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?
Busy week could create volatility
The economic calendar for this week is jam-packed. Not only are there nearly half a dozen important economic reports (durable goods, Q1 GDP revision, PCE inflation, etc.) getting released, but we also hear from a handful of Fed officials including Fed Chair Janet Yellen.
Click here to get today’s latest mortgage rates (Jun. 26, 2017).
Already this morning we’ve gotten the durable goods report. Unfortunately, it was a disappointing 1.1% decline for the month of May, putting new orders at 2.7% year over year. Analysts were expecting a drop, but only one of 0.4%. Another big negative in the report is a 0.2% drop for core capital goods.
Once the report broke, the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are headed) quickly tumbled a couple basis points down to 2.13%. That’s only one basis point (one basis point = 0.01) off of its lowest position of the year.
Mortgage rates tend to follow in the footsteps of the 10-year yield, so rates are trending a little lower this morning. Moving forward this week, we could see rates ebb and flow with the economic data.
Last week, it was clear that financial market participants aren’t going to be easily jolted out of their skepticism by Fed officials. The huge disconnect between when investors think the Fed will hike and when the Fed says it will hike remains, with the former believing in a much slower trajectory than the latter.
It’s still important to keep an eye on all of the Fed speaking engagements this week, but it’s definitely taking a backseat to the hard data.
[contentbox id=”6″ ]
What does this mean for me?
Lock while rates are low
It’s a busy week. That means that there are plenty of chances for rates to rise or fall. The good news is that mortgage rates are at some of the lowest levels they’ve been at all year. The Freddie Mac Primary Mortgage Market Survey last Thursday showed that the average rate on a 30-year fixed rate mortgage was 3.90% (0.5 points).
The lowest reading of the year so far was 3.89%, from the beginning of the month. Obviously, mortgage rates are at very accommodating levels and anyone who is planning to refinance or purchase has picked a good time to do so.
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. Or, 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:
Fedpseak
- San Francisco Fed President John C. Williams at 1:10am.
Durable Goods Orders
Durable goods orders came in at a disappointing -1.1% in May. Core capital goods fell -0.2%.
Notable events this week:
Monday:
- Fedpseak
- Durable Goods Orders
Tuesday:
- Fedspeak
- S&P Case-Shiller HPI
- Consumer Confidence
Wednesday:
- Fedspeak
- International Trade in Goods
- Pending Home Sales Index
- EIA Petroleum Status Report
Thursday:
- GDP
- Jobless Claims
- Fedspeak
Friday:
- Personal Income and Outlays
- Chicago PMI Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2sdKAtZ
No comments:
Post a Comment