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?
Rates flat – Stay near 2017 lows
Some weeks are more exciting than others. Unfortunately for mortgage rate watchers, this one was on the tame side of things. There were a couple mild movements throughout the week, but ultimately, mortgage rates are on track to head into the weekend basically right where they were on Monday.
Click here to get today’s latest mortgage rates (Jun. 23, 2017).
The good news for borrowers is that this means rates are still at some of the lowest levels they’ve been at all year. The Freddie Mac Primary Mortgage Market Survey (PMMS) came out yesterday and it showed that the average rate on the 30-year fixed rate mortgage moved one basis point lower to 3.90% (0.5 points).
That’s just one tenth above the lowest reading of the year. Clearly, right now is a borrower friendly environment, so anyone looking to refinance or purchase a home has picked a good time to do so.
We do hear from several Fed officials today, which means it’s possible that there could be some jawboning that pushes rates higher, but that’s far from a guarantee. So far, the word out from the Fed has been a mixed bag of optimism and pessimism about the current rate path.
Looking ahead to next week, there will be more significant economic reports out, including Durable Goods Orders, GDP, and Personal Income and Outlays. Financial market participants want hard data, and not Fed rhetoric, so if these reports swing positive or negative, we could see rates rise or fall.
Freddie Mac PMMS:
- The average rate on a 30-year fixed rate mortgage fell one basis point (1 basis point = 0.01) to 3.90% (0.5 points)
- The average rate on a 15-year fixed rate mortgage fell by one basis point to 3.17% (0.5 points)
- The average rate on a 5/1-year adjustable rate mortgage fell by one basis point to 3.14% (0.5 points)
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What does this mean for me?
Now is the time to purchase or refinance
With mortgage rates at some of the lowest levels they’ve been at in months, anyone looking to purchase a home or refinance their current mortgage should seriously take some action and find out what kind of deal they could get.
There is definitely the possibility for many borrowers to refinance and save on their monthly payments. While there’s no signs of immediate movement on the horizon, the path of mortgage rates is incredibly hard to predict and often results from unseen events.
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:
Fedspeak
- New York Fed President William Dudley at 8:15am
- St. Louis Fed President James Bullard at 11:15am
- Kansas City Fed President Loretta Mester at 12:40pm
- Fed Governor Jerome Powell at 2:15pm
PMI Composite Flash
The PMI composite fell almost one point to 53.0 in June. The manufacturing index also fell several tenths of a point to 52.1, as did the Services reading to 53.0.
New Home Sales
New home sales for May are up to an annualized rate of 610,000 in May. That’s higher than both the prior revised reading of 593,000 and the consensus for 590,000.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- Existing Home Sales
- EIA Petroleum Status
Thursday:
- Jobless Claims
- Fedspeak
Friday:
- Fedspeak
- PMI Composite Flash
- New Home Sales
from Total Mortgage Underwritings Blog http://ift.tt/2s3qvXd
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