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?
Mortgage rates hit new 2017 lows
It’s Thursday after 10am and that means the Freddie Mac Primary Mortgage Market Survey (PMMS) has been released. It’s good news for borrowers today, as mortgage rates have fallen to new 2017 lows this week. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage dropped two basis points to 4.08% (0.5 points)
- The average rate on a 15-year fixed rate mortgage sunk two basis points to 3.34% (0.5 points)
- The average rate on a 5-year adjustable rate mortgage fell one basis point to 3.18% (0.4 points)
This is the first PMMS since the Syrian airstrike and the underwhelming March jobs report. Given the market’s reaction to those events, it wasn’t surprising that rates fell to a new year low in this report. Data for the report is mostly collected early in the week on Monday and Tuesday, so it’s not a completely accurate picture of the current market. Fortunately, rates have actually improved since then.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) dropped by a couple basis points yesterday afternoon after President Trump said that the dollar was “too strong.” He went on to say, “Look, there’s sine very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.” Trump also went on to say that his administration is stepping back from its position that China is a currency manipulator.
Click here to get today’s latest mortgage rates (Apr. 13, 2017).Geo-political events (Frexit, North Korea’s nuclear weapons testing, tensions in Syria) have kept investors from making any major forays into the equities market. Today is the last day of trading for the week, as markets are closed tomorrow for Good Friday. We will, however, still get the Consumer Price Index and Retail Sales–the two biggest economic reports of the week.
For now, it doesn’t seem likely that mortgage rates will rise off of 2017 lows until at least next week.
What does this mean for me?
Take action and lock a low rate today
Mortgage rates are down to new 2017 lows, which means right now is a great time to lock in a rate on a purchase or refinance. It seems like rates will stay down until next week, but you really never know. The market can be extremely fickle, and unforeseen events often cause rates to spike. It’s definitely a smart decision to strike while the iron is hot, and lock in a rate today.
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:
Jobless Claims
Jobless claims for the week of 4/8/17 were basically flat, dropping by 1,000 from the previous reading. The 4-week moving average moved lower by 3,000 to 247,250.
PPI-FD
PPI-FD dropped by 0.1% in March. That puts it at 2.3% year over year. Less food and energy the reading is unchanged for the month and at 1.6% year over year. Less food, energy, and trade services it grew by 0.1% in March, putting it at 1.7% year over year.
Consumer Sentiment
Consumer sentiment has surged back up to 98.0 for April. That’s a very strong reading which points toward consumer optimism about the U.S. economy.
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/2paCG7j
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