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 move higher this morning
The U.S. stock market is on the rise this morning after several companies (Morgan Stanley was one of the big winners) posted solid earnings. In general, positive economic pushes the stock market higher, and mortgage rates lower.
Click here to get today’s latest mortgage rates (Apr. 19, 2017).The best indicator of where mortgage rates are going–the yield on the 10-year Treasury note–is back on the rise this morning after falling to lows not seen since November yesterday. Right now the 10-year yield is at 2.22%, compared to yesterday’s close of 2.17%. This means that mortgage rates are on the rise this morning.
Early elections are happening in the U.K.
In a surprising move, British Prime Minister Theresa May called for early elections in the UK yesterday. Members of Parliament overwhelmingly voted in favor of this decision today, and so the June 8 general election is a go. May had stated that her reasoning for calling the snap election is to increase her majority in Parliament, thus making the Brexit negotiations easier.
See what your custom mortgage rate would be.
She told reporters, “If we do not hold a general election now, their political game playing will continue.” It’s an interesting move, in that there’s no guarantee that May will be able to widen her slim majority. Plus, the campaign trail will give her opponents the opportunity to rehash why they think Brexit was a bad idea. The vote will come 2.5 years earlier than planned.
Investors had been speculating that this decision might happen, and with it firmly on the way, it provides some certainty to a very cloudy geopolitical chessboard. If Theresa may comes away on June 8 with a clean majority, that would make it that much easier for financial market participants to predict where the UK is headed.
Fed expectations are scaling back
For a while it seemed as though a quarter-point increase in the federal funds rate was a lock for the FOMC’s June meeting. However, with so much risk in the the global marketplace right now, the market is scaling back its optimism. Currently, the CME Group’s Fed Fund futures have the chances of a June rate hike at 42.3%.
What does this mean for me?
Mortgage rates are rising this morning, but they are very close to 2017 lows. It’s still a great rate environment for anyone looking to purchase a home or refinance.
It only takes a few minutes to fill out some information and get a personalized rate quote on our website, or to make a quick phone call to one of our experienced mortgage specialists to get started.
Today’s economic data:
EIA Petroleum Status Report
For the week of 4/14:
- Crude oil: -1.0 M barrels
- Gasoline: 1.5 M barrels
- Distillates: -2.0 M barrels
Fedspeak
- Boston Fed President Eric Rosengren will speak at 12:30pm
Beige Book
- The Fed’s Beige Book will get released at 2:00pm
Notable events this week:
Monday:
- Empire State Mfg Survey
- Housing Market Index
- Fedspeak
Tuesday:
- Housing Starts
- Fedspeak
- Industrial Production
Wednesday:
- EIA Petroleum Status Report
- Fedspeak
- Beige Book
Thursday:
- Fedspeak
- Jobless Claims
- Philly Fed Outlook
Friday:
- Fedspeak
- PMI Composite Flash
- Existing Home Sales
from Total Mortgage Underwritings Blog http://ift.tt/2oOGmZU
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