Tuesday, January 16, 2018

Current Mortgage Rates for Tuesday, January 16, 2018

Here we go with the first trading session of the week. The good news for anyone thinking about a refinance or purchase right now is that rates are holding steady. Tomorrow will be a busier day, though, so we could see current mortgage rates move around a little more then. Read on for more details.

Market Outlook 1.16.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?         

Rates flat today 

It’s a fairly slow day as investors get back into the first trading session of the week. We got the Empire State Mfg Survey out this morning, which showed a decline in January for the third straight month.

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The report did show some strength in it, however, and so the market reaction evened out into no reaction, keeping rates flat.

Tomorrow will be a day with a few opportunities for rates to adjust, as we have the Industrial Production report in the morning and the Fed’s Beige Book in the afternoon. On top of that, there will also be several speaking engagements from Federal Reserve officials.

Also on the radar this week is the looming government shutdown if a funding deal isn’t decided upon by midnight Friday. There is certainly a lot of tension between the Democrats and Republicans right now and there’s really no telling what will happen by Friday night.

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Rate/Float Recommendation      

Lock now while rates are low

All things considered, mortgage rates are still at very low levels. However, the general industry consensus is that rates are going to rise throughout 2018, so we’re recommending that anyone looking to buy a home or refinance their current mortgage takes action sooner rather than later.

It only takes a couple minutes online to fill out our free rate quote form or a quick call to a mortgage specialist to get started.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:              

Empire State Mfg Survey 

The general business conditions index for January fell for the third straight month, putting it at 17.7. Overall, though, the report does show some strength in new orders and the long-term outlook remains solid.

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

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from Total Mortgage Blog http://ift.tt/2Dj9u5j

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