Mortgage rates are inching their way higher today thanks in part to easing geopolitical tensions and the tapering of Hurricane Irma. Despite the slight rise in rates, we’re still at some of the most accommodating levels of the year. Read on for more details.
Market Outlook 9.11.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates up slightly – still at low levels for 2017
Mortgage rates are facing a little more upward pressure today as investors continue to move out of government bonds and into stocks. Yesterday, we saw a mass exodus out of bonds, causing Treasury yields to have their largest single day jump since late July.
Click here to get today’s latest mortgage rates (Sep. 12, 2017).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up to 2.16%. That’s about six basis points higher than where it was on Monday morning. Mortgage rates typically move in the same direction as the 10-year yield.
Tomorrow we get some inflation data out which could potentially cause a rate adjustment. It really depends on what the numbers say. Analysts are still expecting inflation to come in low, so a surprisingly strong reading would cause the biggest spike for mortgage rates.
Likewise, a particularly dismal reading would send them lower. Looking ahead to Thursday we get more inflation data, and Friday is the most data-heavy day with several notable reports.
With easing geopolitical tensions allowing investors to move more into riskier assets, it’s up to the economic data to put a halt to rising rates. Whether or not that will happen is yet to be seen.
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What does this mean for me?
Find out what your rate would be
Mortgage rates are continuing to hang around extremely accommodating levels. There are countless opportunities out there right now for borrowers to lock in a low rate and save some money in the years to come.
It really doesn’t take much time to call a loan officer or fill out one of our online forms to get started. Given that rates are where they are, anyone who has been on the fence about a purchase or refinance owes it to themselves to at least find out what their custom rate quote would be.
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:
JOLTS
Data from the labor department is showing that there were 6.170 M job openings in July.
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/2wmVLD3
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