Investors found some confidence as trading progresses yesterday, bring up mortgage rates slightly. The good news is that rates are still at extremely low levels on the year. The focus now turns back to the economic data, with a key inflation report tomorrow and the monthly jobs report on Friday.
Where are mortgage rates going?
Rates still near 2017 lows
Yesterday we saw the markets get spooked after news broke that North Korea launched a ballistic-missile over Japanese airspace. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) sunk as low as 2.09% in early trading, which is its lowest position since a few days after Trump won the presidency.
Click here to get today’s latest mortgage rates (Aug. 30, 2017).
Mortgage rates tend to move in a similar direction as the 10-year yield, so rates dipped down to extremely accommodating rates yesterday morning. As is often the case with these sudden risk-off geopolitical scenarios, financial market participants found their footing as the day progressed and eventually we saw the markets rise and stabilize at levels actually above where they started the day at.
The yield on the 10-year Treasury note made its way up to 2.14%, which is where it’s still sitting this morning. While that is up a little from yesterday’s downturn, it remains at levels good enough to be a two month low.
[contentbox id=”8″]
What does this mean for me?
Lock now while rates are this low
Borrowers right now are fortunate to be taking action in a very low rate environment. Barring another serious geopolitical scare, it’s unlikely that rates will move any lower. That means that anyone who is considering purchasing or refinancing should take action sooner rather than later.
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:
ADP Employment Report
The ADP employment report this morning is showing 237,000 jobs added in August.
GDP
The second estimate for Q2 GDP got revised higher by four tenths to 3.0%. That’s two tenths higher than what was expected.
EIA Employment Status Report
For the week of 8/25/17
- Crude oil: -5.4 M barrels
- Gasoline: 0.0 M barrels
- Distillates: 0.7 M barrels
Notable events this week:
Monday:
- International Trade in Goods
- Dallas Fed Mfg Survey
Tuesday:
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
Wednesday:
- ADP Employment Report
- GDP
- EIA Employment Status Report
Thursday:
- Jobless Cuts
- Personal Income and Outlays
- Chicago PMI
- Pending Home Sales Index
Friday:
- Employment Situation
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2x5o64G
No comments:
Post a Comment