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 up slightly
Fed Chair Janet Yellen surprised everyone yesterday when she came out and admitted in her prepared remarks that there are several uncertainties surrounding inflation.
Investors also were left without a clear date of when the next increase to the federal funds rate will take place as well as when the Fed will start to unwind its nearly $4.5 trillion balance sheet.
Click here to get today’s latest mortgage rates (Jul. 13, 2017).
Her remarks caused some financial market participants to move more into government bonds, pushing down yields.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) moved down about six basis points (one basis point = 0.01) but wound up finishing the day about four basis points below where it started.
Today, the 10-year yield is up a little over two basis points. Mortgage rates typically move in the same direction as the 10-year yield, so rates are up a hair today.
Fed Chair Janet Yellen is currently speaking to the Senate Banking Committee for part II of her semi-annual testimony before Congress. Her prepared remarks were the same as yesterday, and so far she hasn’t said anything that’s really jolted investors one way or another.
You can follow allow with the action over at Bloomberg–just make sure you have a cup of coffee close by.
[contentbox id=”8″]
Mortgage rates move higher in the Freddie Mac Primary Mortgage Market Survey
The Freddie Mac PMMS got released a few moments ago and, unsurprisingly, it showed that mortgage rates jumped up from the week before. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage moved up seven basis points to 4.03% (0.5 point)
- The average rate on a 15-year fixed rate mortgage jumped seven basis points to 3.29% (0.5 point)
- The average rate on a 5-year ARM ticked up seven basis points to 3.28% (0.5 point)
This is the first time since May 18, 2017 that the average rate on the 30-year fixed rate has been over 4%. Here is what chief economist at Freddie Mac Sean Becketti had to say about mortgage rates this week:
“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May. Today’s survey rate stands at 4.03 percent, up 7 basis points from last week.”
It’s important to note that the jump displayed in the PMMS is mostly from the market movement last week. So far this week mortgage rates are down a little.
What does this mean for me?
Mortgage rates still on lower end for 2017
Mortgage rates have moved higher the past couple of weeks but they are still at very low levels historically. That means that many borrowers have the opportunity to get a great deal on a purchase or refinance. If you’ve been on the fence, you should definitely find out what your custom rate would be.
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:
Jobless Claims
Applications for U.S. unemployment benefits for the week of 7/8/17 came in at 247,000. That’s 3,000 below the prior revised reading and only 1,000 above the consensus.
PPI-FD
Producer prices moved up a mere 0.1% in June. That brings the year over year rate down four tenths to 2.0%.
Fedspeak
- Fed Chair Janet Yellen testifies before the Senate Banking Committee at 9:30am
- Fed Governor Lael Brainard will speak at 1:00pm
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/2uVyDfg
No comments:
Post a Comment