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 7.17.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Slow day should keep rates low
It’s been a slow week for economic data and that trend continues today. The big news yesterday was the collapse of the Republican led effort to repeal and replace the Affordable Care Act.
The final blow came on Monday night when two senators, Mike Lee of Utah and Jerry Moran of Kansas, stated that they would not support the new bill. Financial market participants took the news as another setback for President Trump’s pro-growth agenda.
Click here to get today’s latest mortgage rates (Jul. 19, 2017).
Immediately, the bond market began to get more action, pushing prices up and yields down.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), which was down about six basis points for a while, eventually finished the day down around three basis points at 2.27%.
That’s about five basis points down on the week. Mortgage rates typically move in the same direction as the 10-year yield, so rates have improved this week. With no significant economic data out today, it’s very likely that mortgage rates will move sideways.
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What does this mean for me?
Great time to lock a rate
With mortgage rates falling yesterday and on track to stay at those levels today, right now is a great time for borrowers to lock in a rate.
We’ve known all week that tomorrow contains the most potential for mortgage rates to swing one way or another depending on what kind of language we get from the European Central Bank at their meeting.
Given today’s relative calm, the prudent decision would be to take the time and see what kind of deal you could get 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:
Housing Starts
Housing starts for June came in at 1.215 M. The headline reading has been disappointing lately, but this time around it beat expectations.
EIA Petroleum Status Report
- 10:30am
Notable events this week:
Monday:
- Empire State Mfg
Tuesday:
- Import and Export Prices
- Housing Market Index
Wednesday:
- Housing Starts
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- ECB Meeting
Friday:
- Nothing
from Total Mortgage Underwritings Blog http://ift.tt/2uIKlx5
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