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 flat
We finally made it to Friday. The monthly employment situation got released this morning and, surprisingly, it showed that 222,000 jobs were added to the U.S. economy in June.
Click here to get today’s latest mortgage rates (Jul. 7, 2017).
That’s more than 50,000 jobs above the 170,000 that was expected by analysts. While the headline reading is certainly a strong one, wage growth continues to be a weak, rising only 0.2%.
On top of that, the prior reading got revised down a tenth of a point to 0.1%. That’s one of the key readings that investors look for in this report, and it’s tempering any big surge in rates that might have been expected given the number of jobs that were added.
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The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are headed) keep swinging up and down by a few basis points, and right now is up two tenths of a point from where they started the day.
That brings it to 2.38%. Given that mortgage rates typically follow the 10-year yield, rates are most likely flat to a touch higher this morning. To get a glimpse of the bigger picture, it’s best to step back and look at some of the data from the Freddie Mac Primary Mortgage Market Survey (PMMS).
The average rate this week for the 30-year fixed rate (the most popular mortgage type) was 3.96%. When it comes down to it, that’s only eight basis points higher than the year low for 2017.
Compared to the thirty four basis points that it would need to climb to get to this year’s high, it’s obvious that rates are still at very accommodating levels on the year.
What does this mean for me?
Find out what your rate would be
Mortgage rates rose this week but they are still at low enough levels for many borrowers to get a great deal on a refinance or purchase.
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:
Employment situation shows U.S. economy added 222,000 jobs
- See above for a detailed assessment.
Notable events this week:
Monday:
- Fedspeak
- PMI Manufacturing Index
- ISM Manufacturing Index
- Construction Spending
Tuesday:
- Markets Closed – July 4th
Wednesday:
- Factory Orders
- FOMC Minutes
Thursday:
- Fedspeak
- International Trade
- Jobless Claims
- ISM Non Mfg Index
- EIA Petroleum Status Report
Friday:
- Employment Situation
from Total Mortgage Underwritings Blog http://ift.tt/2uS7sRE
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