Mortgage rates are still down on the week and are continuing to run on the lower end for 2017. We do get the potential for rates to rise today if the House passes the Republican tax bill, so borrowers should keep an eye out for that news. Read on for more details.
Where are mortgage rates going?
Rates up a little
It’s been a bit of a roller-coaster ride for mortgage rates the past several days, although the spikes and dips have been relatively contained.
[tmslink name = “rates”]
If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) we can see that it’s up two basis points from where it closed yesterday. It is, however, still down about three basis points from where it started the week.
We did get the Freddie Mac Primary Mortgage Market Survey (PMMS) out this morning, which showed that rates ticked up from the previous week’s survey. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage is 3.95% (0.5 points)
- The average rate on a 15-year fixed rate mortgage is 3.31% (0.5 points)
- The average rate on a 5/1 adjustable rate mortgage is 3.21% (0.4 points)
While rates did rise in the PMMS this week, it’s always important to remember that data for the survey is collected earlier on in the week and as such doesn’t necessarily reflect current market conditions.
Rates began to fall Tuesday afternoon, and continued to decline on Wednesday. We’ve edged up a little bit today but rates are still down from where they began the week.
Today, there is the potential for rates to adjust when we get the results from the House vote on the Republican tax reform bill.
[contentbox id=”6″]
Rate/Float Recommendation
Lock now
Mortgage rates are still on the lower end of the spectrum for 2017. Given that rates are widely anticipated to increase over the long-term, we believe that the prudent decision for borrowers is to lock in on a purchase or refinance sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Jobless Claims
Jobless claims for the week of 11/11/17 came in at 249,000. That’s up 13,000 from the prior revised reading, bringing the 4-week moving average to 237,750.
Philly Fed Business Outlook Survey
The Philadelphia Fed General Business Conditions Index came in at 22.7 for November. That’s a couple point below what analysts had expected.
Import and Export Prices
Import prices rose 0.2% in October, putting them at 2.5% year over year. Export prices remained unchanged in October, and are at 2.7% year over year.
Industrial Production
Production rose 0.9% in October, nearly double the rate that analysts had expected. Manufacturing ticked up 1.3%–a whole point higher than the consensus. The capacity utilization rate is now at 77.0%.
Fedspeak
- Cleveland Fed President Loretta Mester at 9:10am
- Dallas Fed President Robert Kaplan at 1:10pm
- Fed Governor Lael Brainard at 3:45pm
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
- Nothing
Tuesday:
- Fedspeak
- PPI-FD
Wednesday:
- Consumer Price Index
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- EIA Petroleum Status
- Fedspeak
Thursday:
- Jobless Claims
- Philly Fed Business Outlook Survey
- Import and Export Prices
- Industrial Production
- Fedspeak
Friday:
- Housing Starts
- Kansas City Fed Manufacturing Index
[contentbox id=”3″]
from Total Mortgage Blog http://ift.tt/2hvOzzg
No comments:
Post a Comment