Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Treasury yields are continuing to rise this morning, building off of the increase that took place at the end of last week. There’s no significant economic data out today, so the momentum that we’re currently seeing is mostly due to the anticipation of Fed Chair Janet Yellen speaking tomorrow morning before the Senate Banking Committee.
The following day she goes before the House Financial Services Committee for another testimony, giving her plenty of time to comment on the future of monetary policy. After Fed officials last week resuscitated the belief in a March rate hike, investors are eager to find out if Yellen agrees with that sentiment. No one ever really expects her to come out and clearly lay down the path of rate hikes, but it’s possible she’ll drop a hint here and there.
Click here to get today’s latest mortgage rates (Feb. 13, 2017).Personally, I expect the standard line that “Every meeting is a live meeting and we will base our decision off of the current economic data.” She has already come out with a cautious tone for 2017, and I see no benefit to straying from that position. However, if Yellen were to stoke the rate hike flames with decisive language, treasury yields and mortgage rates would almost certainly see a spike.
There is also important economic data on inflation that will be released on Tuesday and Wednesday. If inflation seems to be surging, that would also put upward pressure on mortgage rates.
What does this mean for me?
There’s a lot of uncertainty in the markets right now. Mortgage rates could see a big rise or fall depending on what happens over the next few days. My recommendation for borrowers is to make sure that all your ducks are in a row, and keep an eye on what happens. Anytime the markets dip down is a good time to act. Long-term it still seems more likely than not that mortgage rates will be much higher.
Today’s economic data:
- Nothing to see here today.
Notable events this week:
Monday:
- Nothing
Tuesday:
- PPI-FD
- PPI
- Fedspeak
Wednesday:
- CPI
- Retail Sales
- Industrial Production
- Fedspeak
- EIA Petroleum Status
Thursday:
- Housing Starts
- Jobless Claims
- Philly Fed Outlook
Friday:
- Nothing
from Total Mortgage Underwritings Blog http://ift.tt/2kLcT2t
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