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 move off of year lows
Yesterday was a busy day, with investors keeping a close eye on three major events. Here are the cliff notes:
- Comey Testimony
Ex-FBI director James Comey testified before the Senate Intelligence Committee. While we did learn a few new pieces of information, there weren’t any explosive moments, and ultimately, investors saw no reason to rush into government bonds (as they did after the Comey memo was released).
- UK Election
You wouldn’t want to be Theresa May right now. Her plan to call a snap-election and seize more seats in parliament before Brexit negotiations begin completely backfired. Instead of gaining a further majority, the Conservative Party lost twelve seats, bring their total to 318.
Click here to get today’s latest mortgage rates (Jun. 9, 2017).
That’s eight short of the 326 needed for a majority. Surprisingly, the Labour Party gained twenty nine seats. Theresa May is trying to create a majority by teaming up with the Democratic Union Party, which now has 10 seats. It’s not entirely clear how the DUP feels about this alliance.
- ECB Meeting
The ECB meeting was the least exciting event of the day. As expected, they did not adjust interest rates. They did, however, lower their inflation expectations and increase their growth projections for the coming years. News from the meeting had very little effect on domestic markets.
The bottom line
Overall, yesterday’s events came and went with relatively little commotion in the markets. Investors seemed to have gotten enough relief to move more into stocks, pushing bond yields up.
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That trend has continued today, with the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are headed) up almost four basis points to 2.22%. That’s a solid increase from the week’s (and year’s) low point of 2.13%.
Typically, mortgage rates move in the same direction as the 10-year yield, so rates are up a little from where they were at the start of the week. They did hit seven month lows, though, in this week’s Freddie Mac Primary Mortgage Market Survey (PMMS), so they’ve got some climbing to do before they get anywhere close to what would be considered high.
What does this mean for me?
Find out what your rate would be
Mortgage rates are up a little bit but still at some of the lowest levels they’ve been at all year. It definitely makes sense for anyone considering a purchase or refinance to crunch the numbers and see if they could get a good deal.
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:
- There are no significant economic reports out today
Notable events this week:
Monday:
- Productivity and Costs
- PMI Services Index
- Factory Orders
- ISM Non-Mfg Index
- Labor Market Conditions Index
Tuesday:
- JOLTS
Wednesday:
- EIA Petroleum Status
Thursday:
- Jobless Claims
- ECB Decision
- Comey Testimony
Friday:
- Nothing
from Total Mortgage Underwritings Blog http://ift.tt/2t2CBB3
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