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?
The markets are closed today because of Good Friday. However, the important retail sales report and consumer prices index got released this morning, and both showed that consumers struggled in the last month of Q1. At the beginning of the week, we were wondering if these reports would be able to bolster investor optimism and nudge assets back into the equities market.
Click here to get today’s latest mortgage rates (Apr. 14, 2017).With the disappointing headline readings, that is definitely not going to happen. As we’ve seen all week, the 10-year yield has been on a steady decline. It started out on Monday at 2.38% and is now at 2.23%. That’s a 15 basis point drop in four days, which is the largest weekly decline since early June. With so many geo-political concerns mounting up, investors felt compelled to move into the safety of government bonds. Fortunately for borrowers, mortgage rates move closely with the 10-year yield, and similarly fell this week down to 2017 lows.
[contentbox id=”7″]
With a fairly light economic calendar next week, geo-political concerns are likely to continue to be the main movers of the economy for the near future. Any sort of altercation with North Korea would conceivably push bond yields and mortgage rates even lower. China recently stepped in and called for a halt to U.S.-North Korea tensions, saying that tensions needed to be resolved before reaching an “irreversible and unmanageable stage.” We’re standing close to the edge of the tipping point, where things are either going to heat up or cool off. For now, though, mortgage rates are sticking around very low levels.
What does this mean for me?
Lock now while rates are at year lows
Mortgage rates fell to new 2017 lows these past couple days, which is great news for anyone looking to purchase a home or refinance their current mortgage. They can’t stay there forever, though, so it definitely makes sense to act sooner rather than later.
It only takes a few minutes to fill out some information and get a personalized rate quote on our website, or a quick phone call to one of our experienced mortgage specialists to get started.
Today’s economic data:
Good Friday
- Banks Open, Markets Closed
Consumer Price Index
The consumer price index dropped by 0.3% in March. That puts it at 2.4% year over year. CPI less food and energy fell 0.1% month over month and is now at 2.0% year over year.
Retail Sales
The March data is out and it’s another poor showing for retail sales. Month over month, retail sales fell by 0.2%. Not only that, but last month’s reading got revised from 0.1% to -0.3%. Retail sales less autos were unchanged on the month, while retail sales less autos and gas rose 0.1%.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- JOLTS
- Fedspeak
Wednesday:
- Import and Export Prices
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- PPI-FD
- Consumer Sentiment
Friday:
- Good Friday: Banks Open, Markets Closed
- Consumer Price Index
- Retail Sales
from Total Mortgage Underwritings Blog http://ift.tt/2oyC0rp
No comments:
Post a Comment