Mortgage rates are staying mostly flat this morning as financial market participants remain in a holding pattern ahead of the Federal Open Market Committee’s announcement tomorrow afternoon. Rates are still on the lower end of the spectrum for 2017 right now so this is good news for borrowers. Read on for more details.
Market Outlook 12.11.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Federal Reserve takes center stage
The Federal Reserve’s Federal Open Market Committe (FOMC) kicks off their two day meeting this morning. As far as Fed meetings go, this one should be among the smoothest.
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A quarter-point increase to the federal funds rate has long been widely anticipated, so there are no “will they, won’t they” games to be played this time around.
Of course, no one knows exactly what will happen with the fed’s forward guidance for the markets, in both their written statement and the post-meeting press conference with Fed chair Janet Yellen.
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Rate/Float Recommendation
Lock now
Mortgage rates are as poised as they’ve ever been for gradual increases over the coming weeks and months. For this reason, we are recommending that anyone looking to purchase a home or refinance their current mortgage locks in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
FOMC Meeting Starts
- Meeting begins today and ends tomorrow with an announcement at 2:00pm
PPI-FD
Producer prices rose 0.4% for November. That puts the year over year change at 3.1%.
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Notable events this week:
Monday:
- JOLTS
- 10-Yr Note Auction
Tuesday:
- FOMC Meeting Starts
- PPI-FD
Wednesday:
- Consumer Price Index
- EIA Petroleum Status Report
- FOMC Meeting Ends
Thursday:
- Jobless Claims
- Retail Sales
- Import and Export Prices
- Business Inventories
Friday:
- Empire State Mfg Survey
- Industrial Production
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from Total Mortgage Blog http://ift.tt/2BWc3Wy
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