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 6.26.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Mortgage rates continue higher
Investor appetite for risk has grown over the past few days and it’s caused a sell-off in the bond market, pushing Treasury yields and mortgage rates higher. The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going), after falling down close to year lows on Monday, have now risen for two straight days.
Click here to get today’s latest mortgage rates (Jun. 28, 2017).
That’s been a climb of just over ten basis points (one basis point = 0.01). Mortgage rates usually follow behind the 10-year yield, so it’s likely that rates have moved up several basis points as well. A surprisingly hawkish statement from ECB President Mario Draghi started the sell-off and a confident Janet Yellen gave it a little more room to run.
Where we go from here largely depends on what kind of numbers we get in tomorrow’s Q1 GDP revision and Friday’s Personal Income and Outlays report. While GDP is important, investors have already kind of written off a poor first quarter and will therefore be more concerned with the inflation data in Friday’s report.
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The Core PCE price index in the PIC is the Fed’s favorite measure of inflation and if it were to come in at or above the Fed’s target of 2%, that would certainly fan the flames for an upcoming rate hike. Analysts aren’t expecting the numbers to be so kind, but that would just mean if it happened the market response would be more accentuated.
What does this mean for me?
Rates still at historically low levels
Mortgage rates have moved higher by a few basis points recently but they are still at very accommodating levels. If you have been considering a purchase or a refinance, it’s likely that you will get a better deal if you act sooner rather than later.
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:
Fedspeak
- San Francisco Fed President John C. Williams at 3:30am.
International Trade in Goods
The U.S. trade deficit narrowed to $65.9 billion in May.
Pending Home Sales Index
Low inventory is taking its toll on pending home sales which dropped 0.8% in May.
EIA Petroleum Status Report
For the week of 6/23:
- Crude oil: 0.1 M barrels
- Gasoline: -0.9 M barrels
- Distillates -0.2 M barrels
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/2shcw5c
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