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 7.10.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Mortgage rates fall after dovish Yellen statement
The text of Fed Chair Janet Yellen’s prepared remarks got released this morning ahead of her 10:00am testimony before the House Financial Services Committee.
Investors immediately parsed through it with their fine toothed combs for clues about when the Fed’s balance sheet will begin to unwind and when the next interest rate hike will take place.
Click here to get today’s latest mortgage rates (Jul. 12, 2017).
The search was in vain, though, as a surprisingly dovish Janet Yellen didn’t give any firm timeline commitments on either matter. On the future of rate adjustments, she merely said that she expects gradual rate increases over the next few years.
That is a big letdown for any financial market participants that were hoping she would try to stir up some optimism about an increase at the September FOMC meeting.
A market reaction immediately followed the comments, with the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) falling about five basis points to 2.31%.
That’s the largest drop we’ve seen in over a week, and brings some relief to the bond market which has been undergoing a sustained selloff.
It will be interesting to see how Janet Yellen handles herself during the testimony and if she says anything to exacerbate or soften the reaction from her written statement.
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What does this mean for me?
Mortgage rates still favorable for borrowers
Mortgage rates are still at very accommodating levels for anyone looking to purchase a new home or refinance their current mortgage. Given today’s dip, right now could be a great time to lock in 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:
Fedspeak
- Fed Chair Janet Yellen at 10:00am
EIA Petroleum Status Report
- 10:30am
Beige Book
- 2:00pm
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/2sPGUjk
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