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?
After a few days off, the markets are back and so is their appetite for riskier assets like oil and stocks. The rush back into those assets is causing yields on “safer” assets like U.S. Treasury bonds to rise. The previous close for the 10-year U.S. Treasury note was 2.48%. Right now, the yield is at 2.51%. Mortgage rates have a tendency to follow behind the 10-year yield, so it’s likely that rates are up a bit today.
As we get back into the swing of things this week, there’s a fair bit of economic data to keep an eye out for, culminating in the monthly jobs report on Friday. It’s the first jobs report of 2017, and it’s also the first piece of truly market moving data since the Fed raised rates a few weeks back.
Similar to last year around this time, investors are eagerly waiting to see if the incoming data will continue to bolster Fed optimism for multiple rate hikes in the coming months. A strong jobs report would help keep the rate hike train rolling with full steam ahead. Conversely, a weak report would increase doubt, and is surely something that the Fed wishes to avoid.
Changes in the Federal Reserve
The new year means a changing of guard at the Fed. It’s a completely normal process that happens every year between the regional Fed Presidents. Here is how the line-up now looks:
Voting members:
- Janet L. Yellen, Board of Governors, Chair
- William C. Dudley, New York
- Lael Brainard, Board of Governors
- Stanley Fischer, Board of Governors & Vice Chairman
- Jerome H. Powell, Board of Governors
- Daniel K. Tarullo, Board of Governors
New voting members:
- Charles L. Evans, Chicago
- Patrick Harker, Philadelphia
- Robert S. Kaplan, Dallas
- Neel Kashkari, Minneapolis
Non-voting members:
- James Bullard, St. Louis
- Esther L. George, Kansas City
- Eric Rosengren, Boston
- Loretta J. Mester, Cleveland
What does this mean for me?
Mortgage rates are starting off the year on the rise. It’s a trend that is likely to continue. I think that anyone looking to refinance or purchase a home is going to be better off acting sooner rather than later.
Today’s economic data:
PMI Mfg Index
The December reading for the PMI index came in at 54.3. That’s a fairly strong number, and points toward growth in both new orders and production.
ISM Mfg Index
The ISM index also had a strong December, coming in at 54.7. That’s the best score in 2-years.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Markets Closed
Tuesday:
- PMI Mfg Index
- ISM Mfg Index
Wednesday:
- ADP Employment Report
- FOMC Minutes
Thursday:
- Jobless Claims
- EIA Petroleum Status Report
Friday:
- Employment Situation
- International Trade
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2j4HJDz
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