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?
Markets taking cues from foreign developments. Rates move lower.
With little economic data out today, financial market participants are taking their cues from overseas events. The French Election is the main story this morning, with the most recent poll showing far-right candidate Marine Le Pen in the lead with 24% of the vote.
Click here to get today’s latest mortgage rates (Apr. 11, 2017).Centrist candidate Emmanuel Macron is trailing closely behind her at 23%. One recent development is the surging of far-left candidate Jean-Luc Melenchon into fourth place with 18% of the vote, which is only 0.5% behind the third place candidate Francois Fillon. A potential four-way run-off has investors on edge, especially when two of the candidates (Le Pen and Melenchon) have both openly stated that they want a referendum on the country’s membership of the European Union.
Depending on what happens during the election, there could be serious economic ramifications around the globe. We saw a rush into bonds after Brexit, sending yields and mortgage rates down near all-time lows. There’s no reason to believe that pattern would not repeat itself if either Le Pen or Melenchon comes out on top.
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The current jitters that we’re seeing from investors after these polls are a sign of what could happen. The yield on the 10-year Treasury note is down five basis points from where it started the day. That puts it at 2.311%, which is down near 2017 lows.
That’s good news for borrowers, as mortgage rates tend to follow the path of the 10-year yield. Mortgage rates came in just a touch over 2017 lows last week in the Freddie Mac Primary Mortgage Market Survey, and it’s likely that they will sink down further in this week’s report on Thursday.
What does this mean for me?
Rates near 2017 lows. It’s a great time to lock.
Mortgage rates are hovering around year lows. It doesn’t take a mortgage expert to understand that that’s great news for borrowers. If you’re on the hunt for a new home or are want to refinance your current mortgage, right now is a great time to do so. There’s no telling when mortgage rates will spike back up, so the prudent decision would be to take action 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:
JOLTS
The Job Openings and Labor Turnover Survey revealed this morning that there were 5.743 M job openings in February. That’s up 2.1% from the prior reading of 5.626 M. Unfortunately, employers had trouble finding the right people for their positions, causing new hires to fall.
Fedspeak
- Minneapolis Fed President Neel Kashkari speaks at 1:45pm.
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/2nZOpBa
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