Mortgage rates are moving sideways today as the markets are still waiting to hear the final vote in the Senate on the Republican tax bill. Read on for more details.
Where are mortgage rates going?
Tax vote in focus
Mortgage rates are mostly flat this morning as investors remain in a holding pattern as they wait for more news about the Republican tax bill.
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Debate in the Senate on the bill began later Wednesday night, leading onlookers to believe that a vote would happen sometime Thursday, but that wasn’t to be as a few remaining details needed to be ironed out.
The tax bill has been on the radar for investors for the past few weeks and every time we get any news that makes it more or less likely that the bill will pass, we get a reaction in the markets.
The Senate vote is definitely a significant milestone and if the bill passes we would almost certainly see a spike in Treasury yields and mortgage rates.
Looking back at the week, the biggest jump in rates came on Wednesday when the second-estimate for third quarter GDP came in above expectations. Financial market participants took that as a sign that a rate hike in December is a sure thing, and that more rate hikes in 2018 are a possibility.
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Mortgage rates are gradually moving higher. That’s what we’ve been expecting and it’s something that we believe will continue in the coming weeks and months.
For this reason, we think that anyone who is looking to buy a home or refinance their current mortgage will be better off locking in a rate sooner rather than later.
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Today’s economic data:
Fedspeak
- St. Louis Fed President James Bullard at 9:05am
- Dallas Fed President Robert Kaplan 9:30am
- Philadelphia Fed President Patrick Harker at 10:15am
PMI Manufacturing Index
The PMI manufacturing index hit 53.9 in November. That’s slightly below the mark that analysts had projected.
ISM Mfg Index
The ISM manufacturing index came in at 58.2 for November. That’s basically right in line with the consensus.
Construction Spending
Construction spending for October increased 1.4%, putting the year over year reading at 2.9%. That’s decently higher than what was expected.
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Notable events this week:
Monday:
- New Home Sales
- Dallas Fed Mfg Survey
- Fedspeak
Tuesday:
- International Trade in Goods
- FHFA House Price Index
- S&P Corelogic Case-Shiller HPI
- Fedspeak
- Consumer Confidence
- Richmond Fed Mfg Index
Wednesday:
- GDP
- Fedspeak
- Pending Home Sales Index
- EIA Petroleum Status Report
- Beige Book
Thursday:
- Jobless Claims
- Personal Income and Outlays
- Chicago PMI
- Fedspeak
Friday:
- Fedspeak
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
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from Total Mortgage Blog http://ift.tt/2j6MhYq
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