Wednesday, March 22, 2017

Current Mortgage Rates for Wednesday, March 22, 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.

Where are mortgage rates going?

Mortgage rates are still on the decline

It’s been a good week for borrowers so far, as mortgage rates are on track to decline for the fourth straight session. Investors have their eye on the upcoming health-care vote and have gotten a little anxious as it draws closer.

Click here to get today’s latest mortgage rates (Mar. 22, 2017).

That means a transfer of assets out of stocks and into government bonds. The yield on the 10-year treasury note (which is the best market indicator of what mortgage rates are doing) is down four basis points (one basis point = 0.01) since yesterday’s close, bringing it to 2.38%.

That’s about twenty-three basis points down from where it was right before the Fed came out with their decision to raise the federal funds rate last Wednesday. Tomorrow we get the Freddie Mac Primary Mortgage Market Survey, and all signs are pointing toward a big drop in rates. The survey had the average rate on a 30-year fixed rate mortgage at 4.30% last week, but data for the report was collected prior to a less hawkish than expected signal from the FOMC.

Click here to get today’s latest mortgage rates (Mar. 22, 2017).

The lowest average rate for a 30-year fixed mortgage in the PMMS this year was 4.09%, and it happened on January 9th. It would have to be a twenty one basis point drop to surpass that low tomorrow. While rates have certainly dipped down, it doesn’t seem as though they will get quite that low (at least not this week). However, a double digit decline is definitely a possibility.

What does this mean for me?

The mortgage market is very favorable for borrowers right now. What you want to do at the moment depends on your situation. There is the possibility that rates will continue to decline over the next couple days; however, you can’t count out that they will reverse course and begin to climb.

The sure thing would be to lock in a rate today. Everyone wants to get the best deal they can (as they should), but there’s really no going wrong with a rate lock today, as rates aren’t far off from year lows.

Today’s economic data:

Existing Home Sales

Existing home sales, at 5.480 M, came down 3.7% in February. Year over year they have increased by 5.4%. This report is a hair under what economists had predicted, but it’s well within the consensus range.

EIA Petroleum Status Report

For the week of 3/17:

  • Crude oil: 5.0 M barrels
  • Gasoline: -2.8 M barrels
  • Distillates: -1.9 M barrels

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

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/2n7pY5X

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