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 down on the week
Treasury yields tumbled to five week lows yesterday after manufacturing data came in under expectations. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) closed at 2.323%. That’s the lowest close since 2.314% on 2/24/17. Mortgage rates generally move in step with the 10-year yield, so rates improved yesterday.
Click here to get today’s latest mortgage rates (Apr. 4, 2017).Today, Treasury yields and mortgage rates are up a hair today after the release of data showing that the U.S. trade deficit narrowed by just under $5 B in February. However, all of the major market indexes are trading lower this morning based on some uncertainty surrounding upcoming events, such as President Trump’s first meeting with President Xi Jinping and the Monthly Jobs Report. No one wants to make any big moves before they know what course the economy is on.
Upcoming rate hikes
There’s an FOMC meeting in May but no one is expecting the Fed to raise rates then. That brings us to the June meeting, which is a little more than two months away. Right now, the CME Group’s Fed Fund futures give that meeting a 54.7% chance of a quarter point increase.
What does this mean for me?
Mortgage rates are remaining down from where they started the week. If they continue on this track, we’ll see another decline in the Freddie Mac Primary Mortgage Market Survey on Thursday. It’s been a good couple weeks so far for borrowers, with mortgage rates moving closer and closer to 2017 lows.
Click here to get today’s latest mortgage rates (Apr. 4, 2017).That means that right now is a great time to lock in a rate on a purchase or refinance. Anyone thinking of doing so should seriously consider taking action now, as there is a threat rates could rise after the ADP employment report tomorrow and the monthly jobs report on Friday. Last month, rates spiked after the ADP employment report came in well above expectations. You can get a personalized rate quote here, or call one of our loan officers to get started.
Today’s economic data:
International Trade
The U.S. trade deficit decreased by $4.9 B to $43.6 B in February.
Fedspeak
- Outgoing Fed Governor will speak at 4:30pm.
Notable events this week:
Monday:
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
- Fedspeak
Tuesday:
- International Trade
- Fedspeak
Wednesday:
- ADP Employment Report
- ISM Non-Mfg Index
- EIA Petroleum Status Report
- FOMC Minutes
Thursday:
- Jobless Claims
Friday:
- Employment Situation
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2oEWoVL
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