Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Market Outlook 7.3.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates still trending higher
A stronger than expected ISM manufacturing report yesterday morning put further pressure on mortgage rates as we started the week.
Click here to get today’s latest mortgage rates (Jul. 4, 2017).
The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) moved up several basis points to 2.34%. Mortgage rates typically move in the same direction as the 10-year yield, so we saw a similar pattern for rates.
The markets are closed today for Independence Day, but the rest of the week has the possibility for some action, especially on Friday with the Employment Situation (a.k.a. the jobs report).
That report is always in contention for the most significant piece of economic data every month. Last month’s numbers were a definite disappointment. If we were to get another flop, that would certainly make the case harder for the Fed hawks looking to march forward with their tightening schedule.
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On the other hand, a stellar report would really put the pressure on the Fed to deliver on their current plan. That’s kind of the position we’re in with the Fed. It’s a mixed bag of opinions and the data is inevitably going to tip the scales to one side or the other.
Mortgage rates usually move higher when financial market participants believe the Fed will take a more hawkish stance, and lower when the doves have control. For the monthly jobs report, that means that a strong report would push rates higher and vice versa with a weak report.
The ADP employment report on Thursday might give us an idea of what will happen Friday morning, but there’s no guarantee. It’s hit or miss as an indicator. The only way to find out is to tune in at 8:30am and get it straight from the horse’s mouth.
What does this mean for me?
Find out what your rate would be
Mortgage rates are trending higher, which would mean it makes sense that most borrowers will get a better deal by locking in a rate 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. 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:
- Markets Closed – July 4th
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/2smFHzQ
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