A busy week filled with economic data and speaking engagements from central bankers is now underway. Right now, though, markets are taking their cues from the German election results, which came in with a few surprises. Read on for more details.
Where are mortgage rates going?
Mortgage rates start the week lower
The German election results are creating some mild ripples in global markets as we start the week. German Chancellor Angela Merkel secured a fourth term, however, her conservative party CDU/CSU had hoped for a more resounding victory, instead losing 8.5% of the vote from the prior election.
Click here to get today’s latest mortgage rates (Sep. 25, 2017).
The big surprise of the night was the strong performance from the far-right nationalist party, AfD, which had the third most votes. Financial market participants were slightly concerned by the results and moved more into the safety of government bonds, pushing yields lower.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is down about three basis points right now. Mortgage rates typically move in the same direction as the 10-year yield, so there’s a slight downward trend at the moment.
Looking ahead to the rest of the week, we’ve got a decent amount of activity. There are a handful of economic reports and several speaking engagements from Fed officials, including Fed Chair Janet Yellen. The main action starts tomorrow and continues all through the week, providing ample opportunities for mortgage rates to adjust.
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What does this mean for me?
Find out what your custom mortgage rate would be
Mortgage rates are moving lower to start the week. That’s good news for anyone who is looking to save money with a refinance or get a great deal on a new home. The long-term trend is still for mortgage rates to rise, so borrowers who act sooner rather than later are likely 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:
Fedspeak
- New York Fed President William Dudley at 8:30am
- Chicago Fed President Charles Evans at 12:40pm
- Minneapolis Fed President Neel Kashkari at 6:30pm
Dallas Fed Mfg Survey
Production came in at a 19.5 for September, while the General Activity Index hit 21.3.
Notable events this week:
Monday:
- Fedspeak
- Dallas Fed Mfg Survey
Tuesday:
- S&P Case-Shiller HPI
- Fedspeak
- New Home Sales
- Consumer Confidence
- Richmond Fed Mfg Index
Wednesday:
- Durable Goods Orders
- Pending Home Sales
- EIA Petroleum Status Report
Thursday:
- GDP
- International Trade in Goods
- Jobless Claims
- Fedspeak
Friday:
- Personal Income and Outlays
- Chicago PMI
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2wfCZ15
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