Wednesday, February 8, 2017

Current Mortgage Rates for Wednesday, February 8, 2017

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. 8, 2017).

Where are mortgage rates going?

Mortgage rates continue to move lower

Treasury yields and mortgage rates are retreating for the third straight day. The yield on the 10-year Treasury note is down five basis points from its previous close of 2.40%. That’s about ten basis points lower from where it started the week. Mortgage rates typically trail behind the 10-year yield, so the trend we’re seeing right now is good for borrowers.

Click here to get today’s latest mortgage rates (Feb. 8, 2017).

Frexit

What’s causing the decline? Well, with little domestic economic data out this week, markets are getting their cue from events happening across the pond. Investors have their eyes on the French presidential election, and are concerned that anti-establishment candidate Marine Le Pen is gaining traction with voters. She’s made it clear that she is in favor a Frexit, something that would certainly cause huge ripples in the global economy.

The election takes place on April 23, and Le Pen would need to win a majority vote in order to claim the presidency. If that doesn’t happen, there is a second vote between her and the next most popular candidate on May 7. Pundits are giving her a good shot at getting through to the second round, but the general sentiment is that it will be very difficult for her to win head-to-head against another candidate.

Naturally, commentators are drawing the parallels from the U.S. election, and no one is willing to count out what might seem like the impossible. This is causing financial market participants to rush back into safer assets like government bonds, pushing the yields lower.

Mortgage rates were flat in last week’s Freddie Mac PMMS, but they should be lower by a few basis points in tomorrow’s report.

Click here to get today’s latest mortgage rates (Feb. 8, 2017).

What does this mean for me?

It’s good news. Mortgage rates are moving lower. There’s no telling how long this trend will continue, so I think that anyone looking to refinance or purchase a home should act sooner rather than later.

Today’s economic data:

EIA Petroleum Status Report

For the week of 2/3/17:

  • Crude oil: 6.5 M barrels
  • Gasoline: -0.9 M barrels
  • Distillates: 0.0 barrels

10-Year Note Auction

  • 1:00pm
Click here to get today’s latest mortgage rates (Feb. 8, 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

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/2kmFed1

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