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 continue higher
The global bond market sell-off continues today with the yield on the 10-year Treasury (the best market indicator of where mortgage rates are going) note up about five basis points. It’s been quite the climb over the past few days, going from 2.13% on Tuesday to 2.28% today.
Click here to get today’s latest mortgage rates (Jun. 29, 2017).
We haven’t seen a jump in Treasury yields like that in several weeks. Typically, mortgage rates follow closely behind the 10-year yield, so rates are headed higher.
If there’s any consolation for borrowers, though, it’s that mortgage rates are climbing up from fresh 2017 lows. That’s what the Freddie Mac Primary Mortgage Market Survey (PMMS) showed this morning. Data for the survey was collected right before rates started to rise.
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The average rate on a 30-year fixed rate mortgage hit a new low in the PMMS at 3.88% (0.5 point). That’s one basis point below the previous low set back on June 8th. The 15-year fixed rate mortgage and 5/1-year adjustable rate mortgages both posted numbers close to year lows.
The point is that mortgage rates are climbing out of a deep hole and it will take a while before they get anywhere that is considered high on the year, let alone high on a historical perspective.
What does this mean for me?
Rates still low historically
Mortgage rates have jumped up a bit this week but it’s important to remember that they are still very low on a large scale. There are still many borrowers can get a great deal on a monthly payment, or those who can save with a refinance. You just have to do you due diligence and find out if you’re one of them.
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:
Q1 GDP improves after revision
First quarter GDP got revised up from 1.2% to 1.4%. That’s good news as second quarter growth has slowed a bit.
Jobless Claims
Jobless claims for the week of 6/24/17 came in at 244,000. That’s 3,000 above the consensus and 2,000 above the prior revised reading. The 4-week moving average continues to remain low at 242,000.
Fedspeak
- St. Louis Fed President James Bullard speaks at 1:00pm today.
Notable events this week:
Monday:
- Fedpseak
- Durable Goods Orders
Tuesday:
- Fedspeak
- S&P Case-Shiller HPI
- Consumer Confidence
Wednesday:
- Fedspeak
- International Trade in Goods
- Pending Home Sales Index
- EIA Petroleum Status Report
Thursday:
- GDP
- Jobless Claims
- Fedspeak
Friday:
- Personal Income and Outlays
- Chicago PMI Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2tpxONq
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