Welcome to the Total Mortgage Current Mortgage Rates Blog. Here’s your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Yesterday I said that Fed officials would likely echo Janet Yellen’s comments during their speaking engagements this week. Well, it’s only Tuesday morning and already we have Philadelphia Fed President Patrick Harker stating “I would not take March off the table at this point.” He went on to stipulate that there would have to be clear evidence that inflation is rising in order for him to back any action next month.
Click here to get today’s latest mortgage rates (Feb. 21, 2017).Treasury yields rose as the news broke, but they’ve since retreated back a bit and are only slightly above yesterday’s close. The yield on the U.S. 10-year Treasury note (the best market indicator of where mortgage rates are headed) is currently trading at 2.43%, which is one basis point up from its previous close. That means mortgage rates haven’t really moved much this morning.
We hear from Patrick Harker again at noon and San Francisco Fed President John Williams at 3:30pm. Harker has most likely used up his market influence for the day but if Williams comes out and talks about a March rate hike that would put more pressure on Treasury yields and mortgage rates.
Click here to get today’s latest mortgage rates (Feb. 21, 2017).Tomorrow we get the FOMC minutes from their meeting three weeks ago. At the time, everyone was surprised by the dovish written statement that was released, but it’s possible that there was more debate about when to hike than it seemed. If that’s what we see in the minutes tomorrow then I would expect mortgage rates to rise.
What does this mean for me?
Mortgage rates seem to be poised for a slight rise by the end of the week. If you’re looking to refinance or purchase a home, I recommend you do it sooner rather than later.
Today’s economic data:
Fedspeak
- Philadelphia Fed President John Harker
- San Francisco Fed President John Williams
- Minneapolis Fed President Neel Kashkari
PMI Manufacturing Index
The PMI manufacturing flash came in at 54.3 for February. That’s a little below the consensus and the previous reading.
Notable events this week:
Monday:
- Markets Closed for President’s Day.
Tuesday:
- Fedspeak
- PMI Manufacturing Index
Wednesday:
- Existing Home Sales
- Fedspeak
- FOMC Minutes
Thursday:
- Jobless Claims
- Fedspeak
- EIA Petroleum Status
Friday:
- New Home Sales
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2m8AbhE
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