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?
Mortgage rates, along with the rest of the financial world, are holding steady as we await the results of the US presidential election. There’s just too much uncertainty hanging around for most investors to bank on one scenario. What we do know (in the most simplistic terms), is that a Hilary win will most likely push mortgage rates higher.
Fed Chair Janet Yellen will keep her job and the track toward a December rate hike will strengthen. The Fed Fund futures are currently showing a 76.3% chance of a rate hike, which is right around where it’s been for the past few weeks. I imagine that number will rise if HRC is declared the victor and Trump doesn’t fight it.
Click here to get today’s latest mortgage rates.
If Donald Trump comes out on top, it’s hard to say exactly what will happen, but I imagine the markets would falter a bit causing mortgage rates to drop. By how much, and how long that would last is hard to say. The 30-year fixed rate mortgage is still hovering around 3.50% this week–just under twenty basis points above the all-time low.
What does this mean for me?
There’s a lot of unknowns floating around right now, but one thing we do know is that mortgage rates are still at very accommodating levels. Anything could happen today, so it’s hard to give advice, but I can say with a reasonable amount of certainty that mortgage rates are not going to surge anytime soon up to levels that will be unappealing to borrowers. For anyone who is looking to purchase a home or refinance their current mortgage, the opportunity to get a good deal should remain for weeks to come.
Click here to get today’s latest mortgage rates.
Today’s economic data:
US Presidential Election
Today is the day, but the data won’t really be out until tomorrow.
Fedspeak
Chicago Fed President Charles Evans will speak twice today. Evans, who is a dovish member of the FOMC, made comments yesterday about how he isn’t completely confident that inflation will continue to rise.
JOLTS
According to data from the Labor Department, there were 5.486 M job openings in September. That’s little changed from the prior reading of 5.443 M.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- US Presidential Election
- Fedspeak
- JOLTS
Wednesday:
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- Jobless Claims
- Fedspeak
Friday:
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2fzU0vI
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