Happy Thanksgiving Eve. Mortgage rates are flat to lower today thanks to a lower than expected durable goods reading. Rates have been mostly flat all week, which is good news for anyone who is thinking about buying a home or refinancing their current mortgage. Read on for more details.
Market Outlook 11.20.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates moving lower
A disappointing durable goods report is causing some concern for financial market participants this morning, resulting in a shift out of stocks and into bonds.
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The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) is down about two basis points from the start of the trading session today. On the week, the yield is basically flat.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are mostly flat as we move further into the week. The markets will be closed tomorrow in observance of Thanksgiving, so rates won’t make adjustments after today until Friday.
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Rate/Float Recommendation
Lock now
Mortgage rates have stayed flat this week which means they are still on the lower end of the spectrum for 2017. It’s been our contention for a while now that rates will rise in the long-term, so we’re recommending that borrowers lock in a rate sooner rather than later in order to get the best rate.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Durable Goods Orders
New orders fell 1.2% month over month in October, putting them at 1.0% year over year. Ex-transportation orders rose 0.4% month over month, bringing them to 7.4% year over year. Core capital goods orders fell 0.5% month over month, putting them at 8.1% year over year.
Jobless Claims
Applications for U.S. unemployment benefits for the week of 11/22/17 came in at 239,000. The 4-week moving average is now 239,750.
Consumer Sentiment
The consumer sentiment index for November has come in at 98.5. That’s four tenths of a point higher than the consensus. It’s a very strong reading that points towards a robust holiday shopping season.
EIA Petroleum Status Report
- 10:30am
FOMC Minutes
- The FOMC minutes from the Fed’s meeting a few weeks ago will be released at 2:00pm.
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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/2B2CUjg
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