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 drop below 4% in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released this morning and it’s showing that mortgage rates took a substantial dip from the previous week. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage fell eleven basis points to 3.97% (0.5 points)
- The average rate on a 15-year fixed rate mortgage sunk eleven basis points to 3.23% (0.5 points)
- The average rates on a 5-year adjustable rate mortgage dropped eight basis points to 3.10% (0.4 points)
These are new lows for mortgage rates in 2017, and it’s the first time the 30-year has fallen below 4% since mid-November. It’s a notable psychological milestone for borrowers. Mounting geopolitical tension was the main driver, pushing investors out of the stock market and into the safer play of government bonds.
Click here to get today’s latest mortgage rates (Apr. 20, 2017).It’s important to note that data for this report is largely gathered early on in the week. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) bottomed out on Tuesday and has since climbed up a few basis points. That means mortgage rates are up a little bit as well, but they are still very close to 2017 lows.
See what your custom mortgage rate would be.
What does this mean for me?
Take action now
Borrowers on the hunt for a new home or a refinance are fortunate to be working with a very accommodating rate environment. If you’ve been on the fence about locking in a rate, my recommendation would be to take action sooner rather than later. Mortgage rates can be extremely fickle, and there’s no telling when they will make a substantial push higher.
It only takes a few minutes to fill out some information and get a personalized rate quote on our website, or to make a quick phone call to one of our experienced mortgage specialists to get started.
Today’s economic data:
Fedspeak
Fed Governor Jerome Powell spoke this morning, stating that the U.S. economy seems to be “at or close to full employment.”
Jobless Claims
Applications for U.S. unemployment benefits rose by 2,000 for the week of 4/15, bringing them up to 244,000. That puts the four-week moving average at 243,000.
Philly Fed Outlook
The Philly Fed General Business Conditions Index came in at 22.0.
Notable events this week:
Monday:
- Empire State Mfg Survey
- Housing Market Index
- Fedspeak
Tuesday:
- Housing Starts
- Fedspeak
- Industrial Production
Wednesday:
- EIA Petroleum Status Report
- Fedspeak
- Beige Book
Thursday:
- Fedspeak
- Jobless Claims
- Philly Fed Outlook
Friday:
- Fedspeak
- PMI Composite Flash
- Existing Home Sales
from Total Mortgage Underwritings Blog http://ift.tt/2ouZFpk
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