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?
Strong jobs report pushes rates higher
The monthly jobs report got released this morning and it surprisingly showed that 209,000 jobs were added in July. That’s well above the 179,000 that was expected by analysts. Furthermore, the unemployment rate dropped by 4.3%, and average hourly earnings moved higher by 0.3%.
Click here to get today’s latest mortgage rates (Aug. 4, 2017).
It’s about as good a report as anyone could have hoped for. Quickly after its release, financial market participants began to move more out of stocks and into bonds, pushing up Treasury yields. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up about five basis points right now, at 2.27%.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are trending higher today. The good news, however, is that the 10-year yield still has to climb a few more basis points until it reaches where it started the week.
The same goes for mortgage rates, which means that rates are still down on the week. We saw in the Freddie Mac Primary Mortgage Market Survey (PMMS) yesterday that mortgage rates were holding steady just a few basis points above 2017 lows.
If there’s one thing that the jobs report reaction is telling us, it’s that rates will go higher if positive economic data comes out. With rates near year lows right now, it could be a prudent decision to act sooner rather than later.
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What does this mean for me?
Lock now while rates are low
Mortgage rates are moving higher today but they are still at very accommodating levels for borrowers. We’ve seen this week that rates can be incredibly fickle, moving several basis points off of a single economic report.
With the long-term trend still projected to be for rates to move higher, anyone looking to purchase or refinance might want to act now while rates are low.
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:
Employment Situation
- 209,000 jobs added
- 4.3% unemployment rate
- 0.3% growth average hourly earnings
International Trade
The nation’s trade deficit narrowed to $43.6 B. That beats out expectations for $44.4 B.
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/2vwBLB4
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