Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s a decent bit of economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Mortgage rates in holding pattern
Stocks opened lower this morning and are on track to finish slightly lower for the second straight day. It’s one of those days where there isn’t too much going on, and investors are catching their breath as they await the upcoming economic data. Right now everyone is focused on the debate around the Affordable Care Act, as legislation to replace it was just released by House Republicans yesterday. At the moment, the situation isn’t having much effect on the markets, and mortgage rates are basically unchanged from where they started the week. It’s very likely that they will remain in a holding pattern throughout the week.
The ECB on Thursday
The European Central Bank meets on Thursday to discuss monetary policy, but unlike the FOMC, it’s not expected to make any changes to rates or shift their position in a significant way. However, there is still the possibility for some subtle hints about future policy decisions in the written statement and during ECB President Mario Draghi’s post-meeting press conference. Financial market participants will no doubt be watching with a keen eye, trying to pick up on any clues as to what the future might hold. Given that investors are expecting a continuation of the status-quo, the markets are most likely to be jolted by anything perceived as unexpectedly hawkish.
Click here to get today’s latest mortgage rates (Mar. 7, 2017).Friday’s February Jobs Report
The march continues towards the week’s biggest economic report. Tomorrow morning we get the ADP unemployment report, which could give us a taste of things to come on Friday. The U.S. economy added 227,000 jobs in January–a strong headline number–but optimism was tempered by slow wage growth. Economists are expecting around 200,000 jobs for February. This report is significant in that it covers data from Trump’s first full month as president.
What does this mean for me?
Mortgage rates are staying flat for now. This could be a good opportunity for anyone looking to refinance or purchase a home to lock in a rate before they begin to climb higher.
Click here to get today’s latest mortgage rates (Mar. 7, 2017).Today’s economic data:
International Trade
The U.S. trade deficit expanded to $48.5 B in January. That’s the second largest deficit in nearly five years, beat out by the $50.2 B of March 2012. President Trump has made it very clear that he aims to reduce that number, but he clearly has his work cut out for him.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- International Trade
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- 10-Yr Note Auction
Thursday:
- Jobless Claims
- Import and Export Prices
Friday:
- Employment Situation
from Total Mortgage Underwritings Blog http://ift.tt/2lAGU7o
No comments:
Post a Comment