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 remain near 2017 lows
Most of the economic data that came out this morning (see below) was good enough to support the June rate hike decision by the FOMC, but it wasn’t good enough to create a sustained rally in the bond market. Treasury yields spiked a couple basis points immediately after the personal income and outlays report at 8:30am, but quickly retreated back down several basis points and now stand at -0.3 on the day.
Click here to get today’s latest mortgage rates (May. 30, 2017).
While that might not be great news for investors, it does keep mortgage rates down at some of the lowest levels they’ve been at all year. Rates fell about a week and a half ago and have yet to make a lasting ascent since then. The Freddie Mac Primary Mortgage Market Survey (PMMS) last Thursday had rates at the lowest they’d been all year.
If no major market moves happen over the next 24 hours, it’s entirely possible that mortgage rates come in at new 2017 lows in this week’s PMMS. The biggest impact on the markets this week should be the monthly employment situation report on Friday. That’s always one of the most significant reports every month, and there’s even more of a focus this go-around as it’s the last major labor market reading before the Fed’s June meeting.
Find out what your custom mortgage rate would be.
We’re kind of in that situation where as long as the numbers aren’t terrible, those in the pro-rate hike camp will see it as a win. It would seriously complicate things if it came in well under expectations.
That would be quite the wrench in the plan, and it’s really hard to say how Fed officials would react. The picture for mortgage rates should be fairly straightforward: a strong report would likely push rates higher, while a weak report would send them lower.
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What does this mean for me?
Lock now for the sure thing
The current mortgage rate environment has some of the best rates of the year. If you want to avoid the risk of rising rates later in the week, you should take action either today or tomorrow.
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:
Personal Income and Outlays
The April personal income and outlays report came in right in line with expectations. The month over month change for personal income was a gain of 0.4%. Consumer spending also rose 0.4% month over month. The PCE price index ticked up 0.2%, month over month, but actually dropped two tenths in the year over year reading to 1.7%. Core PCE price index moved up 0.2% month over month, but fell in the year over year reading from 1.6% to 1.5%.
S&P Corelogic Case-Shiller HPI
Surprise, surprise–home prices are moving higher. The seasonally adjusted 20-city index rose by 0.9% in March, beating expectations for 0.8%. The non-seasonally adjusted rate moved up 1.0%, which is much higher than the 0.4% that analysts had estimated. The year over year rate for the 20-city non-seasonally adjusted index remained unchanged at 5.9%.
Consumer Confidence
Consumer confidence moved a little lower in May, but is still at a solid 117.9. That’s now six consecutive readings over 110.
Notable events this week:
Monday:
- Markets Closed: Memorial Day
Tuesday:
- Personal Income and Outlays
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
Wednesday:
- Fedspeak
- Chicago PMI
- Pending Home Sales Index
- Beige Book
Thursday:
- ADP Employment Report
- Jobless Claims
- Productivity and Costs
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
- EIA Petroleum Status
Friday:
- Monthly Employment Situation
- International Trade
from Total Mortgage Underwritings Blog http://ift.tt/2rjJ6lo
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