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?
Treasury yields are flat to higher this morning, as are mortgage rates. President Trump issued an executive order yesterday to remove the U.S. from the Trans-Pacific Partnership. It’s sending a protectionist policy message to the markets, and has some financial market participants concerned. Trump continues to meet with top business and political leaders throughout the week, and investors are in stand by mode as they wait to hear any news. If Trump can put some of their concerns at ease and paint the picture of a strengthening U.S. economy, that could cause mortgage rates to jump up by the end of the week.
Click here to get today’s latest mortgage rates.
What does this mean for me?
I still think that mortgage rates are headed higher long term. That means that any borrowers looking to purchase a home or refinance their current mortgage will be better off acting sooner rather than later.
Today’s economic data:
PMI Manufacturing Index
The PMI manufacturing index for January is at 55.1. That’s up from the previous reading of 54.2.
Existing Home Sales
Existing home sales for December fell 2.8% month over month to 5.490 M. That puts them at 0.7% year over year. Economists had predicted existing home sales would be at 5.550 M. There’s been a lot of talk about shortage of supply in the housing market, and this report delivers the goods, as it reveals that the supply of houses is down to levels not seen since 1999. That makes it difficult for buyers, who now have to deal with fewer choices and higher prices.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Nothing
Tuesday:
- PMI Manufacturing Index
- Existing Home Sales
Wednesday:
- EIA Petroleum Status Report
Thursday:
- International Trade
- Jobless Claims
- New Home Sales
Friday:
- Durable Goods Orders
- GDP
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2jYG5DQ
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