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 still moving sideways
It’s been a pretty mild week for mortgage rates so far and that trend is continuing today. The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) is basically unchanged at 2.31%. It started the week at 2.30%, and has been fluctuating around that point all week. The first chance big chance for markets to move came yesterday with the release of Trump’s tax proposal.
Click here to get today’s latest mortgage rates (Apr. 27, 2017).
In the end, though, there wasn’t anything surprising enough in that report to shake investors off of their current positions. There had been plenty of rumors going around about potential inclusions to that proposal which really prepped investors for what was to come, resulting in a muted market response yesterday.
There’s a decent chunk of economic data out today but there’s nothing that’s creating any shifts in the market. Tomorrow we get Q1 GDP but the way things are going it seems unlikely that we’ll get any surprises.
Mortgage rates are still near 2017 lows. See how low your rate could be.
Rates move up in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released this morning and it showed–as expected–that mortgage rates moved higher this week. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage jumped six basis points to 4.03% (0.5 points).
- The average rate on a 15-year fixed rate mortgage rose four basis points to 3.27% (0.4 points).
- The average rate on a 5/1-year adjustable rate mortgage ticked up two basis points to 2.12% (0.4 points).
While mortgage rates did increase this week, these are the second lowest readings in the PMMS for 2017.
What does this mean for me?
Act sooner rather than later
Mortgage rates are still at levels that are very appealing. The opportunity is definitely still there for some borrowers to lock in a rate on a purchase or refinance that will save them money in the long run. If you want to find out if it makes sense for you to lock in a rate, you can crunch the numbers with our mortgage calculators.
If you want to get a personalized rate quote, you can follow that link to our online form, or to make a quick phone call to one of our experienced mortgage specialists to get started. Mortgage rates are still positioned to rise in the long-term so borrowers who take action now will most likely be better off than those that wait.
Today’s economic data:
Durable Goods Orders
New orders rose 0.7% for March. That brings them up to 5.8% year over year. Ex-transportation, new orders actually fell by 0.2%, dropping the year over year reading down to 4.6%. Core capital goods increased by 0.2% in March, putting them at 3.0% year over year. While new orders did rise for the third consecutive month, the numbers are under what economists had expected.
International Trade in Goods
The US trade deficit widened slightly in March to $64.8 billion. The good news is that number is under what economists had called for.
Jobless Claims
Applications for US unemployment benefits rose 14,000 for the week of April 22. The 4-week moving average is at 242,250.
Pending Home Sales
Pending home sales fell 0.8% for March. That’s inside the consensus range of -1.2% to 3.7%, but it’s below calls for -0.5%.
Kansas City Fed Mfg Index
The Kansas City Fed mfg index came in at a 7 for April. That’s below the prior reading of 7.
Notable events this week:
Monday:
- Fedspeak
- Dallas Fed Mfg Survey
Tuesday:
- FHFA House Price Index
- S&P Corelogic Case-Shiller HPI
- New Home Sales
- Consumer Confidence
- Richmond Fed Mfg Survey
Wednesday:
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- International Trade in Goods
- Jobless Claims
- Pending Home Sales
- Kansas City Fed Mfg Index
Friday:
- GDP
- Employment Cost Index
- Chicago PMI
- Consumer Sentiment
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2pD7Rci
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