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. Stay near 2017 lows
It’s another slow day for the mortgage market. With each day this week there is a slight chance for some excitement, but so far, action has been fairly muted. It seems as though we are destined (once again) to trudge along slowly but surely to the monthly jobs report on Friday.
Click here to get today’s latest mortgage rates (May. 31, 2017).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is flat right now. On the week, it’s down a couple basis points, and at 2.20%, it’s at its lowest position in over a month and a half.
We get the Freddie Mac Primary Mortgage Market Survey (PMMS) tomorrow at 10am sharp, and all signs point toward new 2017 lows. That would be a quick dismantling of the year lows set in last week’s report, and would be the first time in 2017 that we had the 30-year fixed rate stay under 4% in back to back weeks.
Find out what your custom mortgage rate would be.
This is obviously great news for anyone looking to purchase a home or refinance their current mortgage. With it being a slow day today, that provides a great opportunity for borrowers to pick up the phone or fill out our online form to see how low their custom rate would be.
Time is of the essence here as things could start to pick up tomorrow with the release of the ADP employment report, and then on Friday with the monthly jobs report.
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What does this mean for me?
Lock now while rates are low
The safe play for borrowers right now would be to lock in a rate while rates are down. With rates near 2017 lows, the picking is good. If you really want to roll the dice and bank on poor labor data tomorrow and Friday, that’s your decision. Just be warned that analysts are predicting strong data, which could very likely push rates higher.
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:
Chicago PMI
It’s another solid Chicago PMI report, coming in at 55.2 for May. That’s a little below the consensus for 57.5, but still well above the break-even point of 50.
Pending Home Sales Index
Pending home sales fell -1.3% in April. That’s significantly lower than the 0.5% increase that was expected.
Beige Book
The Fed’s Beige Book, which gives anecdotal evidence about the state of the economy in various Fed regions, will get released today at 2:00pm.
Fedspeak
Dallas Fed President Robert Kaplan will speak at 8:00am.
San Francisco Fed President John Williams will speak at 7:30pm.
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/2sdRAbP
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