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?
Mortgage rates spike in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released this morning and it’s showing that mortgage rates shot up this week.
- The average rate on a 30-year fixed rate mortgage surged eleven basis points (one basis point = 0.01%) to 4.21% (0.5 points).
- The average rate on a 15-year fixed rate mortgage rose ten basis points to 3.42% (0.5 points).
- The average rate on a 5-year adjustable rate mortgage ticked up nine basis points to 3.23% (0.4 points).
It’s not a very surprising report, as most of the data for last week’s survey was collected before the meteoric rise in expectations for a March rate hike. Still, it’s notable in that it’s the first time over three weeks that treasury yields and mortgage rates moved in the same direction. So for now, it’s back to normal for treasury yields and mortgage rates.
Click here to get today’s latest mortgage rates (Mar. 9, 2017).While mortgage rates might have jumped from where they were last week, they haven’t moved too much so far this week. Yesterday’s ADP employment report nudged them up a little bit, and they have basically not moved from that position today.
The European Central Bank Keeps Rates Unchanged
There was a chance that the European Central Bank could influence the direction of rates during today’s meeting and subsequent press-conference with ECB President Mario Draghi. However, the ECB’s decision to keep rates unchanged and Draghi’s cautious approach was largely anticipated and the market reaction had little impact on mortgage rates.
What does this mean for me?
The next big threat to mortgage rates comes tomorrow morning with the February jobs report. All signs are pointing toward a very healthy headline reading that could push rates higher. It might make sense for anyone looking to lock in the lowest rate to take action today.
Click here to get today’s latest mortgage rates (Mar. 9, 2017).Today’s economic data:
Jobless Claims
Applications for U.S. unemployment benefits increased by 20,000 for the week of 3/4/17, putting new claims at 243,000. The four-week moving average is now up to 236,500.
Import and Export Prices
Import prices rose 0.2% in the month of February, putting it at 4.6% year over year. Export prices rose 0.3%, making it 3.1% year over year.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- International Trade
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- 10-Yr Note Auction
Thursday:
- Jobless Claims
- Import and Export Prices
Friday:
- Employment Situation
from Total Mortgage Underwritings Blog http://ift.tt/2na9OIu
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