The yield on the 10-year Treasury note popped above the key psychological threshold of 3.0% yesterday for the first time since 2014. That pushed mortgage rates up a little to levels that are continuing to be held today.
Rates seem poised to continue rising over the coming weeks and months so our recommendation is to lock now on a purchase or refinance. Read on for more details.
Where are mortgage rates going?
Rates up after 10-year breaches 3.0%
The big news this week has been out of the bond market, with the yield on the 10-year Treasury note provocatively flirting with a key market threshold: 3.0%.
That mark was finally breached yesterday morning, signaling to investors worldwide that interest rates still have much room left to run.
Already we’ve gotten many financial market participants speculating that the Federal Reserve, which is scheduled to raise the nation’s benchmark interest rate two more times this year, will have to take a more aggressive approach.
Mortgage rates tend to follow in the footsteps of the 10-year yield, and are also largely influenced by Fed decisions, so right now we are dealing with the possibility of rates moving higher at a quicker than expected pace.
| [contentbox id=”10″] |
Rate/Float Recommendation
Lock now to avoid risk
Mortgage rates are moving higher. If you want to avoid the risk of paying more on your monthly payment, your best bet is likely to lock in a rate on a home purchase or refinance sooner rather than later.
We’ve already seen mortgage rates rise considerably in 2018 and there now seems like there is still plenty of room left for them to run. You can get started on the path toward ideal home financing with our online form or a quick phone call to one of our mortgage experts.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
EIA Petroleum Status
For the week of 4/20/18:
- Crude oil: 2.2 M barrels
- Gasoline: 0.8 M barrels
- Distillates: -2.6 M barrels
[contentbox id=”8″]
Notable events this week:
Monday:
- Chicago Fed National Activity Index
- PMI Composite Flash
- Existing Home Sales
Tuesday:
- S&P Corelogic Case-Shiller HPI
- FHFA House Price Index
- New Home Sales
- Consumer Confidence
- Richmond Fed Manufacturing Index
Wednesday:
- EIA Petroleum Status
Thursday:
- Durable Goods Orders
- International Trade in Goods
- Jobless Claims
Friday:
- GDP
- Employment Cost Index
- Consumer Sentiment
[contentbox id=”3″]
from Total Mortgage Blog https://ift.tt/2FdSWbL
No comments:
Post a Comment