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?
Slow climb for rates continues
The French election results caused a relief rally for the stock market yesterday. Mortgage rates weren’t affected too much, rising only slightly. The yield on the 10-year Treasury note–the best market indicator of where mortgage rates are going–did tick back up over 2.3% this morning for the first time in over two weeks.
Click here to get today’s latest mortgage rates (Apr. 25, 2017).
There’s a slew of economic data out today and so far all of it has been fairly positive. That’s helping to bolster the rally for another day. It’s worth remembering that mortgage rates are climbing off of 2017 lows in the Freddie Mac PMMS last week, so while they are inching higher, they’re still very low right now.
The first big event of the week is scheduled to happen tomorrow when President Trump releases some details about his tax plan. There’s been a lot of chatter about a proposal to cut the top corporate rate from 35% to 15%. That would definitely be a significant drop, and would certainly ruffle some feathers on Capitol Hill. No one is sure at the moment how Trump would plan on making up for the revenue lost, and it’s been said that will not be addressed tomorrow.
Mortgage rates are still near 2017 lows. See how low your rate could be.
Yesterday we heard from Minneapolis Fed President Neel Kashkari. He’s been one of the more interesting Fed officials to follow, as he often strays from the typical Fed party lines. He didn’t make too many notable comments yesterday, but he did say that he doesn’t see “Infrastructure holding back our economic growth.” That’s in contrast to the disappointed investors who were hoping that Trump’s infrastructure spending would spur domestic growth.
What does this mean for me?
Mortgage rates are slowly creeping higher this week. It’s a trend that seems as though it could continue through the weekend. In this type of environment, it’s recommended that borrowers take action and lock in a rate 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 to make a quick phone call to one of our experienced mortgage specialists to get started.
Today’s economic data:
FHFA House Price Index
Increasing demand drove the FHFA house price index up 0.8% month over month for February. That puts it at 6.4% year over year.
S&P Corelogic Case-Shiller HPI
The 20-city seasonally adjusted index rose 0.7% in February. The 20-city non-seasonally adjusted index ticked up 0.4%, bringing it to 5.9% year over year.
New Home Sales
New home sales for March at an annualized rate of 621,000. That’s the highest reading since July last year.
Consumer Confidence
Consumer confidence fell down a little in April to 120.3. While that’s lower than the 16-year high we saw in March, it’s still a fairly strong reading.
Richmond Fed Mfg Survey
The Richmond Fed mfg index is at 20.0 for April. That’s down from the prior reading but it’s four points above the consensus.
Notable events this week:
Monday:
- Fedspeak
- Dallas Fed Mfg Survey
Tuesday:
- FHFA House Price Index
- S&P Corelogic Case-Shiller HPI
- New Home Sales
- Consumer Confidence
- Richmond Fed Mfg Survey
Wednesday:
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- International Trade in Goods
- Jobless Claims
- Pending Home Sales
- EIA Natural Gas Report
- Kansas City Fed Mfg Index
Friday:
- GDP
- Employment Cost Index
- Chicago PMI
- Consumer Sentiment
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2pedHxK
No comments:
Post a Comment