Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s a decent bit of economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
Bumpy few days for rates
Mortgage rates have been on a little bit of a ride since the Fed’s decision on Wednesday to raise the federal funds rate. Initially, they slid down several basis points, but yesterday they began to creep back up. Now they’re trending just slightly lower this morning. It’s not unusual for some market volatility after a Fed rate hike decision, as it can take investors a few days to find their footing in the new environment.
Click here to get today’s latest mortgage rates (Mar. 17, 2017).That’s why it’s important to keep an eye on rates, as there’s always a chance that they will dip down in these situations. Looking out over the next few weeks, one would expect mortgage rates to slowly rise, but that is of course dependent on what type of economic data we get.
The Fed made it clear that they are still working from the position that there will be at least two more rate increases in 2017, so investors are carefully watching for any clues about when the next one will take place.
According to the CME Group’s Fed Fund futures prices, it’s going to happen in June. That’s only three months away, and will be here before we know it. If fedspeak continues to lean on the hawkish side, and the economy doesn’t flounder, I think it stands to reason that mortgage rates will move higher over the next few weeks and months.
Click here to get today’s latest mortgage rates (Mar. 17, 2017).What does this mean for me?
Anyone on the hunt for a purchase or a refinance will most likely be better off acting sooner rather than later. The long-term trend still points toward higher rates, so keep an eye on where things are going and make your move when you can.
Today’s economic data:
Industrial Production
Production came in flat for February, while Manufacturing rose by 0.5%. The capacity utilization rate is now at 75.4%.
Consumer Sentiment
Consumer confidence had begun to soften a bit after its election highs, but today’s reading shows a step back in the right direction with a reading of 97.6. That’s up from where it was at the prior reading of 96.3. It’s been a polarizing report the past few months, with Republicans reporting lots of optimism, and Democrats lots of pessimism. In the end, right leaning Independents are swaying the scales toward the high side.
Click here to get today’s latest mortgage rates (Mar. 17, 2017).Notable events this week:
Monday:
- New Atlanta Fed President
Tuesday:
- FOMC Meeting Begins
- PPI-FD
Wednesday:
- Consumer Price Index
- Retail Sales
- Empire State Mfg
- Housing Market Index
- EIA Petroleum Status Report
- FOMC Meeting Ends/Yellen Press Conference
Thursday:
- Housing Starts
- Jobless Claims
- Philly Fed Business Outlook Survey
Friday:
- Industrial Production
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2nvqEF9
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