Welcome to the Total Mortgage 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?
Predicting which way mortgage rates will go often a frustrating endeavor. A review of the economic data this week, specifically the flat to higher yield on the U.S. 10-year treasury note, would lead one to believe that mortgage rates would have also moved flat to higher. The Freddie Mac Private Mortgage Market Survey (PMMS) revealed this morning that this was not the case.
Strangely enough, mortgage rates retreated backwards this week. The average rate on a 30-year fixed rate mortgage slipped five basis points down to 3.47% (0.6 points); the average rate on a 15-year fixed rate mortgage ticked down one basis point to 2.78% (0.5 points); and the average rate on a 5-year ARM fell one basis point to 2.84% (0.4 points).
Here is what Chief Economist at Freddie Mac, Sean Becketti, had to say about mortgage rates this week:
“Mortgage rates continue to be relatively stable and at near record lows. The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat – up about 2 basis points.”
The Fed Fund futures are staying strong ahead of tomorrow’s GDP report. Right now December has a 78% chance of a rate hike taking place. Those are just about the best odds we’ve seen all year.
What does this mean for me?
Mortgage rates moved lower this week. That’s always good news for borrowers. The average rate on a 30-year fixed is now back under 3.48%, which is where it’s been for the majority of the second half of the year. All of this means that right now is a great time to act if you’re looking to refinance your current mortgage or purchase a home.
Click here to get today’s latest mortgage rates.
Today’s economic data:
Durable Goods Orders
The durable goods report this morning is showing new orders down 0.1% for September. However, that decline is offset by an upward revision of 0.03% to the previous reading. That puts the year on year change at 1.6%. Durable goods less transportation saw a 0.2% change in September, putting it flat on the yearly change. The core capital goods reading fell 1.2% in September, dropping it down to -4.1% year over year.
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 258,000 for the week of 10/22. That’s down 3,000 from the previous week’s revised number. The four-week moving average is now at 253,000. Jobless claims continue to remain around historic lows.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- S&P Case-Shiller HPI
- Consumer Confidence
- Fedspeak
Wednesday:
- International Trade
- New Home Sales
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- Jobless Claims
Friday:
- GDP
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2faQ8Eu
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