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 fall again – remain near lowest levels in months
It’s Thursday after 10:00am and that means that the Freddie Mac Primary Mortgage Market Survey (PMMS) has been released.
Click here to get today’s latest mortgage rates (Jun. 22, 2017).
The survey collects data from numerous mortgage lenders across the nation and compiles it into the most comprehensive snapshot of where mortgage rates are during that time. It’s good news for borrowers this week, with mortgage rates inching lower.
Here are the numbers:
- The average rate on a 30-year fixed rate mortgage inched lower by one basis point (1 basis point = 0.01) to 3.90% (0.5 points)
- The average rate on a 15-year fixed rate mortgage also fell by one basis point to 3.17% (0.5 points)
- The average rate on a 5/1-year adjustable rate mortgage similarly dropped by one basis point to 3.14% (0.5 points)
All three mortgage types are just a hair above year lows. This is now the fifth consecutive week that rates have remained below 4%. Here is what chief economist at Freddie Mac, Sean Becketti, had to say about the dip this week:
“Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”
It’s always important to note that data for the survey is collected early on in the week, so there’s the potential that it doesn’t reflect current market conditions. However, it’s been a fairly uneventful week and mortgage rates haven’t moved all that much, so this week’s PMMS is fairly close to what we’re seeing for rates right now.
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What does this mean for me?
Lock now while rates are low
Mortgage rates are sitting at some of the lowest levels they’ve been at in months. That means that there are plenty of opportunities for some borrowers to lock a very accommodating rate and get a great deal on a monthly payment.
There is still a decent amount of uncertainty moving forward, but the general consensus is that it’s more likely for rates to rise than fall. Given how low mortgage rates are right now, the safe (and smart) decision would be to lock now.
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:
Jobless Claims
Applications for U.S. unemployment benefits rose 3,000 from the prior week to 241,000. That’s a very slight change and it’s right in line with expectations. The four-week moving average is now at 244,750.
Fedspeak
- Fed Governor Jerome Powell at 10:00am
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/2rZ7ndc
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