Claims
- Philly Fed Outlook
Friday:
- Nothing
from Total Mortgage Underwritings Blog http://ift.tt/2l1qGCn
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