Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice. Don’t feel like reading? Check out our Market Outlook Series:
Market Outlook 7.10.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Slow day for rates
It’s another slow morning for mortgage rates. With no significant economic data out yet, there’s just not much happening that would move rates off of their current levels. Looking at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s flat at 2.37%.
That’s certainly higher than the 2017 low of 2.12%, but it’s also still a ways off from the year high of 2.62%. Mortgage rates typically move in the same direction as the 10-year yield so we have seen rates shift higher over the past couple of weeks since the global bond selloff commenced.
However, mortgage rates similarly have a ways to go before they get to levels that would be considered high for 2017. Last week in the Freddie Mac Primary Mortgage Market Survey, the average rate on a 30-year fixed rate mortgage was still under 4.00%, at 3.96%.
We have seen rates continue to move higher since then, making it likely that this week will be the first in nearly two months that the 30-year breaches 4%. To put it in perspective, the year low and the year high for 2017 is 2.88%, and 3.30%, respectively.
Click here to get today’s latest mortgage rates (Jul. 11, 2017).
With little happening today, we could see mortgage rates remain flat until tomorrow. That’s when the first big event of the week kicks off–Fed Chair Janet Yellen’s semiannual testimony before Congress.
Investors will certainly be clued in to that discussion to see if Yellen makes any comments about the future of US monetary policy, specifically when she thinks will be appropriate to raise the federal funds rate again as well as to begin unwinding the Fed’s balance sheet.
The general sentiment right now among financial market participants is that she will reaffirm the position that she outlined at the FOMC meeting a month ago. With a strong headline reading in last week’s monthly jobs report, and no major setbacks for the economy in recent weeks, it is hard to make an argument for Yellen to walk back anything she’s said previously.
In general, a more hawkish tone from Yellen should push mortgage rates higher. Any perceived dovishness from the Fed chair would likely send rates lower.
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What does this mean for me?
Find out what your rate would be in 5 minutes
Mortgage rates are still on the lower end of the spectrum for 2017. That means that the opportunity is there for some borrowers to get a great deal on a purchase or refinance.
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:
JOLTS
- 10:00am
Fedspeak
- Fed Governor Lael Brainard at 12:30pm
- Minneapolis Fed President Neel Kashkari at 1:20pm
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- JOLTS
- Fedspeak
Wednesday:
- Fedspeak
- EIA Petroleum Status Report
- Beige Book
Thursday:
- Jobless Claims
- PPI-FD
- Fedspeak
Friday:
- Consumer Price Index
- Retail Sales
- Industrial Production
- Fedspeak
- Business Inventories
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2tJwNxJ
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