Current Mortgage Rates for Wednesday, April 5, 2017

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 remain near 2017 lows

Mortgage rates started to move higher this morning, but came back down after the release of the ISM non-mfg report. Financial market participants were feeling a little more confident in the equities market after the ADP employment report showed 263,000 jobs added in March. That’s significantly above the consensus for 170,000, and was well received from investors looking to move assets out of the bond market and into equities.

Click here to get today’s latest mortgage rates (Apr. 5, 2017).

Unfortunately, about an hour and a half later, the ISM non-mfg report came out and told a different story, namely one of slowing employment. With a reading of 55.2, the ISM non-mfg index  fell to a five month low, and employment growth sunk to a seven month low.

That pushed down the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are headed) to just a hair below where it started the day. Mortgage rates tend to move in the same direction as the 10-year yield, so there’s not much change happening at the moment.

Click here to get today’s latest mortgage rates (Apr. 5, 2017).

Tomorrow the Freddie Mac Primary Mortgage Market Survey (PMMS) gets released at 10am sharp and it will most likely show mortgage rates falling once again. Last week the average rate on a 30-year fixed rate mortgage was 4.14%. That’s not far off of the 2017 low of 4.09%. It’s entirely possible that we could see a new 2017 low set tomorrow morning.

What does this mean for me?

It’s a great time to lock a rate

We saw this morning that jobs data can send rates higher. Fortunately for borrowers, that surge was short-lived. However, if strong jobs data comes out again on Friday, we could see an even greater and more sustained surge.

Click here to get today’s latest mortgage rates (Apr. 5, 2017).

With rates continuing to hover around 2017 lows, right now is a great time for anyone looking to lock in a rate on a purchase or refinance to take action. 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 seasoned loan officers to get started.

Today’s economic data:

ADP Employment Report

The ADP employment report is showing that 263,000 jobs were added in March. That’s well above the consensus for 170,000.

ISM Non-Mfg Index

The ISM non-mfg index came in at 55.2 for March. That’s a slowdown to a five month low. Interestingly, employment slowed down to a 7-month low.

EIA Petroleum Status Report

For the week of 4/5/17

• Crude Oil: 1.6 M barrels
• Gasoline: -0.6 M barrels
• Distillates: -0.5 M barrels

FOMC Minutes

• The minutes from the March FOMC meeting will be released today at 2:00pm.

Notable events this week:                                                     

Monday:      

• PMI Manufacturing Index
• ISM Mfg Index
• Construction Spending
• Fedspeak

Tuesday:     

• International Trade
• Fedspeak

Wednesday:   

• ADP Employment Report
• ISM Non-Mfg Index
• EIA Petroleum Status Report
• FOMC Minutes

Thursday:   

• Jobless Claims

Friday:   

• Employment Situation
• Fedspeak

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

from Total Mortgage Underwritings Blog http://ift.tt/2oC6Osm