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 7.17.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Trouble for Donald Trump’s healthcare bill on Capitol Hill and disappointing economic data and are pushing mortgage rates lower today.
Click here to get today’s latest mortgage rates (Jul. 18, 2017).
Last night, two more Republican senators (Mike Lee of Utah and Jerry Moran of Kansas) came out and said that they would not support the Senate Republican bill to repeal and replace Obamacare. That’s the final blow to the current effort and throws one more wrench in Trump’s pro-growth agenda.
On top of that drama, both the Import and Export Prices report and the Housing Market Index came in at less than stellar levels.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is down over five basis points (one basis point = 0.01) right now and over nine basis points since trading began on Monday. Notably, the 10-year yield passed under the important psychological threshold of 2.30%.
Mortgage rates typically follow in the footsteps of the 10-year yield, so rates are moving lower as well. Rates moved lower last week and are on track to do so again this week.
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What does this mean for me?
Lock while rates are down
Mortgage rates went on a sustained rise a few weeks ago that brought them up over 4% in the Freddie Mac Primary Mortgage Market Survey for the first time in nearly two months. Now, mortgage rates have been trending lower for a little over a week.
That means that this is a great time for anyone looking to refinance or purchase a new home to get in on the dip and lock a rate.
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:
Import and Export Prices
Import and export prices both fell 0.2% in June. That puts import prices at 1.5%, and export prices at 0.6%, year over year.
Housing Market Index
The National Association of Home Builders confidence gauge dropped two points to 64 in July. Analysts had projected a one point increase.
Notable events this week:
Monday:
- Empire State Mfg
Tuesday:
- Import and Export Prices
- Housing Market Index
Wednesday:
- Housing Starts
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- ECB Meeting
Friday:
- Nothing
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