Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice. Don’t feel like reading? Check out our market outlook series.
Market Outlook 6.19.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates continue to move sideways
Mortgage rates moved a little higher on Monday, a little lower on Tuesday, and so far today they are basically flat. We’re about halfway through our scheduled speaking engagements with Fed officials this week.
Unsurprisingly, it’s been kind of a mixed bag, with some officials saying there is reason for concern, while others saying that they are confident that the current rate path is appropriate. The mixed messages have caused slight bumps in the market, but overall they’ve evened each other out.
Click here to get today’s latest mortgage rates (Jun. 21, 2017).
We get a pause from the Fedspeak until tomorrow, when we hear from Fed Governor Jerome Powell. Then things really pick up on Friday when we’ll hear from four different Fed officials.
Today was the first day of the week where we really got any meaningful economic data with the release of the Existing Home Sales report, and the EIA Petroleum Status Report.
More of a focus was on Existing Home Sales, which did come in with a 1.1% gain in May for a higher than expected annualized rate of 5.620 million. That’s somewhat of a surprise given the extremely low inventory in the housing market right now.
The market reaction to the report has been nearly imperceptible. Moving forward, there’s little reason to believe that anything will budge rates too far off of their current positions this week.
What does this mean for me?
Lock now while rates are low
Mortgage rates don’t seem to be going anywhere this week. Seeing how they are at some of the lowest levels they’ve been at all year, that’s great news for borrowers. Whether you’re considering a refinance or purchase, the possibility is there for you to get a very accommodating rate.
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:
Existing Home Sales
Existing home sales came in at an annualized rate on 5.620 M in May. That’s a rise of 1.1% from the prior reading, and a 2.7% growth year over year.
EIA Petroleum Status
For the week of 6/16/17:
- Crude oil: -2.5 M barrels
- Gasoline: -0.6 M barrels
- Distillates: 1.1 M barrels
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- Existing Home Sales
- EIA Petroleum Status
Thursday:
- Jobless Claims
Friday:
- Fedspeak
- PMI Composite Flash
- New Home Sales
from Total Mortgage Underwritings Blog http://ift.tt/2sQ2siJ
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