Current Mortgage Rates Could Rise After Fed Announcement

Here we go with yet another week. There will be a lot to talk about over the next few days as the Federal Reserve’s Federal Open Market Committee meets on Tuesday and Wednesday to discuss the nation’s monetary policy path.

There are also a handful of other economic reports out that could impact mortgage rates. Read on for more details.

Where are mortgage rates going?

All eyes on the Federal Reserve

The FOMC meeting kicks off tomorrow and will wrap up on Wednesday afternoon at 2pm with a written statement and a press conference with Fed Chair Jerome Powell.

Financial market participants are widely anticipating the Fed to follow through with a quarter-point increase to the nation’s benchmark interest rate–the federal funds rate–bringing the target range up to 2.00%-2.25%.

This would be the eighth such increase since of the current cycle. While mortgage rates are not directly tied to the federal funds rate, they do tend to move in the same direction so it’s likely that rates will move higher.

With the rate hike on Wednesday having been close to guaranteed for quite some time now, the more important story will actually be the words that the the Fed uses in its written statement, as well as the answers that Powell gives to reporters during his press conference.

Investors want to know what the Fed is planning on doing in the coming months and will be closely watching for any clues that might appear. Notably, investors will be looking for signs that the Fed is on track for another increase this year, most likely in December.

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Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have been on the rise the past few weeks and that trend is expected to continue over the coming months. If you’re on the market for a new home or to refinance your current mortgage, we strongly recommend that you lock in a rate sooner rather than later.

The longer you wait, the more likely it is that you’ll wind up getting 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 came in at a 0.18 for August. That puts the three month average at 0.24.

Dallas Fed Mfg Survey 

The Production Index hit a 23.3 in September. The General Activity Index hit a 28.1.

Notable events this week:       

Monday:   

• Chicago Fed National Activity Index
• Dallas Fed Mfg Survey

Tuesday:   

• FOMC Meeting Begins
• S&P Corelogic Case-Shiller HPI
• FHFA House Price Index
• Consumer Confidence
• Richmond Fed Manufacturing Index

Wednesday:         

• New Home Sales
• EIA Petroleum Status Report
• FOMC Meeting Announcement/Press Conference

Thursday:     

• Durable Goods Orders
• GDP
• International Trade in Goods
• Jobless Claims

Friday:          

• Personal Income and Outlays
• Chicago PMI Consumer Sentiment
• Fedspeak

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Current Mortgage Rates Hold Higher to Start the Week

It’s another week and mortgage rates are holding steady at the levels they moved up to on Friday. It’s a moderate economic calendar this week with some reports in the latter half that could cause rates to adjust. Read on for more details.

Where are mortgage rates going?                                              

Mortgage rates hold higher after strong jobs report

Here we go with yet another week. It’s a slow start for the markets as there’s little significant economic data scheduled for release; however, Friday’s events are still looming large.

Of course, I’m talking about the monthly jobs report for August, which showed that a very solid 201,000 jobs were added to the U.S. economy for that month. More importantly, average hourly earnings ticked up 0.4%, bringing the yearly growth rate to 2.9%–the highest rate since 2009.

The consensus was for an increase of 0.2%, so the strong uptick caught investors by surprise.

The good news caused financial market participants to increase their appetite for risk and move out of bonds and into stocks, pushing long-term treasury yields higher. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) ticked up about seven basis points to 2.94%.

Mortgage rates typically move in the same direction as the 10-year yield and similarly edged higher as we headed into the weekend. Today, mortgage rates are staying close to those levels as there’s little happening in the markets to make them adjust in either direction.

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Rate/Float Recommendation                                    

Lock now before rates move even higher         

Strong economic data pushed mortgage rates up higher on Friday. We’re expecting rates to continue to shift higher as the Federal Reserve gets ready to increase the nation’s benchmark interest rate later this month.

If you’re planning on buying a home or refinancing your current mortgage, we strongly recommend that you do so sooner rather than later. The longer you wait, the more likely it is that you’ll be locking in a higher interest rate and paying more over the life of your loan.

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

Today’s economic data:               

Fedspeak 

• Atlanta Fed President Raphael Bostic at 11:30am

Notable events this week:       

Monday:   

• Fedspeak

Tuesday:   

• NFIB Small Business Optimism Index
• JOLTS

Wednesday:         

• PPI-FD
• EIA Petroleum Status Report
• 10-Yr Note Auction
• Beige Book

Thursday:     

• CPI
• Jobless Claims
• Fedspeak

Friday:          

• Retail Sales
• Import and Export Prices
• Fedspeak
• Industrial Production
• Consumer Sentiment

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Oldest Lock and Door in Philippines | Mr. Locksmith Blog

Oldest Lock and Door in Philippines | Mr. Locksmith Blog

For further information go to Mr. Locksmith Maple Ridge.

On a recent trip to the Philippines, I was able to see the Oldest Lock and Door in the Philippines.

Mr. Locksmith Terry Whin-Yates Oldest Lock in the Philippines

The oldest documented house in the Philippines was built between 1675 to 1730 and is located in Barangay Parian, Cebu City, Philippines.

Considered to be one of the oldest residential houses in the Philippines, the Yap-Sandiego Ancestral House was built sometime between 1675 and 1700. It was originally owned by a Chinese merchant named Don Juan Yap and his wife, Doña Maria Florido.

The materials used for the construction of the Yap-Sandiego Ancestral House were coral stones that were glued together with egg whites. The roof is made of “Tisa” clay which weighs 1 kilogram in each piece. The wooden parts were made of “balayong” and “tugas” (molave) are considered to be the hardest wood of all time.

The Lock is a very simple wooden construction but it does the trick to secure the door.

 

Mr. Locksmith Oldest Lock in the Philippines

 

Mr. Locksmith House in the Philippines

 

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/

 

 

The post Oldest Lock and Door in Philippines | Mr. Locksmith Blog appeared first on Mr Locksmith Abbotsford.

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Mortgage Rates Continue to Rise

Mortgage rates are continuing to move higher this week. We’ve now seen them rise for two consecutive weeks in the Freddie Mac PMMS. The consensus is for them to continue rising for the foreseeable future. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates rise in the Freddie Mac PMMS again

Mortgage rates have moved higher for the second straight week according to the Freddie Mac Primary Mortgage Market Survey (PMMS). Here are the numbers:

• The average rate on the 30-year fixed rate mortgage moved two basis points higher to 4.54% (0.5 points)
• The average rate on a 15-year fixed rate mortgage ticked up two basis points to 3.99% (0.4 points)
• The average rate on a 5-year adjustable rate mortgage moved up eight basis points to 3.93% (0.3 points)

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

“The 30-year fixed-rate mortgage inched higher for the second straight week.

Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. It’s important to note that mortgage rates are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes.

This weakening in affordability is hindering many interested buyers this fall, even as the robust economy brings them into the market. The good news is that purchase mortgage applications have recently rebounded to above year ago levels.”

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Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have risen these past few weeks and that trend is expected to continue over the coming months as the Federal Reserve gets ready to, and does, increase the nation’s benchmark interest rate.

If you are planning to buy a home or refinance your current mortgage, we strongly recommend that you lock in a rate 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:             

ADP Employment Report

The ADP employment report showed 163,000 jobs added to the U.S. economy in August.

Jobless Claims

Applications filed for unemployment benefits in the U.S. came in at 203,000 for the week of 9/1/18. That’s 10,000 fewer than the previous week, bringing the four-week moving average to 209,500.

Productivity and Costs

Nonfarm productivity rose 2.9% Q/Q in the second quarter of 2018. Unit labor costs fell 0.1%.

PMI Services Index

The PMI Services Index came in at 54.8 for August.

Fedspeak

San Francisco Fed President John Williams is set to speak at 10:00am.

Factory Orders

Factory orders fell 0.8% month over month in July.

ISM Non-Mfg Index

The ISM Non-Mfg index hit a 58.5 in August, up a little from July.

EIA Petroleum Status Report

For the week of 8/31:

• Crude oil: -4.3 M barrels
• Gasoline: 1.8 M barrels
• Distillates: 3.1 M barrels

Notable events this week:     

Monday:   

• Markets Closed

Tuesday:   

• PMI Manufacturing Index
• ISM Mfg Index
• Construction Spending

Wednesday:         

• Fedspeak

Thursday:     

• ADP Employment Report
• Jobless Claims
• Productivity and Costs
• PMI Services Index
• Fedspeak
• Factory Orders
• ISM Non-Mfg Index
• EIA Petroleum Status Report

Friday:          

• Employment Situation
• Fedspeak

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