Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice. Check out our market outlook series for this week’s big events:
Market Outlook 6.5.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates remain near 2017 lows as we await tomorrow’s events
Mortgage rates are flat today as we march toward tomorrow’s events. How things unfold then will determine where rates head as we go into the weekend.
ECB Meeting
In case you haven’t been paying attention, it’s going to be a busy Thursday. Across the pond we have the European Central Bank meeting to discuss monetary policy, as well as the UK general elections. The ECB isn’t expect to make any changes to their asset purchasing program, but investors will be watching to see what kind of forward guidance they offer.
One interesting tidbit we learned this morning via Bloomberg is that the ECB is set to lower its inflation forecast through 2019. Analysts have been expecting the ECB to talk about winding down in the coming months but with this new inflation forecast it might be a slower process than previously anticipated.
Click here to get today’s latest mortgage rates (Jun. 7, 2017).
UK General Elections
Citizens of the UK will head to the polling stations tomorrow to vote in the snap-election. The polls are showing that the race between the Conservative and Labour parties is as close as ever, but most analysts are still saying that Prime Minister Theresa May and her Conservative Party will walk away with more seats in parliament.
That would give them greater leverage during Brexit negotiations, which was May’s plan all along. Still, the race is close enough to keep investors on the edge of their seat. A market reaction is likely once the results come in.
Comey Testimony
Ex-FBI Director James Comey will speak before the Senate Intelligence Committee tomorrow. It’s definitely the main event here in the states, and will be closely watched by investors in order to see if any further evidence pops up of President Trump meddling with the FBI’s investigation into Russia’s ties to the White House.
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What does this mean for me?
Great time to lock a rate
Mortgage rates have been hanging around 2017 lows all week. That’s obviously good news for anyone looking to purchase a new home or refinance their current mortgage.
If you want to avoid the risk of rising rates tomorrow, our recommendation is to lock today. There is definitely the opportunity for many borrowers to get a great deal and get a low monthly payment for years to come.
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:
EIA Petroleum Status
For the week of 6/7/17:
- Crude: -6.4 M barrels
- Gasoline: 3.3 M barrels
- Distillates: 4.4 M barrels
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/2r5LJUc
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