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?
Busy week ahead
There’s a lot going on this week that could affect mortgage rates. The July Employment Situation (a.k.a. the monthly jobs report) on Friday morning is no doubt the biggest release this week.
Financial market participants always keep a close eye on that report to check in and see where the U.S. labor market is at. Analysts are calling for about 180,000 private sector jobs to be added.
That’s lower than the surprisingly strong June headline reading of 220,000, but still high enough to not cause much concern. Average hourly earnings will be closely watched, with investors hoping that the consensus for a bump up to a 0.3% rise will actually happen.
Click here to get today’s latest mortgage rates (Jul. 31, 2017).
The report gets released on Friday at 8:30am and the market reaction should be swift. In general, positive economic data pushes mortgage rates higher while negative economic data sends them lower.
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We won’t have to wait until Friday for something to happen, though, as there are several economic reports before Friday. On Tuesday, we get both the PCE inflation report and the ISM Mfg report.
Inflation data is always important but it’s even more in the spotlight now that it’s basically the only factor keeping the Fed from going through with a quicker rate tightening schedule. Unfortunately for the Fed, analysts are not expecting inflation to pick up much in June.
The bottom line for this week is that there is the potential for mortgage rates to move around a little, but at the moment, it doesn’t seem like they will stray too far in either direction.
What does this mean for me?
Find out what your rate would be
Mortgage rates are still hanging around levels that are on the lower end of the spectrum for 2017. That means that borrowers have the opportunity to lock in 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:
Chicago PMI
The Chicago PMI came in at a 58.9 for July. That’s below both the prior reading of 65.7 and the consensus for 61.0.
Pending Home Sales Index
Pending home sales rose 1.5% in June. That’s a strong reading and is a welcomed gain after three consecutive negative readings.
Dallas Fed Mfg Survey
The Dallas Fed Mfg Survey came in at 16.8 for July. That’s higher than both the consensus for 13.8 and the prior reading of 15.0.
Notable events this week:
Monday:
- Chicago PMI
- Pending Home Sales Index
- Dallas Fed Mfg Survey
Tuesday:
- Personal Income and Outlays
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- Jobless Claims
- Factory Orders
- ISM Non-Mfg Index
Friday:
- Employment Situation
- International Trade
from Total Mortgage Underwritings Blog http://ift.tt/2tRxtjS
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