Mortgage rates are on a roll this week. We got a big dip on Tuesday and they’re headed even lower today. This is great news for anyone who is currently looking to refinance their mortgage or purchase a new home. Read on for more details.
Where are mortgage rates going?
Rates fall to lowest levels since election
It’s a good week to be in the market for a mortgage rate. Early on in the week we had the situation with North Korea testing its largest-ever nuclear missile, which sparked a huge rally in government bonds as investors sought the perceived safety of government bonds.
Click here to get today’s latest mortgage rates (Sep. 7, 2017).
Yesterday, the economic data that came out didn’t put any pressure on investors to change their ways, so the markets moved sideways. Now today, the European Central Bank President Mario Draghi came out with a dovish press conference causing investors to move further into government bonds.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is down six basis points to 2.04%. That’s way down from its position of 2.16% last Friday. Mortgage rates generally follow in the footsteps of the 10-year yield and are now at fresh lows for 2017 and some of the lowest rates in the past 10-months.
In these sorts of risk-off scenarios it can be very difficult to predict when investors will find their footing again and move back into stocks, pushing mortgage rates higher. That’s why we’re recommending that anyone who is on the fence about a purchase or refinance to lock in now while rates are this low.
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What does this mean for me?
Lock now while rates are this low
Mortgage rates are at some of the best levels they’ve been at in months. The opportunity is definitely there for many borrowers to lock in a great rate for years to come 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 at 855-267-0245.
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
Issues in Texas after Hurricane Harvey caused applications for U.S. unemployment benefits to shoot up 62,000 for the week of 9/2/17.
Productivity and Costs
Nonfarm productivity rose 1.5% in the second quarter, with unit labor costs increasing by 0.2%. That’s a welcomed improvement to the prior readings.
EIA Petroleum Status Report
For the week of 9/7/17:
- Crude oil inventories: 4.6 M barrels
- Gasoline: -3.2 M barrels
- Distillates: -1.4 M barrels
Fedspeak
- Cleveland Fed President Loretta Mester at 12:15pm
- Atlanta Fed President Raphael Bostic at 7:00pm
- New York Fed President William Dudley at 7:00pm
- Kansas City Fed President Esther George at 8:15pm
Notable events this week:
Monday:
- Markets Closed: Labor Day
Tuesday:
- Fedspeak
- Factory Orders
Wednesday:
- International Trade
- PMI Services Index
- ISM Non-Mfg Index
- Beige Book
Thursday:
- Jobless Claims
- Productivity and Costs
- EIA Petroleum Status Report
- Fedspeak
Friday:
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2xe18ZV
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