Wednesday, May 30, 2018
Tuesday, May 29, 2018
FHA Mortgage Rates Fall to Start the Short Week
Mortgage rates are improving today after turbulence over in the Italian political realm is sending financial market participants on a flight to safety. It’s going to be a short, busy week, so it will be interesting to see where rates go from here. Read on for more details.
Where are mortgage rates going?
Italian politics cause FHA rates to fall
It’s chaos right now over in the “Beautiful Country” after President Sergio Mattarella rejected the euroskeptic Paolo Savona for the Economy Minister position yesterday, thus thwarting two anti-establishment parties from gaining power.
Then today, Mattarella asked former International Monetary Fund official, Carlo Cottarelli, to form a new government.
The only problem is that this new technocratic government is not likely to gain much support and could therefore trigger a snap election in the Fall.
If that were to happen, it could mean a shift in power and a referendum on Italy leaving the European Union. Obviously, this is news that global markets are following closely, sending investors near and far into the perceived safety on government bonds.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, has fallen six basis points down to 2.87%.
That’s its lowest position since mid-April. Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing FHA mortgage rates down a little today.
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Rate/Float Recommendation
Lock before FHA rates move back up
FHA mortgage rates are down today, which is great news for anyone looking to lock on a purchase or refinance. It does still seem as though rates will gradually rise over the coming weeks and months so we’re recommending that borrowers take action sooner rather than later in order to avoid the risk of locking in a higher rate.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- St. Louis Fed President James Bullard at 12:40am
S&P Corelogic Case-Shiller HPI
For March:
- The 20-city seasonally adjusted index rose 0.5%.
- The 20-city non-seasonally adjusted index ticked up 1.0%, putting it at 6.8%, year over year.
Consumer Confidence
Consumer confidence hit a 128.0 in May. That’s a strong reading that came in basically right in line with what analysts had expected.
Dallas Fed Mfg Survey
Production rose ten points to 35.2 in May. The General Activity Index is now at 26.8.
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Notable events this week:
Monday:
- Memorial Day
Tuesday:
- Fedspeak
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
- Dallas Fed Mfg Survey
Wednesday:
- ADP Employment Report
- GDP
- International Trade in Goods
Thursday:
- Jobless Claims
- Personal Income and Outlays
- Chicago PMI
- Pending Home Sales Index
- Fedspeak
Friday:
- Employment Situation
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
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Thursday, May 24, 2018
Current Mortgage Rates for Thursday, May 24, 2018
The big news this morning is the confirmation that President Trump canceled next month’s meeting with North Korea’s Kim Jong Un. Yesterday’s dovish Federal Open Market Committee Meeting minutes are also playing into a slide for bond yields and mortgage rates. Read on for more details.
Where are mortgage rates going?
Rates hit highs in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released a few moments ago and it’s showing that mortgage rates moved up to new seven-year highs. With long-term government bond yields moving higher, this was no surprise. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up five basis points to 4.66% (0.4 points)
- The average rate on a 15-year fixed rate mortgage went up seven basis points to 4.15% (0.4 points)
- The average rate on a 5-year adjustable rate mortgage moved up five basis points to 3.87% (0.3 points)
Here is what the Economic and Housing Research group had to say about rates this week:
“Mortgage rates moved up over the past week to 4.66 percent, their highest level since May 5, 2011 (4.71 percent).
Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years. Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share since Freddie Mac began tracking this data for a full year in 1972.
At a time when housing inventory remains extremely low, it’s worth watching whether these higher borrowing costs lead some would-be sellers to stay put in their current home. Inventory shortages would likely worsen if more homeowners decide not to sell out of reluctance of having a new mortgage with a higher rate.”
It’s important to note that the data for the Freddie Mac PMMS is collected early on in the week and doesn’t necessarily reflect current market conditions.
For instance, we’ve seen the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, move down several basis points over the past couple days.
Mortgage rates typically move in the same direction as the 10-year yield, so average rates across the nation are likely lower than what the report shows.
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Rate/Float Recommendation
Lock before rates move even higher
Mortgage rates keep moving higher and higher. Despite the modest dip over that past couple of days, the long-term projection for rates is to gradually increase. To avoid the risk of locking in a higher rate, we’re recommending that borrowers try to take action on a purchase or refinance sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 234,000 for the week of 5/19/18. That’s up 11,000 from the previous week.
FHFA House Price Index
Home prices rose by 0.1% in the month of March. That puts the yearly rise at 6.7%.
Existing Home Sales
Existing home sales came in at an annualized rate of 5.460 M. That’s a monthly decline of 2.5%, bringing the year over year change at -1.4%.
Kansas City Fed Manufacturing Index
- 11:00am
Fedspeak
- New York Fed President William Dudley at 4:15am
- Atlanta Fed President Raphael Bostic at 10:35am
- Philadelphia Fed President Patrick Harker at 2:00pm
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
- Fedspeak
Tuesday:
- Richmond Fed Manufacturing Index
Wednesday:
- PMI Composite Flash
- New Home Sales
- EIA Petroleum Status Report
- FOMC Minutes
- Fedspeak
Thursday:
- Jobless Claims
- FHFA House Price Index
- Existing Home Sales
- Kansas City Fed Manufacturing Index
- Fedspeak
Friday:
- Durable Goods Orders
- Consumer Sentiment
- Fedspeak
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Wednesday, May 23, 2018
Current Mortgage Rates for Wednesday, May 23, 2018
It’s good news for anyone looking to purchase a new home or refinance their current mortgage today as rates are improving. It was some comments from President Trump on China and North Korea that sent investors into a more risk-off scenario, pushing Treasury yields and mortgage rates lower. Read on for more details.
Market Outlook 5.21.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates move lower
It’s been a while since President Trump has been one of the main factors in where the market moves on a daily basis but that’s where we are today. First the President commented that he was not pleased with the way the trade talk between the U.S. and China has been unfolding.
He said that they have “a long way to go.” Then, more geo-politcal tensions were fanned when the President said that the summit between him and North Korea’s Kim Jong Un might not go ahead as planned.
These comments have caused the markets to adopt a more risk-off sentiment, sending investors into the safe-haven of long-term government bonds.
If we take a look at the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, we can see that’s its down a little over five basis points today to 3.01%.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are headed a little lower as we approach the midpoint of the week.
With geo-political concerns back in the spotlight, it’s important for potential home buyers to pay attention to the news and check in to see how the market is reacting.
Of course, we do have some significant economic reports out on Friday (Durable Goods Orders and Consumer Sentiment), and could definitely see a market reaction when those are released as well.
The takeaway here is that mortgage rates are incredibly fickle and can be influenced by a multitude of factors. That’s what makes it so difficult to predict where they will be at any given point of time.
What we can say right now, though, is that with the Federal Reserve on track to raise the nation’s benchmark interest rate at least two more times this year, it stands to reason that mortgage rates will continue to move higher and higher over the coming weeks and months.
How high will they go? Well, the average rate on the 30-year fixed rate mortgage (according to the most recent Freddie Mac Primary Mortgage Market Survey) is at 4.61%.
That’s up sixty-six basis points from the start of the year. If the Fed continues on the path that they’ve currently outlined, it’s not unfathomable to think that we’ll see the 30-year push above 5.00% in 2018.
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Rate/Float Recommendation
Lock before rates move even higher
With a higher rate adjustment looming, we’ve been recommending that borrowers take action sooner rather than later in order to avoid the risk of locking in a higher rate.
There are always unique factors in each borrower’s scenario, but in general, we believe that those who are quick to act will be better off doing so. The best way to figure out your ideal course of action is to go over your situation with an experience mortgage expert.
Our mortgage bankers have seen countless scenarios and can quickly and easily identify what you need to do to best position yourself in the current market. It only takes a quick phone call or a few minutes with our online form to get started.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
PMI Composite Flash
We got some strong readings in the PMI Composite Flash today. The composite, manufacturing, and services readings all came in above what analysts had predicted.
New Home Sales
New Home Sales for April came in at an annualized rate of 662,000. That’s 10,000 below what analysts had expected.
EIA Petroleum Status Report
For the week of 5/18/18:
- Crude oil: 5.8 M barrels
- Gasoline: 1.9 M barrels
- Distillates: -1.0 M barrels
FOMC Minutes
The minutes from the Federal Open Market Committee’s previous meeting will be released this afternoon at 2:00pm.
Fedspeak
Minneapolis Fed President Neel Kashkari at 2:15pm.
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
- Fedspeak
Tuesday:
- Richmond Fed Manufacturing Index
Wednesday:
- PMI Composite Flash
- New Home Sales
- EIA Petroleum Status Report
- FOMC Minutes
- Fedspeak
Thursday:
- Jobless Claims
- FHFA House Price Index
- Existing Home Sales
- Kansas City Fed Manufacturing Index
- Fedspeak
Friday:
- Durable Goods Orders
- Consumer Sentiment
- Fedspeak
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Tuesday, May 22, 2018
Current Mortgage Rates for Tuesday, May 22, 2018
Mortgage rates are holding steady so far this week. It’s no surprise, really, as there’s been very little meaningful economic data out these past two days.
Tomorrow, though, we get a few notable releases so there’s definitely the chance that we’ll get a market reaction.
Long-term rates are still expected to rise, which is why we’re recommending that borrowers lock in a rate soon. Read on for more details.
Market Outlook 5.21.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates still holding steady
There’s not much economic data out, keeping market movement fairly muted today. The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, is flat on the day at 3.06%.
That’s very close to the seven year high that it briefly hit on Thursday. Depending on who you talk to, there’s plenty of room left to run for the 10-year yield.
With the Federal Reserve getting ready to raise the nation’s benchmark interest rate, the federal funds rate, at least two more times in 2018, some analysts are saying the 10-year yield could easily hit 4.00%.
With mortgage rates closely tied to the bond market, that would put significant upward pressure on rates.
This isn’t anything new to anyone who’s been paying attention to the market this year; back in January we had many projections for the 30-year fixed rate to go as high as 5.00% by the time 2019 rolls around.
In the Freddie Mac Primary Mortgage Market Survey last week we saw the average rate on a 30-year fixed rate move up to 4.61%. That’s up sixty-six basis points from the start of the year.
We’ve still got another thirty-nine basis points to climb before 5.00%, but that could easily be covered over the next seven months.
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Rate/Float Recommendation
Lock before rates move even higher
With mortgage rates on track to climb higher and high over the coming weeks and months, we believe that it makes sense to lock in a rate on a purchase or refinance sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Richmond Fed Manufacturing Index
The Richmond Fed Index hit a 16 in May. That’s a strong reading that is right on the brink of escaping the high end projection.
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
- Fedspeak
Tuesday:
- Richmond Fed Manufacturing Index
Wednesday:
- PMI Composite Flash
- New Home Sales
- EIA Petroleum Status Report
- FOMC Minutes
- Fedspeak
Thursday:
- Jobless Claims
- FHFA House Price Index
- Existing Home Sales
- Kansas City Fed Manufacturing Index
- Fedspeak
Friday:
- Durable Goods Orders
- Consumer Sentiment
- Fedspeak
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Monday, May 21, 2018
Current Mortgage Rates for Monday, May 21, 2018
Here we go with another week. With little economic data out today financial market participants are still working with yesterday’s news that the U.S./China trade war is currently on hold. This has caused investors to move more into stocks, pushing up bond yields and mortgage rates. Read on for more details.
Where are mortgage rates going?
Rates hold higher to start the week
Current mortgage rates are kicking off the week by moving slightly higher from where they were on Friday.
Financial market participants are still digesting yesterday’s comments by Treasury Secretary Steven Mnuchin that the trade war between the U.S. and China is “on hold.”
Those comments created a more risk-on scenario for investors, decreasing the appetite for “safer” assets such as long-term government bonds.
This has caused the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, to move up a couple basis points on the day to 3.07%.
Mortgage rates tend to follow in the footsteps of the 10-year yield so rates are also up a touch today.
If we take a look at the economic calendar for the rest of the week, we can see that the data really doesn’t start to flow in until Wednesday. That’s when we’ll get PMI, New Home Sales, and the minutes from the Federal Open Market Committee a few weeks back.
Friday is the big day of the week as far as economic data is concerned. Bright and early we’ll get the Durable Goods report followed by the Consumer Sentiment report.
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Rate/Float Recommendation
Lock before rates move even higher
Mortgage rates seem poised to move higher and higher over the coming weeks and months. If you’re thinking about taking action on a purchase or refinance, our recommendation is to try and lock sooner rather than later. The longer you wait, the more likely it is that you’ll get a higher rate.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Chicago Fed National Activity Index
The Chicago Fed National Activity Index came in at a 0.34. That’s its highest mark of the entire expansion.
Fedspeak
- Atlanta Fed President Raphael Bostic at 12:15pm
- Philadelphia Fed President Patrick Harker at 2:15pm
- Minneapolis Fed President Neel Kashkari at 5:30pm
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
- Fedspeak
Tuesday:
- Richmond Fed Manufacturing Index
Wednesday:
- PMI Composite Flash
- New Home Sales
- EIA Petroleum Status Report
- FOMC Minutes
- Fedspeak
Thursday:
- Jobless Claims
- FHFA House Price Index
- Existing Home Sales
- Kansas City Fed Manufacturing Index
- Fedspeak
Friday:
- Durable Goods Orders
- Consumer Sentiment
- Fedspeak
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Sunday, May 20, 2018
Friday, May 18, 2018
Trellis Townhomes – Plans, Availability, Prices
At a Glance
Trellis Townhomes 1818 Harbour Street, Port Coquitlam, BC V3C 1A3
- The Trellis Townhomes are 2 traffic lights and 22 minute drive from Vancouver
- a boutique collection of 17 townhomes
- parklike grounds
- sizes range from 1429 to 1516 square feet
- 9′ Ceilings on main floor
- three Bedrooms with 2 full baths up
- open concept living on the main, and a bonus finished flex space down
- private, fenced yards.
- Riverside Trail Network starts just a short stroll away along the Pitt River
- prices starting in the mid $700,000’s
Urban Connected. Nature Immersed
Trellis Townhomes is a new townhouse development currently in preconstruction at 1818 Harbour Street, Port Coquitlam. Greenbelt living awaits among the park-like grounds at Trellis. The expansive yards and serene landscaping have all been designed in harmony with Trellis Townhomes’ unique location.
Nestled alongside a gently-flowing watercourse, Port Coquitlam’s beautiful Riverside Trail Network starts just a short stroll away.
Find Out About New Presales & Get Access to VIP Openings & Special Promotions!
Are you a realtor? Click here
Floor Plans for Trellis
Floorplans and finishings are designed with the family in mind. Stylish, yet resilient quartz countertops and vinyl plank laminate – as dapper as it is durable – All compliment the contemporary, soft close cabinetry of your spacious, open concept kitchen.
- Trellis Townhomes offer bright, open concept, family-friendly 3 bedroom floor plans featuring 9’ ceilings on the main floor, plenty of storage space, enclosed garages with extra driveway parking and private, fenced yards.
- Trellis interiors come in two stylish designer-coordinated colour schemes.
- Flooring in both packages includes beautiful wide plank vinyl in main floor living areas, cozy carpet in bedrooms and elegant tile in bathrooms and entry.
- Spacious, livable kitchens feature square edge quartz kitchen countertops, enhanced by contemporary shaker style maple veneer soft-close cabinets.
- Each home is outfitted with sleek stainless steel kitchen appliances featuring a smooth top slide-in range with OTR microwave/hood fan and a French door fridge with ice and water.
- A family sized washer and dryer set is also included in each home.
- Choose from 3 bedroom townhomes.
- Sales for available units range in price from $759,900 to $829,900.
Amenities at Trellis
Park like setting close to nature.
Parking and Storage
Plenty of storage space. Enclosed garages with extra driveway parking
Maintenance Fees at Trellis
TBA.
Developer Team Quantum Properties, a British Columbia company, has been developing properties and constructing multi-family residential and commercial buildings since 2000. The Quantum Properties Group of Companies is guided by a strong senior management team with decades of real estate experience in construction, appraisal, development, design and sales.
Quantum Properties is committed to our purchasers and committed to the communities we build in. We believe in supporting the local economy by employing local residents and buying from local businesses. We proudly employ many of the Lower Mainland’s finest craftspeople and highly skilled tradespeople — including our own in–house team of construction professionals — ensuring top quality homes for our purchasers.
The Quantum Properties group includes Quantum Properties Construction and Quantum Realty, the sales, marketing and property management division for all Quantum projects.
Construction Start Date:
Are you interested in learning more about other homes in Coquitlam, Port Coquitlam, or Port Moody?
Check out these great Tri-Cities Presales!
The post Trellis Townhomes – Plans, Availability, Prices appeared first on Mike Stewart.
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Current Mortgage Rates for Friday, May 18, 2018
Mortgage rates are currently on track to finish out the week at higher levels than where they started. It was a steady stream of positive economic data that put upward pressure on the bond market and subsequently, mortgage rates.
Rates are expected to continue rising in 2018, so if you’re considering buying or refinancing, we recommend you take action soon. Read on for more details.
Where are mortgage rates going?
Rates finish higher on the week
It’s been a notable week for mortgage rates as we saw them climb to a seven-year high in the Freddie Mac Primary Mortgage Market Survey (PMMS). Here are the numbers from the report, released yesterday morning:
- The average rate on a 30-year fixed rate mortgage moved up six basis points to 4.61% (0.4 points)
- The average rate on a 15-year fixed rate mortgage rose seven basis points to 4.08% (0.4 points)
- The average rate on a 5/1-year adjustable rate mortgage ticked up five basis points to 3.82% (0.3 points)
Here is what Freddie Mac’s Economic and Housing Research Group said about the current rate environment:
“After plateauing in recent weeks, mortgage rates reversed course and reached a new high last seen eight years ago.
The 30-year fixed mortgage rate edged up to 4.61 percent, which matches the highest level since May 19, 2011.
Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.
While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”
The big focus for financial market participants this week was the rising 10-year Treasury yield. It started the week at about 2.96% but has since risen nearly thirteen basis points up to 3.08%.
There was some positive economic data early on in the week that kicked off the ascent, which steadily gained traction as more data came out.
Mortgage rates typically move in the same direction as the 10-year yield so it was really no surprise that rates jumped as much as they did in this week’s PMMS.
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Rate/Float Recommendation
Lock before rates move even higher
With mortgage rates moving up to levels not seen since 2011, it’s only natural to be somewhat hesitant about locking in a rate.
However, if you take into consideration that the Fed is getting ready to increase the federal funds rate two to three more times in 2018, it stands to reason that rates right now could be much lower than where they will be by the time 2019 rolls around.
That’s why we’re recommending that anyone who wants to avoid the risk of a higher rate takes action on a purchase or refinance sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- Cleveland Fed President Loretta Mester at 3:00am
- Dallas Fed President Robert Kaplan at 9:15am
- Fed Governor Lael Brainard at 9:15am
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- Housing Market Index
Wednesday:
- Housing Starts
- Fedspeak
- Industrial Production
- Atlanta Fed Business Inflation Expectations
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Bloomberg Consumer Comfort Index
- Fedspeak
Friday:
- Fedspeak
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Thursday, May 17, 2018
Current Mortgage Rates for Thursday, May 17, 2018
Mortgage rates are moving higher thanks to some strong economic data over the past few days. If you’re considering buying a home or refinancing your current mortgage, we strongly recommend that you take action sooner rather than later to avoid the risk of locking in a higher rate. Read on for more details.
Where are mortgage rates going?
Rates spike in Freddie Mac PMMS
A sell-off in the bond market this week has put some upward pressure on mortgage rates.
This is evident in today’s Freddie Mac Primary Mortgage Market Survey, which has the average rate on a 30-year fixed up to a seven-year high. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up six basis points to 4.61% (0.4 points)
- The average rate on a 15-year fixed rate mortgage rose seven basis points to 4.08% (0.4 points)
- The average rate on a 5/1-year adjustable rate mortgage ticked up five basis points to 3.82% (0.3 points)
Here is what Freddie Mac’s Economic and Housing Research Group had to say about rates this week:
“After plateauing in recent weeks, mortgage rates reversed course and reached a new high last seen eight years ago.
The 30-year fixed mortgage rate edged up to 4.61 percent, which matches the highest level since May 19, 2011.
Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.
While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”
It’s always important to note that the data for the survey is mostly collected early on in the week and therefore doesn’t necessarily reflect current market conditions.
That being said, we’ve seen rates stay fairly level since mid-day on Tuesday, so the PMMS isn’t far off what what national averages currently are.
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Rate/Float Recommendation
Lock before rates move even higher
With mortgage rates heading higher it makes sense that you’ll want to lock in a rate soon. The longer you wait, the more likely it is that you’ll wind up locking in a higher rate.
Of course, everyone’s situation has its own unique factors, which is why it’s so incredibly important to go discuss your options with an experienced mortgage professional.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Jobless Claims
Applications filed for U.S. unemployment benefits for the week of 5/12/18 rose 11,000 from the previous week to 222,000. That puts the four-week moving average at 213,250.
Philadelphia Fed Business Outlook Survey
The Philly Fed General Business Conditions Index surged up to a 34.4 in May. With new orders up to a 45-year high, this is one of the most robust reports to date.
Bloomberg Consumer Comfort Index
- This report is currently being delayed at the source
Fedspeak
- Minneapolis Fed President Neel Kashkari at 10:45am
- Dallas Fed President Robert Kaplan at 1:30pm
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- Housing Market Index
Wednesday:
- Housing Starts
- Fedspeak
- Industrial Production
- Atlanta Fed Business Inflation Expectations
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Bloomberg Consumer Comfort Index
- Fedspeak
Friday:
- Fedspeak
[contentbox id=”3″]
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Wednesday, May 16, 2018
Current Mortgage Rates for Wednesday, May 16, 2018
Mortgage rates are experiencing some upward pressure this week thanks to some positive economic reports.
We’ve been projecting this trend all year, and anticipate that it will continue throughout the rest of 2018.
That’s why we recommend anyone looking to buy or refinance to lock in a rate soon. Read on for more details.
Market Outlook 5.14.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Treasury yields continue to hold near 7-year high
After an uneventful couple of week we’re finally seeing some notable market adjustments. Yesterday, long-term government bonds had one of their biggest daily sell-offs of the year, pushing yields higher.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, jumped all the way up to 3.06%. Today, it’s climbed up a couple basis points higher to just under 3.09%.
That’s the highest reading in nearly seven years. Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing some upward pressure on rates this week.
The impetus for the surge higher was some positive readings in the retail sales report, followed by more healthy readings out of the manufacturing sector. We have made it past the most significant economic reports of the week, making it likely that rates will hold at these levels until next week.
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Rate/Float Recommendation
Lock before rates move even higher
Mortgage rates have jumped higher. That’s something we’ve been warning about for quite some time.
Given that rates are expected to continue their gradual ascent throughout 2018, it makes sense for anyone looking to purchase a new home or refinance their current mortgage to take action sooner rather than later.
The longer you wait, the more likely it is that you’ll get a higher rate when you finally lock.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Housing Starts
Housing starts for April came in at an annualized rate of 1.287 M. Permits came in at an annualized rate of 1.352.
Fedspeak
- Atlanta Fed President Raphael Bostic at 8:30am
- St. Louis Fed President James Bullard at 6:30pm
Industrial Production
The industrial production report for April got released this morning and it showed that production is up 0.7%, manufacturing is up 0.5%, and the capacity utilization rate is at 78.0%.
Atlanta Fed Business Inflation Expectations
The business inflation expectation fell back three tenths in May to 2.0%.
EIA Petroleum Status Report
For the week of 5/16/18:
- Crude oil: -2.2 M barrels
- Gasoline: -2.2 M barrels
- Distillates: -3.8 M barrels
[contentbox id=”8″]
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- Housing Market Index
Wednesday:
- Housing Starts
- Fedspeak
- Industrial Production
- Atlanta Fed Business Inflation Expectations
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Bloomberg Consumer Comfort Index
- Fedspeak
Friday:
- Fedspeak
[contentbox id=”3″]
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Tuesday, May 15, 2018
Current Mortgage Rates for Tuesday, May 15, 2018
A positive retail sales report is signaling to investors that the U.S. economy is in solid shape. That’s causing more money to flow out of stocks and into bonds, pushing up Treasury yields and mortgage rates.
This upward momentum is something we expect to continue, which is why we’re recommending that borrowers take action on a purchase or refinance soon. Read on for more details.
Market Outlook 5.14.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Treasury yields rise after strong retail sales report
The big market moving news that’s making the rounds this morning is the positive readings in the retail sales report.
While the April numbers did come in at levels right around where analysts had projected, it was the revisions to the March report that really got investors riled up.
The already strong 0.6% rise in March got bumped up to 0.8%, along with upward revisions to all of the other readings as well.
Retail sales are an important measure of the U.S. economy as it reflects how willing consumers are to part ways with their spending money.
With a strong report like the one out today, it shows that the U.S. economy is in fairly good shape.
That signals to investors that they can take on slightly more risk, meaning they move more into stocks and out of safer assets like government bonds.
If we look at the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, we can see that it’s up over six basis points today to 3.06%.
Mortgage rates typically move in the same direction as the 10-year yield so they’re experiencing some upward pressure today.
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Rate/Float Recommendation
Locking now is likely the smart move
As expected, mortgage rates have begun to move higher once again. This is a trend that we expect to continue for the coming weeks and months as the Federal Reserve continues to tighten the nation’s benchmark interest rate.
If you’re considering buying a new home or refinancing your current mortgage rate, it definitely makes sense to take action sooner rather than later, as it’s far more likely rates will be higher than lower in a few months.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Retail Sales
- Retail sales rose 0.3% month over month
- Retail sales less autos rose 0.3% month over month
- Retail sales less autos and gas rose 0.3% month over month
Empire State Mfg Survey
The Empire State Index hit a 20.1 for May. That’s up about six basis points from the April reading.
Business Inventories
Business inventories remained flat in March.
Housing Market Index
The housing market index ticked up to a 70 for May. That’s a strong reading that points towards optimism among the nation’s home builders.
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- Housing Market Index
Wednesday:
- Housing Starts
- Fedspeak
- Industrial Production
- Atlanta Fed Business Inflation Expectations
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Bloomberg Consumer Comfort Index
- Fedspeak
Friday:
- Fedspeak
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Monday, May 14, 2018
Current Mortgage Rates for Monday, May 14, 2018
Here we go with another week. We’re looking at a moderate economic calendar that has the potential to offer some movement for current mortgage rates.
Tuesday and Wednesday are the busiest on the surface, so stay tuned for what happens on those days.
In general, it looks like rates could return to a slow rise this week. Read on for more details.
Where are mortgage rates going?
Rates continue to move sideways as we head into the weekend
It’s a fairly slow start to the week with no significant economic reports scheduled for release today. We did, however, hear from Cleveland Fed President Loretta Mester, who was off giving a speech in Paris.
The historically hawkish Fed President struck a more tone today as she said the Fed should continue its gradual approach towards adjusting the federal funds rate. Here it is in her own words:
“In my view, the medium-run outlook supports the continued gradual removal of policy accommodation; it seems the best strategy for balancing the risks to both of our policy goals and avoiding a build-up of financial stability risks… We want to give inflation time to move back to goal… this argues against a steep path.”
Last week’s string of soft inflation data certainly didn’t play into the Fed hawks’ hands, making it more likely that there will only be two more quarter point increases in 2018.
One of those is widely expected to take place a month from now on June 14, at the upcoming Federal Open Market Committee Meeting.
According to the CME Group’s Fed Funds futures, there is a 95% chance that the federal funds rate will get bumped up to a target range of 1.75%-2.00%.
Mortgage rates aren’t directly tied to the federal funds rate but we do see rates adjust depending on the word out from the Fed.
We’ll hear from a handful of Fed officials this week and the more likely it looks like there will be an aggressive approach toward rate increases, the more upward pressure there will be on mortgage rates.
The yield on the 10-year Treasury note is the best market indicator of where mortgage rates are going. Right now, that yield is at 2.99%, which is two basis points above where it started the day.
That’s some slight upward momentum but not enough to really signal a notable rise for mortgage rates.
Looking ahead to the rest of the week, there are a few important economic reports scheduled for release that financial market participants will definitely have their eyes on.
The two that immediately pop out are Retail Sales and Industrial Production, on Tuesday and Wednesday, respectively.
If those reports show a healthy U.S. economy, mortgage rates could move higher.
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Rate/Float Recommendation
Locking now is likely the smart move
The expectation for the coming weeks and months is for mortgage rates to steadily increase as the Fed follows through with its plan for multiple rate hikes.
Given this expectation, we believe it makes sense for anyone looking to buy a home or refinance their current mortgage to lock in a rate now in order to avoid the risk of a higher rate.
It only takes a quick phone call or a couple minutes online to get a free rate quote.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- Cleveland Fed President Loretta Mester at 2:45am
- St. Louis Fed President James Bullard at 9:40am
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- Housing Market Index
Wednesday:
- Housing Starts
- Fedspeak
- Industrial Production
- Atlanta Fed Business Inflation Expectations
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- Bloomberg Consumer Comfort Index
- Fedspeak
Friday:
- Fedspeak
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Sunday, May 13, 2018
Friday, May 11, 2018
Current Mortgage Rates for Friday, May 11, 2018
Another week has come and gone. It was a fairly uneventful five days for the mortgage market with rates staying in a very tight range. If you’re looking to buy a home or refinance, we still believe you’re most likely going to be better off by locking in a rate soon. Read on for more details.
Where are mortgage rates going?
Rates continue to move sideways as we head into the weekend
There have been several weeks in 2018 where mortgage rates have bounced around all over the place. This has not been one of those weeks.
With no major economic reports getting released and relatively little happening on the political front, financial market participants were for the most part stuck in a holding pattern.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, did briefly touch 3.00% on Wednesday but quickly retreated back down on Thursday after the Consumer Price Index reading came in below expectations.
It now sits close to where it started the week, at 2.96%. Mortgage rates typically move in the same direction as the 10-year yield, so rates remained mostly unchanged this week.
Looking ahead to next week we still have a fairly light economic calendar, but there are a few reports that investors will have their eye on. We’ll also continue to hear different takes from Fed officials on the path forward for the U.S. economy.
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Rate/Float Recommendation
Locking now is likely the smart move
Mortgage rates barely moved this week. Any time they don’t rise is good news for anyone looking to buy or refinance.
Where do we go from here? It still seems as though rates are far more likely to rise in the coming weeks and months than fall.
Given this expectation, it stands to reason that most borrowers are going to get a better deal by taking action sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- St. Louis Fed President James Bullard spoke this morning, commenting that the nation’s labor market is in an “appropriate situation that the Fed should not disturb.” He’s been championing a cautious rate hike approach in 2018 for a while now and the current data, he says, only reaffirms his position. Bullard is not a voting member of the FOMC this year.
Consumer Sentiment
- Consumer sentiment hit 98.8 in May. That’s unchanged from the prior month’s final reading.
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
Wednesday:
- PPI-FD
- 10-Yr Note Auction
- Fedspeak
Thursday:
- Consumer Price Index
- Jobless Claims
- Bloomberg Consumer Comfort Index
Friday:
- Fedspeak
- Consumer Sentiment
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Current Mortgage Rates for Thursday, May 10, 2018
Some softer than expected inflation data is keeping mortgage rates from moving out of the tight range that they’ve been in all week. Tomorrow we will get more inflation data, bringing with it the possibility of a rate adjustment before we head into the weekend. Read on for more details.
Where are mortgage rates going?
Rates flatten out again
Believe it or not there are some exciting weeks for mortgage rates. This has not been one of those weeks.
It’s not unexpected for the week following the monthly jobs report to be a dull one, so I can’t say I didn’t see it coming.
There just hasn’t been many significant economic reports out this week and the few reports that did get released weren’t much to talk about.
Today, we got the latest Consumer Prices Index reading, which came in slightly below expectations.
That means the inflation hawks will have to wait another day before they can rile up the troops with their talk of a quicker than expected tightening schedule from the Federal Reserve.
Here are the latest numbers in the Freddie Mac Primary Mortgage Market Survey:
- The average rate on a 30-year fixed rate mortgage remained unchanged at 4.55% (0.5 points)
- The average rate on a 15-year fixed rate mortgage fell two basis points to 4.01% (0.4 points)
- The average rate on a 5/1-year adjustable rate mortgage rose eight basis points to 3.77% (0.3 points)
Here’s what their Economic & Housing Research group had to say about rates this week:
“The 30-year fixed mortgage rate remained at 4.55 percent over the past week.
The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation. As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.
While this year’s higher rates – up 50 basis points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”
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Rate/Float Recommendation
Locking now is likely the smart move
Mortgage rates are staying in a tight range for now but could very well be on track to increase substantially by the time 2019 rolls around.
At the very least, it’s far more likely that mortgage rates will rise than fall in the coming weeks and months.
So if you’re looking to buy a new home or refinance your current mortgage, the better option is likely to lock in a rate sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Consumer Price Index
The consumer price index rose 0.2% month over month in April, putting it at 2.5% year over year. CPI less food and energy ticked up 0.1%, month over month putting it at 2.1% year over year.
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 211,000 for the week of 5/5/18. That brings the four-week moving average to 216,000.
Bloomberg Consumer Comfort Index
The Bloomberg consumer comfort index hit a 55.8 for the week of 5/6/18.
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
Wednesday:
- PPI-FD
- 10-Yr Note Auction
- Fedspeak
Thursday:
- Consumer Price Index
- Jobless Claims
- Bloomberg Consumer Comfort Index
Friday:
- Fedspeak
- Consumer Sentiment
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Current Mortgage Rates for Wednesday, May 9, 2018
Mortgage rates have increased a little over the past twenty-four hours thanks to an impending long-term government bond auction this afternoon.
It’s important to keep an eye on that event as we move towards the end of the trading day. Read on for more details.
Where are mortgage rates going?
Rates see modest increase
Mortgage rates are moving slightly higher from where they were at the start of the week.
The yield on the 10-year Treasury note briefly touched 3.00% again today as investors get antsy ahead of a $25 billion 10-year Treasury auction.
We’re also seeing the market affected by President Trump’s decision to pull the U.S. from the Iran nuclear deal.
The expectation here is for a tighter global oil supply, leading to higher prices.
That inflation pressure could play a part in forcing the Federal Reserve to increase rates at a faster pace in 2018 than expected.
Mortgage rates aren’t directly set by the federal funds rate, but the word out from the Fed certainly plays a part in which way rates move.
The more likely it looks like the Fed will raise the federal funds rate, the more upward pressure we will see on mortgage rates.
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Rate/Float Recommendation
Locking now is likely the smart move
Looking at the market right now, it seems as though mortgage rates will continue to gradually move higher as 2018 unfolds. Given that expectation, we think it’s wise for most borrowers to lock now.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
PPI-FD
Producer prices rose 0.1% month over month in April, putting them at 2.6% year over year.
Producer prices less food and energy rose 0.2% month over month, bringing it to 2.3% year over year.
Producer prices less food, energy, and trade services ticked up 0.1% month over month, making it 2.5% year over year.
10-Yr Note Auction
- 1:00pm
Fedspeak
- Atlanta Fed President Raphael Bostic at 1:15pm
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
Wednesday:
- PPI-FD
- 10-Yr Note Auction
- Fedspeak
Thursday:
- Consumer Price Index
- Jobless Claims
- Bloomberg Consumer Comfort Index
Friday:
- Fedspeak
- Consumer Sentiment
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Current Mortgage Rates for Tuesday, May 8, 2018
Mortgage rates are holding steady today as financial market participants await some key inflation data on Wednesday and Thursday. If you’re looking to buy a home or refinance, let’s talk today about what your custom rate would be. Read on for more details.
Where are mortgage rates going?
Rates move sideways once again
Ever since mortgage rates moved higher at the end of February we’ve seen them stay in a relatively tight range.
Yes, there have been dips and jumps, but for the most part the national average on the 30-year fixed rate has stayed between 4.50%-4.55%.
The latter mark is where the 30-year sat in the most recent Freddie Mac Primary Mortgage Market Survey from last week.
Trying to think through where mortgage rates will go from here is somewhat of a futile task, as rates are extremely fickle and unforeseen events almost always poke their ugly head into the arena, ruining even the most well thought out projections.
However, all we can ever do is work with what we’re given and adjust along the way. It does seem as though the Fed is positioning themselves towards a more cautious rate hike path during the remainder of 2018.
Historically, we’re looking at a push out until the September meeting. That means another two Federal Open Market Committee meetings (June and August) before we see the nation’s benchmark interest rate, the federal funds rate, move up a quarter point to the new target range of 2.00%-2.25%.
Mortgage rates aren’t directly tied to the federal funds rate but the word out from the Fed certainly has an impact on the direction of the market. There will be numerous opportunities for the Fed over the coming months to either play up or walk back their next adjustment.
Those moments are when mortgage rates will be the most susceptible to a dip or spike.
Fedspeak from yesterday:
Richmond Fed President Tom Barkin
The emphasis for Barkin was on the minimal threat that raising interest rates has to the U.S. economy right now. He didn’t make any clear cut statements on how many hikes he wants to happen this year, but it’s likely he’s aiming for two or three.
Dallas Fed President Robert Kaplan
Taking a slightly different approach was Robert Kaplan, who said that there was no need to change the current path that the Fed is on. He’s still holding out for inflation data to pick up before altering the course.
Chicago Fed President Charles Evans
No news has broken yet about what Charles Evans said yesterday.
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Rate/Float Recommendation
Locking now is likely the smart move
Mortgage rates are staying relatively flat today. It’s a slow day as far as economic data so this isn’t surprising. Right now, we still believe that locking in a rate sooner rather than later is the smart play. Given the current market environment, it seems more likely that rates will rise than fall.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
NFIB Small Business Optimism Index
The NFIB hit a 104.8 in April.
JOLTS
The Job Openings and Labor Turnover Survey showed 6.550 million jobs added in March.
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
Wednesday:
- PPI-FD
- 10-Yr Note Auction
- Fedspeak
Thursday:
- Consumer Price Index
- Jobless Claims
- Bloomberg Consumer Comfort Index
Friday:
- Fedspeak
- Consumer Sentiment
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Current Mortgage Rates are Flat to Start the Slow Week
Here we go with another week. It’s been a relatively quiet day so far with little economic news impacting the markets.
That trend could continue throughout the week as there’s not many significant reports on the economic calendar.
Overall, this means that rates could stay in a tight range over the next few days. Read on for more details.
Where are mortgage rates going?
Rates are flat to start the week
The week after the monthly jobs reports gets released is historically a quiet one, so we could see rates remain in a fairly tight range over the next few days.
There’s basically no significant economic data out today in the U.S., plus it’s a banking holiday in the U.K., so the markets aren’t moving much to kick the week off.
There are a few speaking engagements from Federal Reserve officials later in the day, but it’s not likely that they’ll cause any major market reactions.
Looking back at the monthly jobs report for April, which was released on Friday, it was a slightly disappointing report with the headline reading and average hourly earnings coming in below expectations.
It wasn’t an abysmal report, but the numbers were still low, keeping in check the hawks calling for a more aggressive rate hike path in 2018.
The monthly jobs report is always one of the most closely watched reports out every month so there’s always the chance for a big market reaction when it gets released.
This time around, however, the release came and went without much fanfare.
Yes, we did see the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) slide lower immediately after the report came out, but by the end of the day it had climbed buck up to where it was earlier in the day.
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Rate/Float Recommendation
Locking now is likely the smart move
The long-term trend for mortgage rates remains for them to move higher.
If you’re considering buying a home or refinancing your current mortgage, you will most likely want to take action sooner rather than later in order to try and get the best rate.
Of course, everyone’s situation has unique factors which is why it’s so important to talk to a mortgage expert before making a final decision.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- Richmond Fed President Tom Barkin at 2:00pm
- Dallas Fed President Robert Kaplan at 3:30pm
- Chicago Fed President Charles Evans at 3:30pm
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
Wednesday:
- PPI-FD
- 10-Yr Note Auction
- Fedspeak
Thursday:
- Consumer Price Index
- Jobless Claims
- Bloomberg Consumer Comfort Index
Friday:
- Fedspeak
- Consumer Sentiment
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Linea By Rize, Availability, Plans, Prices
At A Glance:
Linea by Rize at 13318 104 AVE, SURREY, BC
Linea By Rize offers Forward-Looking Living in Surrey’s City Centre.
- A collection of 236 contemporary homes
- Number of Floors 28
- 1, 2, 3 bedroom homes and townhouses coming this summer.
- Sizes range from 474 to 1491 square feet
- 8′.8″ Ceilings
- Oversized balconies create a sophisticated indoor-outdoor living
- In the heart of Surrey’s new downtown core.
- scheduled for completion in 2021
This is your home of the lifestyle you seek, today and tomorrow.
A range of livable, family sized floorplans are available, ranging from 474 sf to 1,491 sf – perfect for any stage of life. These homes are beautifully crafted and incorporate the kinds of details large and small that create authentically sophisticated living spaces.
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LINEA offers generous 8’8″ ceilings, comfortably air-conditioned homes, wide-plank laminate wood flooring, Caesarstone quartz countertop and backsplash in kitchens, and Blomberg, Midland, and Fulgor appliances. With over 14,000 sf of amenity space (both indoor and outdoor), living here is made easy and convenient. Located right in the middle of Surrey City Centre, LINEA is steps away from Surrey’s best amenities, including schools and universities, parks, restaurants, and shopping. Not to mention, LINEA is only minutes away from the ultimate connectivity of rapid transit, where you can experience direct connections to all of Metro Vancouver. Experience a bold new transition. A new downtown core.
Pricing for LINEA
This project is in pre-construction starting July 2018. Sign up to our VIP list above for priority mailings on LINEA updates.
Floor Plans for LINEA
The residential portion of the building is divided into the following units:
- 1, 2, 3 bedroom homes and townhouses
Contact me today to discuss availability and plans if you have a serious interest in LINEA.
Amenities at LINEA
Parking and Storage
TBA
Maintenance Fees at LINEA
TBA.
Developer Team for LINEA
Expected Completion for Winston
2021.
Are you interested in learning more about other homes in Surrey?
Check out these great Surrey Presales!
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