It’s the start to another week and mortgage rates are basically flat. Looking at the economic calendar for this week there’s nothing that really pops out as a major market moving release. We do get a few reports at the end of the week, along with the Jackson Hole Symposium, but it’s not a guarantee that those events will have a noticeable effect on rates. That could mean that rates stay near 2017 lows for a little while longer.
Where are mortgage rates going?
Rates are flat to start the week
Not much is happening in the markets right now. There’s no significant economic data out today, so we could see things stay relatively calm until tomorrow. In fact, with no big market-moving reports on the horizon, there is the potential for the whole week to be fairly calm.
Click here to get today’s latest mortgage rates (Aug. 21, 2017).
Of course, it’s impossible to completely rule out any geopolitical drama, but sans that we could be in for a quiet summer week. Thursday and Friday are definitely the days with the greatest likelihood of some action.
On Thursday, the Jackson Hole Symposium kicks off and we get the PMI Composite Flash report. Then on Friday, the Durable Goods report will be released and we hear from Fed Chair Janet Yellen. With so many unplanned events popping up and influencing the market lately, it’s hard to hang your hat on where mortgage rates will be as we head into the weekend.
All we can do is go with certain assumptions. If the economic data on Thursday and Friday points toward growth, and Janet Yellen isn’t too dovish during her talk, then it’s possible rates inch up a few basis points.
On the other hand, disappointing data and a dovish Yellen would certainly send rates lower. Whatever happens, though, it’s unlikely that mortgage rates will stray too far in either direction (unless, of course, there is some serious geopolitical chaos).
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What does this mean for me?
Rates still near year lows
Mortgage rates are continuing to hang around 2017 lows. This is great news for anyone who is either looking to refinance their current mortgage or purchase a new home. It seems like rates might stay here for at least a few days, but mortgage rates can be incredibly fickle.
Our recommendation is to find out what you’re custom rate would be and to lock it in if you find that it’s a good deal.
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:
Chicago Fed National Activity Index
The reading for July came in at -0.01. That puts the 3-month average at -0.05. The consensus was for 0.22.
Notable events this week:
Monday:
- Chicago Fed National Activity Index
Tuesday:
- FHFA House Price Index
- Richmond Fed Mfg Index
Wednesday:
- New Home Sales
- EIA Petroleum Status
- Fedspeak
Thursday:
- Jackson Hole Symposium
- Jobless Claims
- PMI Composite Flash
- Existing Home Sales
Friday:
- Jackson Hole Symposium
- Durable Goods
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2v74SHS
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