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 are up a touch: still near 2017 lows
There’s a lot going on today. So far, mortgage rates are trending slightly higher, based on an increasing investor appetite for risk. For anyone who’s been out of touch with the news cycle, there are three major events happening today:
ECB Meeting
The European Central Bank met today to discuss monetary policy and, as expected, they chose to keep interest rates unchanged. What was more interesting was what type of forward guidance they would offer for future interest rate decisions.
Click here to get today’s latest mortgage rates (Jun. 8, 2017).
Just yesterday many analysts had stated that the ECB would only be taking “baby steps” toward normalization in the next few meetings, and that’s just what happened. The only adjustment to their written statement came with the omission of the possibility of moving interest rates lower.
The ECB also lowered their inflation expectations but raised their growth projections. In general, ECB President Mario Draghi came off more dovish than expected and the whole meeting was a bit disappointing from an investor’s perspective.
UK Elections
Today is the day. Citizens of the UK will take to the polling stations for general elections. The big question here is: will Prime Minister Theresa May and her Conservative Party increase their majority in parliament?
That has been the goal of May’s since the get-go, and it would be seen as a surprising and significant defeat if it doesn’t happen. We will start to have a clue into where the votes are going at around 5:00pm EST, but won’t know the final tally until much later into the night.
Comey Testimony
The Comey testimony is currently underway. There haven’t been any market moving statements so far. It’s mostly been various dissections of things that have already been said.
After the release of Comey’s opening remarks yesterday investors breathed a sigh of relief after no more evidence incriminating President Trump was revealed. We’re headed for more relief, which would allow financial market participants to move more easily into stocks and out of government bonds.
What does this mean for me?
Find out what your rate would be
Mortgage rates are up a little bit today but they are still at some of the lowest levels they’ve been at all year. That means it’s a great time for borrowers to lock in a rate on a purchase or refinance.
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:
Jobless Claims
Applications for U.S. unemployment benefits for the week of 6/3/17 fell 10,000 to 245,000. The 4-week moving average is now at 242,000.
ECB Decision
- See above for commentary
Comey Testimony
- See above for commentary
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/2s00sE5
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