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?
After the largest three day decline since the end of June, treasury yields have somewhat stabilized this morning. Investors have been dealing with uncertainty in foreign markets (i.e. Frexit concerns) which resulted in the usual rush out of stocks and into safer assets like government bonds.
The 10 year U.S. Treasury note is the best market indicator of where mortgage rates are headed, and it’s up about three basis points from where it closed out yesterday. The future is still very much up in the air, as President Trump’s failure to disclose any clear plans on infrastructure spending (other than building a wall), or any other large scale plan to boost the U.S. economy has started to send the signal to financial market participants that change isn’t coming until much further down the road.
Click here to get today’s latest mortgage rates (Feb. 9, 2017).Freddie Mac PMMS
Unsurprisingly, mortgage rates fell in the Freddie Mac Primary Mortgage Market Survey (PMMS) this week. The average rate on a 30-year fixed rate mortgage sunk two basis points to 4.17% (0.4 points); the average rate on a 15-year fixed rate mortgage dropped three basis points to 3.39% (0.4 points) ; the average rate on a 5-year ARM fell two points to 3.21% (0.4 points).
Here is what chief economist at Freddie Mac Sean Becketti had to say about mortgage rates this week:
Click here to get today’s latest mortgage rates (Feb. 9, 2017).“The 30-year fixed mortgage fell two basis points to 4.17 percent this week. Rates are at about the same level at which they started the year and have stayed within a two basis point range over the past three weeks. Mixed economic releases such as Friday’s jobs report and uncertainty about the Administration’s fiscal policies have contributed to the holding pattern in rates.”
What does this mean for me?
Mortgage rates have been volatile lately and it doesn’t seem like that is going to change anytime in the near future. However, it still makes sense that rates will rise in the long run, meaning that borrowers should position themselves to get in on a downturn, ideally sooner rather than later.
Today’s economic data:
Jobless Claims
Applications filed for U.S. unemployment benefits fell 12,000 during the week of 2/4 to 234,000. That puts the four-week moving average at 244,250.
Fedspeak
- Louis Fed President James Bullard speaks this morning and Chicago Fed President Charles Evans will give a talk this afternoon.
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/2kqCWtb
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