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?
Things could pick up as week progresses
The week after the monthly jobs report can sometimes be a slow one. While that might be true for the first couple of days, things could pick up on Wednesday and Thursday when Fed Chair Janet Yellen goes before Congress and the Senate for her semi-annual testimony.
Click here to get today’s latest mortgage rates (Jul. 10, 2017).
Given that there is still not a uniform outlook from the Fed, some financial market participants are wondering if Yellen will take the opportunity to either walk back her statements from the June 14th FOMC meeting, or if she’ll press forward and continue to strike a hawkish tone.
The way things have been going recently, it seems highly unlikely that Yellen will waver from the monetary policy plan recently outlined. The monthly jobs report on Friday, while showing some weakness in average hourly earnings, had a strong enough headline reading to allow the Fed to continue championing further adjustments to the federal funds rate.
There is an FOMC meeting at the end of the month, but no one expects anything to happen then. That brings us to September, but again, the markets are not anticipating any rate adjustments then.
It’s possible the Fed will try to jawbone investors into believing they might raise then (as they’ve done the past two Septembers), but it’s doubtful anything will come of it (unless the tide really begins to change).
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The November meeting is historically another dud, which leaves us with December. Right now, the CME Group’s Fed Fund futures are giving the chance of a quarter point increase at that meeting at just over 50%.
The more investors believe that the Fed will follow through with a rate hike, the more likely it is that mortgage rates will rise.
Today mortgage rates are flat. With basically no significant economic data out, that trend is probably going to continue until at least tomorrow. The biggest threat to rising mortgage rates comes on Friday when we get CPI and Retail Sales.
Investors always keep a close eye on those reports, and if they come in strong we could see rates move higher.
What does this mean for me?
Find out what your rate would be
Mortgage rates are still on the lower end of the spectrum for 2017. That means that many borrowers will be able to get a great deal 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. 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 11:05pm.
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- JOLTS
- Fedspeak
Wednesday:
- Fedspeak
- EIA Petroleum Status Report
- Beige Book
Thursday:
- Jobless Claims
- PPI-FD
- Fedspeak
Friday:
- Consumer Price Index
- Retail Sales
- Industrial Production
- Fedspeak
- Business Inventories
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2t5vd7D
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