Happy Thanksgiving. The markets are closed today in observance of the holiday but will reopen for trading tomorrow (but will close early). Read on for more details.
Where are mortgage rates going?
Rates slipped yesterday
Yesterday afternoon we saw Treasury yields slide after the Federal Reserve released their FOMC minutes from their meeting a few weeks ago.
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The striking news for investors was that some fed officials are still showing serious concern about the lack of uptick in inflation readings.
The news isn’t having any immediate affect on beliefs about a quarter point increase to the federal funds rate at the FOMC’s meeting next month, which is still being perceived as a sure thing.
However, if inflation continues to run below the Fed’s target we could get fewer rate hikes in 2018 than what is current;y being projected. If we look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are heading), we can see that it retreated back about five basis points yesterday.
Mortgage rates typically move in the same direction as the 10-year yield and similarly trended lower. This is great news for anyone looking to purchase a home or refinance their mortgage.
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Mortgage rats are at very accommodating levels for buyers and homeowners right now. The long-term trend is still expected to before rates to move higher so we’re recommending that borrowers take action sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
- Nothing — markets are closed
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Notable events this week:
Monday:
- Nothing
Tuesday:
- Existing Home Sales
- Fedspeak
Wednesday:
- Durable Goods Orders
- Jobless Claims
- Consumer Sentiment
- EIA Petroleum Status Report
- FOMC Minutes
Thursday:
- Markets Closed: Thanksgiving
Friday:
- PMI Composite Flash
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from Total Mortgage Blog http://ift.tt/2A5Ai4I
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