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?
Slow day could keep rates unchanged
With not much on the economic agenda, the release of the FOMC minutes at 2:30pm will likely be the most significant event of the day. Whether or not there will be anything in that report that will cause ripples in the mortgage market is something that we’ll have to wait to find out.
Click here to get today’s latest mortgage rates (Jul. 5, 2017).
Recent talk from the Fed has been a bit of everything, and depending on who you talk to you could be expecting one thing or another. It seems that most analysts are leaning toward a hawkish tone from the Fed in the minutes, which makes sense given the continued tightening schedule outlined at that meeting.
However, we’ve already seen that several Fed officials have come out since the meeting and preached for a cautious approach, so you can’t rule out any potential noise from that crowd in the minutes. Typically, the more hawkish tone the more mortgage rates will rise.
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Looking ahead to the rest of the week, the biggest threat to rising mortgage rates is the monthly jobs report on Friday morning.
Every time the first Friday of the month rolls around, financial market participants perk up and get ready to move on the data. Positive data usually pushes mortgage rates higher, so a strong report could send rates up.
What does this mean for me?
Find out what your rate would be
Mortgage rates are still at very low levels historically, providing many borrowers the opportunity to get a great deal on a purchase or refinance. It does seem that rates are heading higher, which would mean that those who act sooner rather than later are likely going to get the better deal.
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:
Factory Orders
Factory orders fell by 0.8% in May. That’s a slightly larger decline than the 0.5% drop that was expected.
FOMC Minutes
The FOMC minutes from the Fed’s meeting a few weeks ago will be released at 2:00pm this afternoon.
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
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