Monday, August 27, 2018

Mortgage Rates Hold Lower to Start the Week

Here we go with another week. Current mortgage rates have decreased slightly over the past couple of weeks and are holding at those levels today.

It’s not the busiest week for economic data but we will get some inflation data as well as a GDP reading, so the markets do have a couple opportunities to adjust. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates hold lower to start the week

Despite the fact that the Federal Reserve is gearing up to increase the nation’s benchmark interest rate, the federal funds rate, by a quarter point in late September, mortgage rates have been holding steady recently–even decreasing slightly over the past two weeks.

The big news in the markets last week was the fact that we entered on Wednesday the longest bull run stock market history, beating out the previous run from 1990-2000.

While there are certainly multiple takes on what is the root cause of this run and what it means for the big picture, the majority of analysts agree that there does not appear to be an end in clear sight.

However, getting back to the nitty-gritty we’ve got a fairly moderate week of economic data ahead with inflation (PCE on Thursday) and GDP on Wednesday being the highlights for investors.

Right now, the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are heading) is basically flat at 2.81%.

It has moved lower by about twenty basis points over the last few weeks, and as noted earlier, mortgage rates themselves have declined, albeit by not as much.

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Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have improved these past couple of weeks but that trend is not expected to persist. If you are planning on buying a home or refinancing your current mortgage anytime soon, we strongly recommend that you take action sooner rather than later.

The longer you wait, the more likely it is that you will be locking in a higher rate and paying more in interest over the life of the loan.

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 cam in lower than expected in July, hitting a 0.13 vs the 0.38 consensus. That brings the 3-month moving average down to 0.05.

Dallas Fed Mfg Survey  

The production index hit a 29.3 for August. The general activity index hit a 30.9.

Notable events this week:     

Monday:   

  • Chicago Fed National Activity Index
  • Dallas Fed Mfg Survey

Tuesday:   

  • International Trade in Goods
  • S&P Corelogic Case-Shiller HPI
  • Consumer Confidence
  • Richmond Fed Manufacturing Index
  • State Street Investor Confidence Index

Wednesday:         

  • GDP
  • Pending Home Sales Index
  • EIA Petroleum Status Report

Thursday:     

  • Jobless Claims
  • Personal Income and Outlays

Friday:          

  • Chicago PMI
  • Consumer Sentiment

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*Terms and conditions apply.



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Sunday, August 26, 2018

How To Separate Rental Car Keys #1| Mr. Locksmith blog

How To Separate Rental Car Keys #1| Mr. Locksmith blog

Mr. Locksmith (604) 259-2953

For further information go to Mr. Locksmith Abbotsford.

When you rent a car you usually give you two car keys/fobs crimped together on a metal wire. If you lose the keys you could be liable to replace not one but two keys and it could cost you $250-$700.

When I travel I usually have no tools, my Leather Man or Swiss Army knife (AirPort Security). A very simple method for breaking the crimped key chain wire is to just twist the two keys clockwise until either the cable or the crimp breaks.

Liked this video? Like, Share and Subscribe to Mr. Locksmith on YouTube.

For On-line and Hands-on Locksmith Training Dates and Cities near you for Beginners, Intermediate, Advanced Locksmithing as well as my Covert Methods of Entry, Non-destructive Methods of Entry and to purchase the Famous “Dumb Key Force Tool” that opens Smart Key locks in seconds go to Mr. Locksmith Training http://mrlocksmithtraining.com/

For Locksmith Franchise and Licensing Opportunities go to http://mrlocksmith.com/locksmithfranchise-opportunities/

 

The post How To Separate Rental Car Keys #1| Mr. Locksmith blog appeared first on Mr Locksmith Abbotsford.



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Thursday, August 23, 2018

Current Mortgage Rates Continue to Move Lower

It’s been good news this week for home buyers and home owners looking to refinance as mortgage rates have improved. It hasn’t been a big swing lower but mortgage rates have mostly remained lower after a drop on Monday morning. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates move lower in the Freddie Mac PMMS

Current mortgage rates have moved lower for second straight week, according to the Freddie Mac Primary Mortgage Market Survey (PMMS).

Here are the numbers:

  • The average rate on a 30-year fixed rate mortgage moved lower by two basis points to 4.51% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage ticked lower by three basis points to 3.98% (0.5 points)
  • The average rate on a 5-year adjustable rate mortgage fell by five basis points to 3.82% (0.03 points)

Here is what Freddie Mac’s Economic & Housing Research Group had to say about rates this week:

“Mortgage rates inched backward this week to their lowest level since mid-April.

Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.

Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.

It is clear affordability constraints have cooled the housing market, especially in expensive coastal markets. Many metro areas desperately need more new and existing affordable inventory to break out of this slump.”

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Rate/Float Recommendation                                  

Lock now before move even higher     

While mortgage rates have improved for the second consecutive week, the long-term outlook continues to be for them to gradually increase as the Federal Reserve gets ready for and follows through with increases to the nation’s benchmark interest rate. The first hike is expected to take place next month, with another likely in December.

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 8/18 came in at 210,000. That’s 2,000 lower than the previous reading, bringing the 4-week moving average down to 213,750.

FHFA House Price Index

The FHFA House Price Index increased 0.2% from the previous month in June. That brings the year over year increase to 6.5%.

PMI Composite Flash

The PMI Composite index hit a 55.0 in August. Manufacturing came in at 54.5 while Services hit 55.2.

New Home Sales

New Home Sales for July came in at an annualized rate of 627,000. That’s slightly below the consensus reading of 649,000.

Jackson Hole Symposium

Kicks off today and ends tomorrow.

Kansas City Fed Mfg Index 

11:00am

Notable events this week:     

Monday:   

  • Fedspeak

Tuesday:   

  • Nothing

Wednesday:         

  • Existing Home Sales
  • EIA Petroleum Status Report
  • FOMC Minutes

Thursday:     

  • Jobless Claims
  • FHFA House Price Index
  • PMI Composite Flash
  • New Home Sales
  • Jackson Hole Symposium
  • Kansas City Fed Mfg Index

Friday:          

  • Fedspeak
  • Jackson Hole Symposium

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*Terms and conditions apply.



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Monday, August 20, 2018

Current Mortgage Rates for Monday, August 20, 2018

Mortgage rates are continuing to hover in a tight range. We saw last week in the Freddie Mac PMMS that they moved a little bit lower, but that’s not a trend we expect to sustain over time. Read on for more details.

Where are mortgage rates going?                                             

Investors Eye Jackson Hole Symposium

Here we go with another week. It’s a fairly light economic calendar today and tomorrow, but things start to pick up as we hit the half-way point. The big event on the horizon is the Jackson Hole Symposium on Thursday and Friday.

That event, put on by the Kansas City Federal Reserve, will be closely watched by financial market participants around the world.

With the Fed widely expected to raise the nation’s benchmark interest rate, the federal funds rate, by a quarter-point as early as next month, investors are eager for more confirmation that this will take place, as well as clues on what else might happen in the coming months.

Ahead of that gathering we will get the FOMC minutes from their meeting a few weeks back, which could give some insight into the Fed’s outlook, potentially providing some talking points for officials in Wyoming.

[contentbox id=”10″]

Rate/Float Recommendation                                  

Lock now before move even higher     

With the Federal Reserve gearing up to raise the nation’s benchmark interest rate, the expectation is that mortgage rates will gradually rise over the coming weeks and months. In the near term, we could see rates tick up if there are any hawkish statements that come out of the Jackson Hole Symposium.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  •   Atlanta Fed President Raphael Bostic at 11:00am

Notable events this week:     

Monday:   

  • Fedspeak

Tuesday:   

  • Nothing

Wednesday:         

  • Existing Home Sales
  • EIA Petroleum Status Report
  • FOMC Minutes

Thursday:     

  • Jobless Claims
  • FHFA House Price Index
  • PMI Composite Flash
  • New Home Sales
  • Jackson Hole Symposium
  • Kansas City Fed Mfg Index

Friday:          

  • Fedspeak
  • Jackson Hole Symposium

[contentbox id=”3″]

*Terms and conditions apply.



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Sunday, August 19, 2018

Salvador Dali’s Woman Aflame Sculpture | Mr. Locksmith

Mr. Locksmith Abbotsford (604) 200-8622

Salvador Dali’s Woman Aflame Sculpture | Mr. Locksmith

For further information go to Mr. Locksmith. Mr. Locksmith Vancouver 604-239-0882

The Chali-Rosso Art Gallery on Saturday unveiled a $2.5 million Salvador Dali sculpture called Woman Aflame in downtown Vancouver.

The nearly four-metre tall bronze sculpture will be exhibited at the corner of West Hastings and Hornby Street until Sept. 1.

Dali was a prominent Spanish surrealist who created an expansive and multimedia collection that included paintings, film, sculpture, and photography. He died in 1989.

This sculpture unites two of DalĂ­’s obsessions: fire, and a female figure with drawers.  The flames seem to have a life of their own, and represent the hidden intensity of unconscious desire, while the drawers represent the mystery of hidden secrets.  This beautiful faceless woman symbolizes all women.  For Dali, a woman’s mystery is her true beauty

Dali Woman Aflame Mr. Locksmith in Vancouver

Dali Woman Aflame Mr. Locksmith in Vancouver

 

 

 

 

 

 

 

 

 

 

Dali Woman Aflame Mr. Locksmith

Dali Woman Aflame Mr. Locksmith in Vancouver

 

 

 

 

 

 

 

 

 

 

Dali Woman Aflame Mr. Locksmith

 

 

 

 

 

 

 

 

 

Mr. Locksmith Vancouver 604-239-0882

Why choose Mr. Locksmith Vancouver?

Locked Out? Need Keys? If you need a lock change or a lock re-key?

Mr. Locksmith Vancouver is here to help when you have a home security issue. We are here to help.

We are your 24 hour emergency locksmith. Whether you just need new keys, or need a new high security lock installed, we have you covered.

Our locksmiths are licensed, bonded and insured.

There’s no such thing as a $15 locksmith.

Need professional locksmith advice? Call Mr. Locksmith Vancouver now and book your appointment.

Need your lock re-keyed or need house lockout services in Vancouver? We’re here for you!

Call 24 Hour Mr. Locksmith Vancouver whenever you need locksmith service. We are available 24 hours a day!

Our services include:

  • Lock change services
  • Home unlock services
  • 24 Hour locksmith service
    Lock rekey services
  • Master key systems
  • Lock repair
  • Mailbox keys
  • High security lock installation
  • Safes
  • Mr. Locksmith Key Store

And much more!

We cover every corner of Vancouver with locksmith services. If you have an issue with your locks or keys, don’t wait any longer and call Mr. Locksmith Vancouver or book your appointment online now.

Mr. Locksmith Vancouver (604)239-0882

For On-line and Hands-on Locksmith Training Dates and Cities near you for Beginners, Intermediate, Advanced Locksmithing as well as my Covert Methods of Entry, Non-destructive Methods of Entry and to purchase the Famous “Dumb Key Force Tool” that opens Smart Key locks in seconds go to Mr. Locksmith Training 

For Locksmith Franchise and Licensing Opportunities go to http://mrlocksmith.com/locksmithfranchise-opportunities/

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Tuesday, August 14, 2018

Abloy High Security Deadbolt Installed by Mr. Locksmith

Abloy High Security Deadbolt Installed by Mr. Locksmith

THESE PRICES AVAILABLE ONLY UNTIL May 31, 2018. YOU MUST BOOK BEFORE THEN.

Mr. Locksmith Abloy High Security Deadbolt

Residents of Vancouver, you have spoken, we have listened. 90% of break-ins are preventable, including at your complex. We’ve put together some recommendations on security upgrades for your complex and for your individual units. The Taymor locks that were installed on your property during the building envelope renovation are not high security. They’re a $10 deadbolt. They are not bump resistant, nor pick resistant. Mr. Locksmith is the largest locksmith company in the Lower Mainland.

If you wish to book an appointment to improve the security of your home  book online.

I am also willing to come to your Strata or Condo AGM or if the owners decide, a security meeting.

Be proactive, do not let a burglar break-in because of a low quality deadbolt installed on your front door.

I train Locksmiths, Military, Police and Government agencies convert and overt methods of entry. The one Deadbolt on the market that has “no known convert” methods of entry and what I consider not only “pick resistant” but “pick proof” is Abloy Protec 2 Deadbolts. Most thieves go for the front door instead of the back door, or the windows. They act like they’re going to buy something, then kick the door in.

Mr. Locksmith™ is an ABLOY® Protec Authorized Dealer

Abloy High Security Deadbolt

Abloy High Security Deadboltt front Door view

Abloy High Security Deadbolt front view

Abloy Deadbolt inside view

Abloy Deadbolt front view

Abloy Deadbolt Vancouver Special front view with Door Reinforcer

Abloy Deadbolt Vancouver Special front view with Door Reinforcer

18″ Strike Plate with 3″ screws to secure the plate to the frame and studs to prevent kick-ins.

Abloy Deadbolt Vancouver Special front view with Door Reinforcer

Abloy Deadbolt Vancouver Special with Door Reinforcer

Abloy High Security Deadbolt Vancouver Special inside view with T-Turn / Door Reinforcer

Prepping the door for installation of an Abloy Deadbolt, Door Reinforcer and Strike Plate (Vancouver Special)

If I get locked out, I know that it will not be an easy job gaining access through my Abloy High Security Deadbolt Protec 2 deadbolt. Most deadbolts and High Security deadbolts can be drilled open is seconds or minutes. I know that I or anybody will be spending a lot of time, effort and money trying to destroy my Abloy deadbolt.

If you wish to book an appointment to improve the security of house or condo book online.

The face of the Abloy High Security Deadbolt has hardened steel and will chew up a dozen expensive drill bits I use to open safes.

Note: most safes are opened with one drill bit.

I have reinforced my door with a Mag Plate that doubles the strength of the door and I have reinforced the door frame with an 18″ strike with 4″ screws attaching it to the door frame making the door and frame more difficult to force or kick open.

Bottom Line: I want to protect my family, my home and my stuff and I sleep better and go to work or vacation knowing I have the best lock, ABLOY Protec 2 deadbolt installed on my doors.

We at Mr. Locksmith suggest Vancouver residents upgrade to an Abloy High Security Deadbolt deadbolt with the following.

MAY 31, 2018 PRICING:

– Abloy deadbolt supplied and installed price per door: $550-$650  + $30 per key.

– OR Schlage B660 with Commercial Grade key and cylinder $400 / $7.50 per key

– Door reinforcer: $45

– 18″ Frame / Strike reinforcer with 3″ screws: $45

– 12″ Interlocking plate: $55

– Full Length Interlocking plate: $200

All prices supplied and installed. GST & PST extra.

There are Vancouver residents who are concerned with their security and have determined that they will require a high security lock. One of the reasons for this has to do with the problem of “Bump Keys” that have recently been highlighted in the news. A Bump Key is a device that works much like a lock pick. In addition, information regarding its construction and use is available to anyone online. As a matter of fact there are literally hundreds of videos detailing how to make and utilize a Bump Key on the Internet!

To make this situation even more serious, it doesn’t take any real level of expertise to use a Bump Key on your Taymor locks in Greenside Estates, since they are easier to use than a lock pick. Also, since a Bump Key resembles a normal key, law enforcers are less prone to noticing them, as opposed to lock picking tools. For this, and other reasons, bump-resistant and pick-resistant locks are in high demand. For locking systems of this nature, one of the most trusted names in deadbolts and other locking devices is Schlage.

Primus High-Security and Schlage B Series Locks

Schlage offers high-security Primus keys and cylinders and can also provide a 2nd milling that gives the advantage of a seamless integration with a current Schlage lock. This will also deter an unauthorized key replication by requiring an entry that is based on a pre-approved signer’s list.

The Schlage B600 Series is a commercial grade deadlock that is also exceptionally good for residential use especially in Greenside Estates, as well. This series of deadlocks possess bronze or solid brass cylinder collars along with an “ice-pick resistant” security shield. They also have ball bearings made of hardened steel, which are designed to protect their 2 heavy¼” mounting bolts against attacks that use a drill bit.

The entire B-Series (standard strikes) include a reinforcer that will attach to a wood frame with 2 heavy 3-inch screws. This design allows it to resist a kick-in attack. It will also resist cylinder wrenching due to its reinforced collars.

These locking systems can be used for more than just securing an entrance door. They are also perfect for protecting; storage facilities, pool gates, utility spaces and anywhere else where a high level of security is desired. The B600 series deadbolts can also be obtained with a choice of solid brass or bronze trim rings.

Specifications For the Schlage B 600 Series

  • Fits 1-1/2″ and 2-1/8″ lock bores
  • Meets ANSI A156.5, 1992, Grade 1 specifications
  • 1″ Bolt throw with concealed hardened steel roller to resist cutting or sawing the latchbolt
  • 2-3/4″ or 2-3/8″ backset latch
  • Accommodates door thicknesses between 1-3/4″ and 2″

We were asked about how to protect your cars, sheds, and windows and patios.

I have the Top 10 security tips to secure your home during the holiday season.

1- Lock Your Doors

2- Lights, leave the TV on

3- Mail

4- Newspapers/Flyers, etc.

5- Alarms

6- CCTV

7- No Gifts seen from the street under the Christmas Tree

8- Lock your windows, doors, etc. all the time.

9- No Empty boxes outside showing off your new TV etc. 

10- Facebook and Social Media

Bonus: Engrave everything, take pictures and serial numbers. 

We get it, you are proud of your acquisitions and your possessions. There is no shame in that as you have worked hard to obtain all these items after all. However, remember a constant stream of boxes littered on obvious places in your house such as TV boxes scattered by the trash bin outside, online shopping shipments delivered to your homes, etc. is one way to get you noticed. Remember, robbers usually scout neighborhoods and mark potential homes as targets before committing a robbery and if you are constantly leaving traces of your purchases outside your home, you may be as well as pointing a big red arrow towards your house

Leaving the Doors and Windows Unlocked
Over a third of burglars enter the house through the front door. After knocking to confirm no one is home, they’ll test the door to see if it’s unlocked. An alarming number of times they’ll discover they’ve hit the jackpot and walk right in. Keep your doors locked, even if you’re just running the kids to school or walking the dog. As a law enforcement officer, I took several reports of burglaries that occurred while the homeowner was right in the backyard playing with the kids. So don’t assume your presence will scare him away.

Lack of a Security System
When keeping your home safe, it’s important to leverage all your assets. This could be neighbors, proper gardening, and the police. But with cops on call several miles away, it’s unlikely that a law-abiding passerby will report a break-in. A security system can help automate this whole process for you, using censors to detect intrusion and reporting the incident to the security company, who can contact the proper authorities. You’ll need allies in your fight against burglars, and a security system is your Bat Signal.

Cars:

Realistically, cars will always get broken into if they are outside in your clusters or your visitor parking.  Auto crime is huge in both Surrey and Langley. Because Greenside Estates does not have a garage, we suggest an alarm and a club to secure them. Do not leave valuables inside of your vehicle at any time.

Windows and Patios:

A Greenside Estates resident mentioned that her neighbours living was broken to enter the house. 3M break resistance film that’s also earthquake resistant will help prevent this. Do not leave your windows and patio door unattended. When leaving your property, close all of your windows and lock them. Unlocked doors and unlocked windows are an open invitation to thieves.

Sheds:

Many residents at Greenside Estates own sheds. Shed security depends on the door, but almost exactly the same protection as your front door (when properly secured). We would install a door blocker on your shed that would fit on the front of the shed deadbolt.

Mail Boxes:

Mr. Locksmith replaces and repairs mailboxes in most cases within 24 hours. There is no reason you need to replace everything. Be cost-effective. Contact us and we’ll give you a quote on fixing your mailroom fast, quick and easy.

If you wish to book an appointment to improve the security of your Vancouver home, call (604) 330-9915 or book online.


Terry Whin-Yates is the Founder, CEO & President of Mr. Locksmith email: tery@mrlocksmith.com

The post Abloy High Security Deadbolt Installed by Mr. Locksmith appeared first on Mr Locksmith Abbotsford.



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Monday, August 13, 2018

Current Mortgage Rates Stay Lower on Monday

We saw mortgage rates dip a little lower on Friday after trouble in Turkey led financial market participants to seek out the perceived safety of long-term government bonds.

Mortgage rates are expected to stay close to current levels this week, but we could see some movement after a few key economic reports get released. Read on for more details.

Where are mortgage rates going?                                            

Rates hold lower to start the week

It’s a quiet start to the week as there are no significant economic reports scheduled for release. That’s keeping long-term government bond yields, which dropped due to an increased demand on Friday after trouble for Turkey’s lira, down near three week lows.

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is currently at 2.88%. That’s basically flat on the day and about six basis points lower from where it was this time last week.

The expectation for this week is the same as it’s been for quite some time, and that’s for current mortgage rates to stay close to present levels. The fact that rates have remained in a tight range all summer (and most of spring) really isn’t the worst thing for borrowers, as many forecasters had expected rates to rise higher than they are now by this time.

The pressure isn’t off quite yet, though, as it is widely anticipated that the Federal Reserve will increase the nation’s benchmark interest rate, the federal funds rate, by at least a quarter-point by the time 2019 rolls around.

According to the CME Group’s Fed Funds futures, there is a 96.0% chance that the federal funds rate will go up a little over a month from now at the FOMC’s September meeting.

That would push the target range up a quarter-point to 2.00%-2.25%. There is still a lot of time between now and December, but at the moment the majority of analysts believe another rate hike will take place then, pushing the fed funds target range up to 2.50%-2.75%.

[contentbox id=”10″]

Rate/Float Recommendation                                  

Lock now before move even higher     

With mortgage rates expected to rise in the coming months, we believe the prudent decision for most borrowers is to lock in a rate sooner rather than later. The longer you wait, the more likely it is that you’ll get a higher rate and pay more interest on your purchase or refinance.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  • Nothing out today.

Notable events this week:     

Monday:   

  • Nothing

Tuesday:   

  • NFIB Small Business Optimism Index
  • Import and Export Prices

Wednesday:         

  • Retail Sales
  • Empire State Mfg Survey
  • Productivity and Costs
  • Industrial Production

Thursday:     

  • Housing Starts
  • Jobless Claims
  • Philly Fed Business Outlook Survey

Friday:          

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.



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Monday, August 6, 2018

Current Mortgage Rates are Flat to Start the Week

It’s a quiet start to the week with mortgage rates holding steady. That could be a trend that persists for the remainder of the week as there’s really not much scheduled on the economic calendar this week.

Thursday and Friday are the only days where we really have some inflation data out that could impact rates. Read on for more details.

Where are mortgage rates going?                                            

Rates start the week flat

After a weaker than expected July monthly jobs report on Friday, we saw financial market participants move out of stocks and into bonds, pushing long-term Treasury yields lower.

Mortgage rates typically move in the same direction as the 10-year yield, so rates drifted a little lower as we stepped into the weekend. The week after a monthly jobs report is historically a slow one and that’s really what the economic calendar points to.

There’s not a whole lot of economic data out, which means the market could be more easily influenced by political and overseas events. If nothing happens on those fronts, we could be in for a boring week with mortgage rates holding steady.

Of course, even in the so-called “stormy week” last week, we didn’t see mortgage rates stray too far from where they’ve been the past couple months.

The writing on the wall has been for rates to increase over the coming weeks and months, but while they did hit a seven-year high in the Freddie Mac Primary Mortgage Market Survey (PMMS) last Thursday, the ascent has so far been made up of little baby-steps.

The Consumer Price Index reading for July on Friday will be the most closely watched economic event. Depending on what happens with that reading we could see mortgage rates move slightly up or down.

[contentbox id=”10″]

Rate/Float Recommendation                                  

Lock now before move even higher     

Mortgage rates are on track to steadily rise in the coming months as the Federal Reserve gets ready to raise the nation’s benchmark interest rate at least one more time this year.

If you’re planning on buying a home or refinancing your current mortgage, we strongly recommend that you take action sooner rather than later. The longer you wait, the more likely it is that you’ll be locking in a higher rate on your loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  • There are no significant economic reports out today.

[contentbox id=”3″]

Notable events this week:     

Monday:   

  • Nothing

Tuesday:   

  • JOLTS

Wednesday:         

  • Fedspeak
  • EIA Petroleum Status Report
  • 10-Yr Note Auction

Thursday:     

  • Jobless Claims
  • PPI-FD
  • Fedspeak

Friday:          

  • Consumer Price Index

[contentbox id=”3″]

*Terms and conditions apply.



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Thursday, August 2, 2018

Current Mortgage Rates Hit Seven-Month High

Current mortgage rates are moving slightly higher this week. However, the biggest economic event of the week–the monthly jobs report for July–will get released tomorrow morning, so we could certainly see mortgage rates adjust when that gets released. Read on for more details.

Where are mortgage rates going?                                       

All eyes on jobs report tomorrow

It’s been a busy week so far. Yesterday, the Federal Open Market Committee (FOMC) met to discuss the direction of the nation’s economic policy. As expected, they decided to keep the nation’s benchmark interest rate–the federal funds rate–unchanged at 1.75%-2.00%.

Notably, they did mention that the U.S. economy has been “rising at a strong rate.” That’s a slightly more hawkish stance than the one they took in June, leading financial market participants to speculate that they will be following through with a quarter-point rate increase in September.

This has caused more money to flow out of bonds and into riskier assets like stocks, pushing long-term Treasury yields higher. The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, is up to 2.98% right now.

That’s a few basis points higher from where it was at the start of the week. Mortgage rates typically move in the same direction as the 10-year yield, so rate have also increased since Monday.

That brings us to the Freddie Mac Primary Mortgage Market Survey (PMMS). Rates increased again this week, hitting a seven-year high. Here are the numbers:

  • The average rate on a 30-year fixed rate mortgage jumped six basis points to 4.6% (0.4 points)
  • The average rate on a 15-year fixed rate mortgage increased six basis points to 4.08% (0.4 points)
  • The average rate on a 5-year adjustable rate mortgage rose six basis points to 3.93% (0.2 points)

Here is what the Economic and Housing Research Group at Freddie Mac had to say about rates this week:

“The 30-year fixed-rate mortgage drifted up for the second consecutive week to 4.60 percent.

The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months. Yesterday, the Federal Reserve passed on raising short-term rates, but with the embers of a strong economy potentially stoking higher inflation, borrowing costs will likely modestly rise in coming months.

Even with home price growth easing slightly in some markets, mortgage rates hovering near a seven-year high will certainly create affordability challenges for some prospective buyers looking to close.”

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Rate/Float Recommendation                                 

Lock now before move even higher     

Current mortgage rates ticked up to a seven-month high this week. Naturally, that doesn’t sound like great news for anyone looking to purchase or refinance. It is a reality, though, so anyone right now needs to think about how they can best position themselves in today’s environment.

Looking at the silver lining, mortgage rates are expected to continue rising over the coming weeks and months, so if you take action soon and lock in a rate, you’ll be much better off than those who choose to wait. All it takes is a few minutes online or a quick phone call with one of our mortgage experts to get you started.

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 218,000 for the week of 7/28/18. That brings the four-week moving average to 214,500.

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Notable events this week:     

Monday:   

  • Pending Home Sales Index
  • Dallas Fed Mfg Survey

Tuesday:   

  • FOMC Meeting Begins
  • Personal Income and Outlays
  • Employment Cost Index
  • S&P Corelogic Case-Shiller HPI
  • Chicago PMI
  • Consumer Confidence

Wednesday:         

  • ADP Employment Report
  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending
  • EIA Petroleum Status Report
  • FOMC Meeting Ends

Thursday:     

  • Jobless Claims

Friday:          

  • Employment Situation
  • International Trade
  • PMI Services Index
  • ISM Non-Mfg Index

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from Total Mortgage Blog https://ift.tt/2LRxJfd