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?
Busy week ahead – Rates still near 2017 lows
Mortgage rates aren’t moving a lot this morning, but that could quickly change. The week ahead is filled with speaking engagements from Federal Reserve officials, and also contains some important economic releases, such as the FOMC minutes on Wednesday, and a Q1 GDP revision on Friday. With some recent softness in the market, investors will continue to keep their on any communication coming from the fed in order to gauge the likelihood of a rate hike next month.
Click here to get today’s latest mortgage rates (May. 22, 2017).
The general consensus is that a quarter point increase in the federal funds rate is still likely (the CME Group’s Fed Funds futures have the chance of a June increase at 78.5%), but it’s definitely not a guarantee. If the FOMC minutes on Wednesday show that there was more of a fuss over the weak first quarter results than appeared in their May statement, investor concern could strengthen.
It will be even more interesting to see what type of message we get from fed officials during their speaking engagements. Last week we saw that not everyone agrees that a June rate hike is warranted. St. Louis Fed President James Bullard (who is a non-voting member of the FOMC this year) made it very clear that he think the current tightening strategy might be “overly aggressive.”
He talked about inflation data coming in under expectations as well as treasury yields and other market indicators moving in the opposite direction one would expect if a rate hike were about to occur. If the data doesn’t begin to pick up in the next three weeks, the case could get difficult for the fed hawks. It’s one thing to dismiss a soft first quarter, but it’s another to raise the interest rates on the belief that things will get better in the future.
What does this mean for me?
Great time to lock in a rate
Mortgage rates dipped lower last week and they’re still hanging around those levels. Since that means they’re right near 2017, it’s great news for anyone looking to lock in a rate one a purchase or refinance.
To get the most accurate idea of what kind of rate we could offer, you should fill out our short form and get a personalized rate quote. If you’d rather talk to someone, you can always call one of our experienced mortgage specialists.
They can walk you through the same process, clarifying any questions you may have, and let you know what your custom rate quote is.
Today’s economic data:
Fedspeak
- Minneapolis Fed President Neel Kashkari at 10:00am and 6:45pm
- Philadelphia Fed President Patrick Harker at 10:00am
- Fed Governor Lael Brainard at 7:00pm and 7:30pm
- Chicago Fed President Charles Evans at 9:10pm
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- PMI composite Flash
- New Home Sales
- Richmond Fed Mfg Index
- Fedspeak
Wednesday:
- FHFA House Price Index
- Existing Home Sales
- EIA Petroleum Status Report
- FOMC Minutes
- Fedspeak
Thursday:
- International Trade in Goods
- Jobless Claims
- Fedspeak
Friday:
- Durable Goods Orders
- GDP
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2r9M64D
No comments:
Post a Comment