With little significant economic data out today, financial market participants are in wait and see mode ahead of the FOMC Minutes tomorrow afternoon. That report, which will be released at 2:00pm, will be the next big opportunity for mortgage rates to adjust. Read on for more details.
Market Outlook 10.9.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Slow day – rates moving sideways
A slow start to the week was expected and that’s exactly what we’re getting. With no significant economic data out today and the bond markets closed yesterday, mortgage rates are on track to remain flat for two straight days to begin the week.
Click here to get today’s latest mortgage rates (Oct. 10, 2017).
Taking a look at the economic calendar we do see that there is the chance for things to pick up tomorrow afternoon with the release of the FOMC Minutes from the Fed’s September meeting.
Depending on what type of language we see coming out in those notes, it’s possible that mortgage rates adjust. Typically, the more aggressive the Fed is perceived as, the more upward pressure on mortgage rates there will be.
Given that the Fed has been seen as eager to raise rates in December, it does almost make it more likely that any weakness in the Fed’s ability to follow through with that would be played up more than a couple hawkish statements.
If it did come out that some Fed officials are more hesitant to hike than first thought, that could put downward pressure on mortgage rates.
Get the GreenLight and close in 21 days*
After tomorrow, we turn to some key inflation data on Thursday and Friday to wrap up the week. Financial market participants will certainly be paying attention to those reports with a market reaction and mortgage rate adjustment extremely likely.
All in all, there are several opportunities for mortgage rates to move around over the next few days so anyone who is currently looking to lock on a purchase or refinance should pay attention to where rates go.
The good news is that rates are still on the lower end of the spectrum for 2017, making right now a great time to get a mortgage.
What does this mean for me?
Take five minutes and get a custom rate quote
Everyone wants to know what their rate would be when shopping for a purchase or refinance–we get it. It makes sense to know what the final numbers will be on one of the biggest purchases of your life.
Given the current low rate environment, we’re recommending that borrowers take just five minutes with our mortgage builder to get a custom rate quote.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Fedspeak
- Minneapolis Fed President Neel Kashkari at 10:00am
- Dallas Fed President Robert Kaplan at 8:00pm
Notable events this week:
Monday:
- Nothing – Bond Market Closed for Columbus Day
Tuesday:
- Fedspeak
Wednesday:
- Fedspeak
- JOLTS
- FOMC Minutes
Thursday:
- Jobless Claims
- PPI-FD
- EIA Petroleum Status Report
- Fedspeak
Friday:
- Consumer Price Index
- Retail Sales
- Fedspeak
- Business Inventories
- Consumer Sentiment
from Total Mortgage Blog http://ift.tt/2g94mqU
No comments:
Post a Comment