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 down
In case you missed it, yesterday was a wild ride for the markets. The New York Times broke a story late Tuesday asserting that President Trump asked FBI Director James Comey to end the federal investigation into former national security adviser Michael T. Flynn. The evidence cited was a memo written by Comey.
Click here to get today’s latest mortgage rates (May. 18, 2017).
The news immediately thrust President Trump into the most serious political turmoil he’s been in since taking office. Investors immediately fled to the safe haven of government bonds, causing equities to take their worst hit since last June.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) dropped over ten basis points yesterday (the biggest one day drop in eleven months), putting them down to a four-week low. That means that mortgage rates also took a bit of a dip, which is great news for borrowers.
Mortgage rates move lower in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released this morning and is showing that rates moved lower this week. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage fell three basis points to 4.02% (0.5 points)
- The average rate on a 15-year fixed rate mortgage sunk two basis points to 3.27% (0.5 points)
- The average rates on a 5-year adjustable rate mortgage dropped one basis points to 3.13% (0.5 points)
What’s even better news for borrowers is that the data for this report was collected early on in the week and therefore does not take into account yesterday’s exodus from stocks to bonds. That means that real-time rates are even lower than this report.
The 2017 low for the 30-year in the PMMS is 3.97%, recorded back on April 20. If the current market environment doesn’t improve, it’s entirely possible that we will see a new year low in next week’s PMMS. So far today, the markets have been basically flat.
We’ve already gotten all the economic data that was to be released this week, so it’s basically on the political environment to move the markets until at least Monday. Next week there is a decent amount of economic data out, but the most meaningful reports won’t come out until later in the week.
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What does this mean for me?
It’s a great time to lock in a rate
Mortgage rates took one of their biggest dips of the year yesterday, and they’re hanging around those levels today. That means that right now is a great time to take action and lock in a low rate.
Whether you are purchasing a home or getting a refinance, the opportunity is there for many borrowers to get an accommodating rate that could save them a lot of money in the long-run.
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:
Jobless Claims
Jobless claims for the week of 5/13 dropped 8,000 from the prior revised reading. That puts the four-week moving average down to 240,750.
Philadelphia Fed Business Outlook
The Philly Fed report this morning is well above expectations. Economists were calling for 19.6 and the actual reading is a staggering 38.8. It’s a great sign for the manufacturing sector.
Fedspeak
- Cleveland Fed President Loretta Mester will speak today at 1:15pm.
Notable events this week:
Monday:
- Empire State Mfg Survey
- Housing Market Index
Tuesday:
- Housing Starts
- Industrial Production
Wednesday:
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook
- Fedspeak
Friday:
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2qvncuo
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