Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Rates still down on the week
The economic data continues to disappoint this week, and as a result mortgage rates are continuing to move lower. This time around it the guilty party was the ISM Non-Mfg Index which posted it’s lowest reading since last August.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is down about three basis points this morning. Mortgage rates typically move in the same direction, so it’s likely that rates are ticking lower.
Click here to get today’s latest mortgage rates (Aug. 3, 2017).
Rates stay low in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey came out a few minutes ago and it showed that rates were mixed but continued to stay near 2017 lows. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up by one basis point to 3.93% (0.5 point)
- The average rate on a 15-year fixed rate mortgage fell two basis points to 3.18% (0.5 point)
- The average rate on a 5-year adjustable rate mortgage fell three basis points to 3.15% (0.5 point)
The lowest reading for the 30-year in 2017 was 2.88%, so this week’s reading is only five basis points higher than that. Similarly, the 15-year and 5-year are both right near year lows. There’s no denying that rates are at very accommodating levels for borrowers.
Tomorrow is, of course, monthly jobs report day. It’s arguably the biggest economic release of the month and investors will be tuning in to see where the labor market is at.
The general consensus is that job growth will be healthy but wages could come in a little soft. That’s the pattern that we’ve been seeing for a while now.
Here is what chief economist at Freddie Mac, Sean Becketti, had to say about mortgage rates this week:
“The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose 1 basis point to 3.93 percent. Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution.”
[contentbox id=”8″]
What does this mean for me?
Perfect time to lock in a rate
It’s a good time to be a borrower. With mortgage rates at some of the lowest levels of the year, the opportunity is definitely there 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:
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 240,000 for the week of 7/29/17. That’s 5,000 below the prior revised reading and 4,000 below what was projected. The 4-week moving average is now at 241,750.
Factory Orders
Factory orders rose by 3.0% in June. That’s three tenths above what was projected. A big surge in aircraft orders played a large hand in the rise.
ISM Non-Mfg Index
It’s a big miss for the ISM Non-Mfg Index which came in at 53.9 for July–the lowest reading in 11 months. The slowdown wasn’t anticipated by analysts, who had it coming in at 56.9.
Notable events this week:
Monday:
- Chicago PMI
- Pending Home Sales Index
- Dallas Fed Mfg Survey
Tuesday:
- Personal Income and Outlays
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- Jobless Claims
- Factory Orders
- ISM Non-Mfg Index
Friday:
- Employment Situation
- International Trade
from Total Mortgage Underwritings Blog http://ift.tt/2vwvJRR
No comments:
Post a Comment