After last week’s dip, mortgage rates are still holding steady, neither jumping back up nor continuing to plummet. We’re recommending that borrowers who are either buying a home or refinancing one lock in their rates over the next few days to take advantage of current lows. Read on for more details.
Market Outlook 9.11.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates moving sideways
Interest rates are more or less unchanged this week at 3.78 percent–a good thing, considering that they had broken 4 percent earlier in the summer and been as high as 4.30 percent earlier in the year.
Click here to get today’s latest mortgage rates (Sep. 14, 2017).
However, it’s likely that this drop won’t stick around for long. This week, the 10-year Treasury yield (generally a good indicator of the direction mortgage interest rates will take) rose 11 basis points. Though it had no effect on this week’s 30-year mortgage rates, we may see start to see them creep up again over the next few days if the Treasury yield continues to rise.
Though rates have dipped by several basis points this summer, it’s important to remember that they have risen significantly over the last year and may continue to do so as long as the economy remains strong.
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What does this mean for me?
This is the lowest that mortgage rates have been all year, and early indicators suggest that they may not stay this low for long. We’ve been advising most of our borrowers to lock in now. That being said, rates have not been unnaturally high this year, and if you miss this window, it won’t be the end of the world.
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:
Consumer Price Index
The Consumer Price Index rose 0.4 percent in August, the largest in 7 months.
Jobless Claims
Jobless claims fell by 14,000 to 284,000 this week. This number is lower than expected, but experts think that hurricane destruction in Texas and Florida could impact numbers in weeks to come.
Notable events this week:
Monday:
- Nothing
Tuesday:
- JOLTS
Wednesday:
- PPI-FD
- EIA Petroleum Status Report
Thursday:
- Consumer Price Index
- Jobless Claims
Friday:
- Retail Sales
- Empire State Mfg Survey
- Industrial Production
- Business Inventories
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2fm3ADl
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