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 7.24.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates moving higher
Financial market participants are gearing up for the Fed’s policy statement tomorrow afternoon. Investors seem to be under the impression that we will get more details about the Fed and their plans to unwind their $4.5 trillion balance sheet.
Click here to get today’s latest mortgage rates (Jul. 25, 2017).
That position has caused a pushed more investors out of bonds and into stocks, pushing up Treasury yields. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up over five basis points right now.
That brings it just a hair above the important threshold of 2.30%. Mortgage rates typically move in the same direction as the 10-year yield, so rates are up a little this morning. This is the biggest intraday spike in several weeks.
Now, if the current trend holds until tomorrow and the Fed doesn’t give the markets what they want, it’s likely that the trend will release and Treasury yields and mortgage rates will tumble down. There’s a lot up in the air, but fortunately, we won’t have to wait very long to see what happens.
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What does this mean for me?
Find out what your rate would be
Mortgage rates are up today but they are still on the lower end of the spectrum for 2017. Everyone’s custom mortgage rate is going to be different, so if you’re thinking about a purchase or refinance, it makes sense to take five minutes and find out what your rate would be.
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:
FOMC Meeting Begins
The Fed’s two day meeting kicks off today. There’s no post-meeting press conference with Fed Chair Janet Yellen, and no one expects the Fed to raise their benchmark interest rate, but it’s still an important event for investors.
The Fed is going to release a written statement, and any investors will be looking to see if any changes will be made from the prior meeting. It’s likely to be very similar to the statement from the previous meeting (expectations for both another rate hike and to start to unwind the balance sheet this year), but you never know.
The more it deviates from the prior statement, the greater the market reaction will be. All of the action will take place shortly after the statement is released at 2:00pm.
S&P Corelogic Case-Shiller HPI
The 20-city seasonally adjusted index rose only 0.1% month over month for May. Surprisingly, the prior reading was revised down from a gain of 0.3% to a 0.2% decline. This report is in stark contrast to yesterday’s strong existing home sales report.
Consumer Confidence
Consumer confidence for July came in at 121.1. That’s the seventh straight reading over 110–something that hasn’t happened in nearly two decades.
Notable events this week:
Monday:
- PMI Composite Flash
- Existing Home Sales
Tuesday:
- FOMC Meeting Begins
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
Wednesday:
- New Home Sales
- EIA Petroleum Status Report
- FOMC Meeting Ends
Thursday:
- Durable Goods Orders
- International Trade in Goods
- Jobless Claims
Friday:
- GDP
- Consumer Sentiment
- Fedspeak
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