Welcome to the TMS current mortgage rates blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Click here to get today’s latest mortgage rates.
Where are mortgage rates going?
It’s a slow day. We’re firmly into the Fed blackout before next week’s FOMC meeting on Tuesday and Wednesday, and there’s basically no economic data out today. Stocks are still climbing, pushing up bond yields and mortgage rates alike. The markets are far from calm, though, with Wall Street’s so-called “fear gauge” looming higher. 2016 has been no stranger to volatility, but that doesn’t make it any easier to stomach. What has caused the recent disturbance? Investors are mostly concerned about when the Federal Reserve will move interest rates higher, but uncertainty over the presidential election is another factor at play.
Click here to get today’s latest mortgage rates.
The yield on the U.S. 10-year treasury note is currently trading at 1.69%. That significantly higher than where it was at this time last week. Mortgage rates have a tendency to go wherever the 10-year yields goes, so mortgage rates are also trending higher. Tomorrow morning the Freddie Mac Primary Mortgage Market Survey (PMMS) gets released, and it’s looking like the average rate on a 30-year fixed mortgage will be outside of the 3.41%-3.48% range that it’s been in for the past 11 weeks. The average rate on a 30-year fixed last week was 3.44%.
Click here to get today’s latest mortgage rates.
Fed Fund Futures
Unsurprisingly, the Fed Fund futures hasn’t budged from where it was yesterday. The chances of a rate hike in September, November, and December are 15.0%, 22.0%, and 51.8%, respectively.
What does this mean for me?
The markets are being a little funny at the moment and mortgage rates are higher. Everyone’s situation is different but if you have the time, I would wait until next week after the Fed’s decision to make any final decisions.
Click here to get today’s latest mortgage rates.
Today’s economic data:
EIA Petroleum Status Report
- Crude oil: -0.6 M barrels
- Gasoline: 0.6 M barrels
- Distillates: 4.6 M barrels
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Nothing
Wednesday:
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- PPI-FD
- Retail Sales
- Industrial Production
Friday:
- Consumer Price Index
from Total Mortgage Underwritings Blog http://ift.tt/2cNtOvn
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