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?
Today is Thursday, and that means we are fortunate enough to be graced with the Freddie Mac Private Mortgage Market Survey (PMMS). For the uninitiated, the PMMS uses data from various lenders across the nation to come up with averages on the most common loan products. It’s the most talked about snap-shot of the mortgage rate picture we get every week.
Last week, the PMMS surprisingly showed that rates were mostly unchanged. This week, mortgage rates couldn’t fight off the upward pressure, and moved several basis points higher (one basis point = 0.01). The average rate on a 30-year fixed rate mortgage went up five basis points to 3.47% (0.6 points); the average rate on a 15-year fixed rate mortgage rose four basis points to 2.76%; and the average rate on a 5-year ARM ticked up two basis points to 2.82% (0.4 points).
Here is what Chief Economist at Freddie Mac, Sean Becketti, had to say about the week for mortgage rates:
“This week the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases. The 30-year fixed-rate mortgage moved up 5 basis points to 3.47 percent in this week’s survey, the first increase in one month. Even though we’ve seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve’s 2 percent target.”
Click here to get today’s latest mortgage rates.
What does this mean for me?
Mortgage rates moved up in the Freddie Mac PMMS this week, but they are still in the 3.42%-3.48% range that they’ve been in for the past several months. That means that right now continues to be a good time for borrowers. Time is ticking, though, as it seems likely that rates will continue to gradually rise.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Jobless Claims
Data out from the Labor Department has applications for unemployment benefits for the week of 10/8 at 246,000. That’s unchanged from the prior week’s revised reading. The 4-week moving average is now at 249,250.
EIA Petroleum Status Report
For the week of 10/7:
- Crude oil: -3.0 M barrels
- Gasoline: 0.2 M barrels
- Distillates: -2.4 M barrels
Fedspeak
- Philadelphia Fed President Patrick Harker speaks today at 12:15pm.
- Minneapolis Fed President Neel Kashkari speaks tonight at 9:00pm.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Nothing
Wednesday:
- Fedspeak
- JOLTS
- FOMC Minutes
Thursday:
- Jobless Claims
- EIA Petroleum Status Report
- Fedspeak
Friday:
- PPI-FD
- Retail Sales
- Consumer Sentiment
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2deWYCI
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