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?
Markets dealing with uncertainty this week
Regular market trading is closed today in observance of Martin Luther King Jr. Day. However, futures trading is showing that investors are getting out of stocks and into “safer” assets such as gold. It’s a fair move, as the economic outlook is anything but certain this week.
For starters, British Prime Minister Theresa May is slated to give her Brexit speech tomorrow. Some investors are saying that she is going to take the opportunity to put forward the notion of a “hard Brexit.” That would mean that the UK would not have access to the EU’s single market. This has caused the pound to take a hit this morning, falling to its lowest level since last October.
Next up on Wednesday we get inflation data from the CPI early in the morning, and we hear from Fed Chair Janet Yellen in the afternoon. It’s unlikely that inflation will be at or above the Fed’s target of 2%, but if it was, that would put pressure on the Fed to raise rates. The Fed Fund futures are still looking at June as the most likely candidate for a rate hike. The tides can change quickly, though, and if economic data starts falling into place we could see more optimism about an earlier decision.
Click here to get today’s latest mortgage rates.
The big event on the horizon this week is of course Donald Trump’s Inauguration on Friday. The event kicks off at 9am but the official inauguration ceremony doesn’t get going until 12pm. Trump is expected to give a shorter speech shortly after being sworn in. Markets are in wait and see mode for now, but depending on how things go on Friday we could see a swing one way or another.
What does this mean for me?
Mortgage rates are still very low historically. That means the opportunity is there for borrowers to lock in a low rate on a refinance or a purchase. With the markets most likely in a slowdown this week, right now is a good time for borrowers to take action.
Today’s economic data:
- Markets closed today.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Markets Closed: Martin Luther King Jr. Day
Tuesday:
- Fedspeak
Wednesday:
- Consumer Prices Index
- Industrial Production
- Fedspeak
Thursday:
- Housing Starts
- Jobless Claims
- Philly Fed Outlook
- EIA Petroleum Report
- Fedspeak
Friday:
- Fedspeak
- Trump Inauguration
from Total Mortgage Underwritings Blog http://ift.tt/2jCaqVw
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