Friday, May 12, 2017

Current Mortgage Rates for Friday, May 12, 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 lower today

Inflation data this morning came in just a little under expectations, but it’s enough to cause treasury yields and mortgage rates to move lower. We’re talking about the Consumer Prices Index, which, at a headline reading of 2.2% and 1.9% less food and energy, are both 0.1 under expectations.

Click here to get today’s latest mortgage rates (May. 12, 2017).

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are heading) is down almost five basis points this morning to 2.34%. That’s the lowest its been since early Monday morning before the stock rally off of the French election results.

We knew that today carried the most potential for rates to move one way or another, but it seemed earlier on in the week that a rise was more likely than a dip. However, the drop is certainly better for borrowers looking to purchase a home or refinance their current mortgage.

Checking in with the CME Group’s fed fund futures we can see that the chances of a June rate hike slipped a little from the previous day, moving from 87.7% down to 78.5%. Despite the dip, the overwhelming sentiment among financial market participants is that a quarter point rate increase will happen.

What does this mean for me?

Great time to lock

Mortgage rates are moving lower today, making right now a great time for borrowers to take action. The long-term trend is still expected to be higher so the prudent decision is to act sooner rather than later.

To get the most accurate idea of what kind of rate we could offer, you should fill out our short form and get a personalized rate quote. If you’d rather talk to someone, you can always call one of our experienced mortgage specialists.

They can walk you through the same process, clarifying any questions you may have, and let you know what your custom rate quote is.

Today’s economic data:

Consumer Price Index

The consumer prices data changed 0.2% month over month in April. That’s right in line with expectations and puts it at 2.2% year over year. CPI less food and energy changed 0.1% and is now at 1.9% year over year. That’s one tenth below expectations.

Retail Sales

Retail sales rose 0.4% month over month in April. That’s two tenths below economists projections. Retail sales less autos also came in two tenths under expectations at 0.3%. Less autos and gas came in one tenth under expectations at 0.3%.

Fedspeak

  • Chicago Fed President Charles Evans at 9:00am and 10:30am
  • Philadelphia Fed President Patrick Harker at 12:30pm

Business Inventories

  • Business inventories rose 0.2% month over month. That’s one tenth above expectations.

Consumer Sentiment

  • Consumer sentiment remains solid, coming in at 97.7 in May.

Notable events this week:                                                                 

Monday:    

  • Fedspeak

Tuesday:      

  • NFIB Small Business Optimism Index
  • JOLTS
  • Fedspeak

Wednesday:    

  • Import and Export Prices
  • EIA Petroleum Status Report
  • Fedspeak
  • 10-Yr Note Auction
  • Treasury Budget

Thursday:   

  • Fedspeak
  • Jobless Claims
  • PPI-FD

Friday:    

  • Consumer Price Index
  • Retail Sales
  • Fedspeak
  • Business Inventories
  • Consumer Sentiment

Rates are still near 2017 lows.  Contact us today to see if we can save you money on your home payments. 



from Total Mortgage Underwritings Blog http://ift.tt/2r1tiUz

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