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 were up and down yesterday. The 10-year yield ultimately closed at 2.45%. Right now it’s at 2.46%. The 10-year yield is the best market indicator of where mortgage rates are going, as rates tend to mirror whatever the 10-year is doing. That means that this morning mortgage rates are basically flat.
There’s little economic data out today until the FOMC minutes from their December meeting get released at 2:00pm. Depending on what the details show, the markets–and mortgage rates–could rise or fall. If Fed officials come off as more hawkish than previously thought, that could mean that mortgage rates move higher.
Click here to get today’s latest mortgage rates.
Conversely, if we find out that there was unseen hesitation on the part of any Fed officials, that dovishness might concern investors who are counting on an upcoming rate hike. Of course, there is also the possibility that the minutes paint a picture of an FOMC that was ready to hike, and that is ready proceed with further rate hikes when the data is favorable.
That mostly neutral position is the one I believe most financial market participants have adopted, and is likely to move rates higher, but not substantially. At the end of the day, I expect treasury yields, stocks, and mortgage rates to have finished modestly higher.
What does this mean for me?
Mortgage rates are poised to climb higher today. I think that we’ll being seeing this pattern of climb -> pause -> climb repeat itself many times over the coming year. That means that anyone who’s thinking about purchasing a home or refinancing their current mortgage will be better off acting sooner rather than later.
Today’s economic data:
FOMC Minutes
The FOMC minutes from their December meeting will be released today at 2:00pm.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Markets Closed
Tuesday:
- PMI Mfg Index
- ISM Mfg Index
Wednesday:
- FOMC Minutes
Thursday:
- ADP Employment Report
- Jobless Claims
- EIA Petroleum Status Report
Friday:
- Employment Situation
- International Trade
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2hRg60J
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