Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice. Don’t feel like reading? Check out our market outlook series.
Market Outlook 6.15.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Mortgage rates down on the week
After everything that happened this week, mortgage rates are heading into the weekend slightly lower from where they started. The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are headed) is at 2.15% right now.
We saw treasury yields and mortgage rates bottom out to year lows after poor inflation data on Wednesday, but both climbed back up when the Fed statement was released in the afternoon.
Click here to get today’s latest mortgage rates (Jun. 16, 2017).
The Fed has put it out there that they are trying to stay the course on their current rate hike path, and while investors definitely don’t fully believe that, it did slightly increase their appetite for risk. We’re still in a position where the data coming out needs to pick up or the Fed will be forced to back down and slow their tightening schedule.
Next week is a fairly light one for economic data, but we will get a handful of speaking engagements from Fed officials. It will be interesting to see if they echo the stance taken by Fed Chair Janet Yellen, or if they will temper expectations with a softer position.
If Dallas Fed President Robert Kaplan’s remarks are any indicator, it will be the later. Kaplan spoke today and stated that the Fed does need to be cautious when raising rates.
Rates tick up in Freddie Mac PMMS
The Freddie Mac Primary Mortgage Market Survey got released yesterday. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up two basis points to 3.91% (0.5 points)
- The average rate on a 15-year fixed rate mortgage ticked up two basis points to 3.18% (0.5 points)
- The average rate on a 5/1-year adjustable rate mortgage went up four basis points to 3.15% (0.5 points)
It’s always important to note that data for the survey is collected early on in the week, and therefore it does not have Wednesday morning’s drop priced in.
What does this mean for me?
Lock now while rates are low
Mortgage rates continue to hover around year lows. It still seems more likely that rates will rise than fall, so borrowers will most likely get a better deal acting 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. Or, 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:
Housing Starts
Housing starts dropped 5% in May to 1.092 M. That’s significantly lower than the 1.223 M that analysts had expected.
Consumer Sentiment
Consumer sentiment sunk down to 94.5 for June. That’s the lowest reading since the election.
Fedspeak
Dallas Fed President Robert Kaplan at 12:45pm.
Notable events this week:
Monday:
- Nothing
Tuesday:
- FOMC Meeting Begins
- PPI-FD
Wednesday:
- Consumer Price Index
- Retail Sales
- EIA Petroleum Status Report
- FOMC Meeting Ends
Thursday:
- Jobless Claims
- Philly Fed Business Outlook
- Empire State Mfg
- Import and Export Prices
- Housing Market Index
- Industrial Production
Friday:
- Housing Starts
- Consumer Sentiment
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2sa3iGi
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