The week is winding down and mortgage rates are now at some of the lowest levels they’be been at all week. Janet Yellen’s speech today didn’t mention monetary policy at all and as a result mortgage rates improved a bit. This is good news for anyone looking to lock a rate on a purchase or refinance. Read on to get the details.
Where are mortgage rates going?
Rates finish the week lower
There had been a lot of excitement this week around Janet Yellen’s speech at the Jackson Hole Symposium today. In the end, though, her words came and went without any real insight about the future of Fed policy.
Click here to get today’s latest mortgage rates (Aug. 25, 2017).
Instead, she chose to talk about banking regulations and the financial system. It was a definite downer for anyone who was hoping that she would try to steer the markets back on track for a 2017 rate hike.
Upon realization that nothing of import was going to be said, financial market participants moved more into bonds, pushing down the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going).
That yield right now is at 2.17%–just one basis point off from a two month low. Mortgage rates usually move in the same direction as the 10-year yield so rates are similarly down at very low levels.
That was made clear in yesterday’s Freddie Mac Primary Mortgage Market Survey (PMMS), which showed the average rate on a 30-year fixed rate mortgage at a year-to-date low of 3.86% (0.5 point).
Looking ahead to next week, the big market moving event should be the monthly employment situation on Friday.
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What does this mean for me?
Take advantage of some of the best rates of the year
Mortgage rates improved this week and are now at some of the lowest levels of 2017. That’s great news for anyone who has been considering a purchase or refinance. You never know when rates will spike so the prudent decision is to lock now while you have the sure thing.
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:
Jackson Hole Symposium
- The Jackson Hole Symposium continues today.
Durable Goods
New orders fell 6.8% for July, putting them at 4.2% year over year. Ex-transportation they saw a 0.5% rise, making it 5.6% year over year. Core capital goods rose 0.4%, putting it at 3.5% year over year.
Fedspeak
- Fed Chair Janet Yellen at 10:00am.
Notable events this week:
Monday:
- Chicago Fed National Activity Index
Tuesday:
- FHFA House Price Index
- Richmond Fed Mfg Index
Wednesday:
- New Home Sales
- PMI Composite Flash
- EIA Petroleum Status
- Fedspeak
Thursday:
- Jackson Hole Symposium
- Jobless Claims
- Existing Home Sales
Friday:
- Jackson Hole Symposium
- Durable Goods
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2wEBDRh
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