Mortgage rates are moving a little lower today after some disappointing economic data was released. However, the long-term trend for mortgage rates continues to be for them to move higher, so borrowers should try to take action sooner rather than later. Read on for more details.
Market Outlook 12.26.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates down a little today
We’re already halfway through the holiday-shortened week.
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Trading volume is usually muted during the last week of the year, but we are seeing a little movement today after a disappointing Consumer Confidence report.
That’s pushing the yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) down a few basis points. Current mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing a mild softening today.
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Rate/Float Recommendation
Lock now
Looking ahead to the foreseeable future, it seems as though mortgage rates are destined to continue their gradual ascent. For this reason, we think that the smart decision is to lock 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:
Consumer Confidence
Consumer confidence for December came in at 122.1. That’s below both the consensus for 128.0 and the prior revised reading of 128.6.
Pending Home Sales Index
The pending home sales index rose 0.2% for November. That’s a little lower than the 0.5% that analysts had projected.
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Notable events this week:
Monday:
- Closed for Christmas
Tuesday:
- S&P Corelogic Case-Shiller HPI
- Richmond Fed Manufacturing Index
- Dallas Fed Mfg Survey
Wednesday:
- Consumer Confidence
- Pending Home Sales Index
Thursday:
- International Trade in Goods
- Jobless Claims
- EIA Petroleum Status Report
Friday:
- Chicago PMI
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from Total Mortgage Blog http://ift.tt/2liQRDr
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