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 are flat today
Mortgage rates moved higher early on Monday morning but so far they haven’t been able to hold any further gains. If we take a look at the 10-year Treasury note yield, which is the best market indicator of where mortgage rates are going, we can see that it’s down about two basis points from yesterday’s close. That means that mortgage rates are moving a little lower right now.
Click here to get today’s latest mortgage rates (May. 11, 2017).
The Freddie Mac Primary Mortgage Market Survey came out a few minutes ago and it showed that rates inched up for the third straight week. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up three basis points to 4.05% (0.5 points)
- The average rate on a 15-year fixed rate mortgage ticked up two basis points to 3.29% (0.5 points)
- The average rate on a 5/1-year adjustable rate mortgage bumped up one basis point to 3.14% (0.5 points)
Here is what chief economist at Freddie Mac, Sean Becketti, had to say about rates this week:
“The 10-year Treasury yield jumped 8 basis points this week while the 30-year mortgage rate rose 3 basis points to 4.05 percent. Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4 percent mark.”
The lowest reading for the 30-year fixed rate in the PMMS this year is 3.97% from April 20, so the fact that we’re only eight basis points above that mark is good news for borrowers. At the beginning of the year, many pundits had predicted rates to be much higher than they are at the moment. The long-term trend is still for rates to rise, but for now, rates are still very favorable.
What does this mean for me?
Mortgage rates continue to be at accommodating levels. That means that anyone looking to lock in a rate on a refinance or purchase should seriously consider locking in a rate sooner rather than later.
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
New York Fed President William Dudley spoke early this morning at the Bombay Stock Exchange in Mumbai, India. His comments stayed away from rate hike speculation, instead they were mostly centered around trade policies, and how the implementation of trade protectionism would do more harm than good.
Jobless Claims
Applications for U.S. unemployment benefits came in at 236,000 for the week of 5/6/17. That’s 8,000 below the prior revised reading and brings the 4-week moving average up to 243,500.
PPI-FD
After a soft March producer prices bounced back in April to a stronger than expected 0.5% growth. That puts it at 2.5% year over year, which is the best 12 month growth rate since February 2012. That’s good news for Fed officials looking to make the case for a rate hike next month.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- NFIB Small Business Optimism Index
- JOLTS
- Fedspeak
Wednesday:
- Import and Export Prices
- EIA Petroleum Status Report
- Fedspeak
- 10-Yr Note Auction
- Treasury Budget
Thursday:
- Fedspeak
- Jobless Claims
- PPI-FD
Friday:
- Consumer Price Index
- Retail Sales
- Fedspeak
- Business Inventories
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2qvJ7Tt
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