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?
Monthly jobs report could impact rates
Mortgage rates are coming off of their largest weekly spike in several weeks. They did stabilize on Friday and that’s where we’re at right now. It’s kind of a strange week, with the markets closed tomorrow in observance of Independence Day.
After that we get the FOMC minutes on Wednesday afternoon. Financial market participants always key in to that release to gain insight about the future of US monetary policy. As we’ve seen in the weeks following that meeting, Fed officials have had mixed feelings about the current rate hike path.
Click here to get today’s latest mortgage rates (Jul. 3, 2017).
On the one hand, you have those who think that the economy is on track to pick up as the year progresses, and on the other, you have those who think that the Fed should wait until there is actual proof that a pickup will happen before raising rates further.
Typically in these situations, the more hawkish the Fed is perceived to be, the higher mortgage rates will go. We don’t expect a huge impact from the FOMC minutes, but you never know. At any rate, it will be interesting to see what kind of debate was going on and how that will shape the discussion moving forward.
There is some more data on Thursday, as well as some Fedspeak, but that’s basically just a waiting day because on Friday we get the monthly jobs report. That’s always one of the biggest market moving events of the month and there’s really no reason to think this time around will be different.
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Fed officials will no doubt be watching to see if the numbers align with their current plan. Last month’s report was disappointing and they will certainly not want that to happen again.
Again, if the numbers are high and support a more hawkish path from the Fed, that would put upward pressure on mortgage rates. If we get another disappointing report, that would likely bring rates down. It’s important for anyone who is thinking about a purchase or refinance this week to pay attention. The report gets released at 8:30am on Friday morning, and the effect on the markets will be swift.
What does this mean for me?
Lock now if you don’t want to risk it
There is always the threat that rates will rise when the monthly jobs report comes out. If you don’t want to deal with that risk, the our recommendation would be to lock before Friday.
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:
Fedspeak
- St. Louis Fed President James Bullard at 4:35am
PMI Manufacturing Index
- 9:45am
ISM Manufacturing Index
- 10:00am
Construction Spending
- 10:00am
Notable events this week:
Monday:
- Fedspeak
- PMI Manufacturing Index
- ISM Manufacturing Index
- Construction Spending
Tuesday:
- Markets Closed – July 4th
Wednesday:
- Factory Orders
- FOMC Minutes
Thursday:
- Fedspeak
- International Trade
- Jobless Claims
- ISM Non Mfg Index
- EIA Petroleum Status Report
Friday:
- Employment Situation
from Total Mortgage Underwritings Blog http://ift.tt/2sysJ66
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