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?
Mortgage rates continue to trend lower
Yesterday was a bump ride as financial market participants settled into their new positions in a slightly less optimistic , post-health care debacle environment. The yield on the U.S. 10-year Treasury note (the best market indicator of where mortgage rates are going) tumbled down to a one month low this morning at 2.361%. The lowest it’s been all year was 2.314% back on February 24th. Mortgage rates usually follow the lead of the 10-year yield, so right now they’re on the decline.
Click here to get today’s latest mortgage rates (Mar. 28, 2017).Chicago Fed President Charles Evans stated yesterday that uncertainties within the U.S. economy are “pretty high”, but that inflation is “well on its way” to hitting the Fed’s target. Evans conceded that the Trumpcare failure adds to the uncertainty surrounding the economic climate.
It’s a fair statement, and it’s along the lines of what we’d expect from the Fed. They aren’t going to come out and explicitly state that it will slow down their rate hike path, but there’s no denying that waning market confidence in Trump’s abilities to kick a pro-growth economic plan into gear could have repercussions for the federal funds rate.
Dallas Fed President Robert Kaplan really nailed the fedspeak when he said yesterday that he will continue to support rate hikes “As long as I continue to see us make progress.” He did note that he would like the Fed to raise rates “gradually and patiently.” We will hear from several more Fed officials today.
Click here to get today’s latest mortgage rates (Mar. 28, 2017).Mortgage rates continue to float lower this week, and they will probably continue that trend until Friday. That’s when the PIC report gets released, which includes the Fed’s favorite inflation reading. If that comes in at or above the their target of 2.0%, it’s likely that rates will move higher.
What does this mean for me?
We’re in a bit of a downturn for mortgage rates right now, which is great news for borrowers. As previously stated, there is a threat for rates to rise on Friday. That means that anyone looking to lock in a rate on a refinance or a purchase should do so sooner rather than later.
Today’s economic data:
International Trade in Goods
The nation’s trade deficit improved from $68.8 B in January to $64.8 B in February. That was mostly due to a 2.1% decline in imports.
S&P Corelogic Case-Shiller HPI
Home prices continue to climb in the U.S. Chicago, DC, and New York all saw solid improvement, but the west coast continues to take the top spots.
- The 20-city seasonally index rose 0.9% month over month in January.
- The 20-city non-seasonally adjusted index rose 0.2% in January.
- The 20-city non-seasonally adjusted index is now at 5.7% year over year.
Consumer Confidence
The consumer confidence index came in at 125.6 for March. That’s up over ten points from its prior reading, putting at its highest reading since December 2000! Economists had only expected 113.8, so this 16 year year high was a bit of a surprise.
Richmond Fed Manufacturing Index
The Richmond Fed Index jumped up to 22 in March. This is the seventh straight month of gains and the highest reading since April 2010.
State Street Investor Confidence Index
- The release of this report has been delayed.
Fedspeak
- Kansas City Fed President Esther George at 12:45pm.
- Dallas Fed President Robert Kaplan at 1:00pm.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- International Trade in Goods
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
- Richmond Fed Manufacturing Index
- State Street Investor Confidence Index
- Fedspeak
Wednesday:
- Fedspeak
- Pending Home Sales Index
- EIA Petroleum Status Report
Thursday:
- GDP
- Jobless Claims
- Fedspeak
Friday:
- Personal Income and Outlays
- Chicago PMI
- Consumer Sentiment
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2mMMYKH
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