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 (Feb. 6, 2017).Where are mortgage rates going?
There’s not much economic data out today, or the rest of the week for that matter. Markets haven’t moved much since they took a hit last Friday after the jobs report showed wage growth barely grew in January. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are headed) is currently trading at 2.44%. That’s up from the days low but still three basis points below where it last closed. That means that mortgage rates are most likely flat to lower this morning.
It’s hard to say what kind week the markets will have. On the one hand, things could be fairly muted, as there’s not much data out. But given the way things have been going, it’s hard to place much faith in a “quiet” week. If however, nothing out of the ordinary happens and the little economic data that gets released is positive, rates could edge up by the end of the week.
There are also a few speaking engagements from Fed officials sprinkled throughout the week, giving them the opportunity to mold public opinion about when the next rate hike will be. After the January jobs report, the modicum of hope for March was dashed, leaving financial market participants to double-down on June. Whether or not the Fed wishes to sway investors from that position has yet to be seen. Right now, the Fed Fund futures is giving the March, May, and June meetings an 8.9%, 30.3%, and 65.7% chance of a rate hike, respectively.
Click here to get today’s latest mortgage rates (Feb. 6, 2017).What does this mean for me?
Mortgage rates have taken their foot off the gas for now. That creates a window of opportunity for anyone who’s been on the fence about a refinance or a purchase to get in before they begin to rise again.
Today’s economic data:
- Philadelphia Fed President Patrick Harker will speak at 4:30pm today.
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/2kzDPR0
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