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?
Healthcare vote on tap
All eyes are on the key healthcare vote this morning. It’s important not just for the ramifications to healthcare, but because it reflects how easily President Trump will be able to implement legislature. Dissent among his own party would be a bad sign and would signal to investors that policies are going to take a lot longer to kick into gear than was once thought.
Click here to get today’s latest mortgage rates (Mar. 23, 2017).Mortgage rates, which are already on the decline, would most likely take another dive if it gets shot down. Of course, if it passes stocks could rally and mortgage rates could finish up for the first time in several sessions. Right now, the yield on the 10-year U.S. Treasury note (the best market indicator of what mortgage rates are doing) is trading at 2.412%, which is just a hair above where it opened.
Rates down in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey came out this morning and, as expected, showed that mortgage rates took a bit of a dive from last week:
- The average rate on a 30-year fixed rate mortgage fell seven basis points to 4.23% (0.5 points).
- The average rate on a 15-year fixed rate mortgage dropped six basis points to 3.44% (0.5 points).
- The average rate on a 5-year adjustable rate mortgage slipped four basis points to 3.24% (0.5 points).
Here is what chief economist at Freddie Mac Sean Becketti had to say about mortgage rates this week:
“The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.”
What does this mean for me?
There’s a lot of potential for mortgage rates to swing today so if you’re getting ready to lock a rate you should definitely be keeping an eye on things. If rates tumble further, that would be a great opportunity to take action in lock in.
Today’s economic data:
Fedspeak
- Fed Chair Janet Yellen at 8:45am
- Yellen gave the keynote speech this morning at childhood education conference but did not make any remarks related to monetary policy or the future of the U.S. economy.
- Neel Kashkari at 12:30pm
- Robert Kaplan at 7:00pm
Jobless Claims
Applications for U.S. unemployment benefits rose 15,000 from the prior revised reading, bringing them up to 258,000. That’s a 7-week high, and it’s well above the consensus for 240,000.
New Home Sales
New home sales for February rose 6.1% up to 592,000. That’s a seven month high, and the second highest reading since early 2008. This report is good news for home buyers who have been dealing with a lack of inventory recently.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- Existing Home Sales
- EIA Petroleum Status Report
Thursday:
- Fedspeak
- Jobless Claims
- New Home Sales
Friday:
- Fedspeak
- Durable Goods Orders
- PMI Composite Flash
from Total Mortgage Underwritings Blog http://ift.tt/2mwbIGJ
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