Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Market Outlook 7.31.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates are trending lower this morning
We got the week’s first important batch of economic data this morning. Overall, things were mixed but the bad was definitely worse than the good.
The Fed’s favorite inflation reading, Core PCE, only moved higher by 0.1%. Inflation has been on the hot seat recently with it being a major factor in the Fed’s decision to hold off on any rate increases.
Click here to get today’s latest mortgage rates (Aug. 1, 2017).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) initially rose slightly after the PCE report but has since fell down about three basis points to 2.26%. Mortgage rates typically move in the same direction as the 10-year yield so rates are likely down a little this morning.
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What does this mean for me?
Great time to lock a rate
Mortgage rates have been down near 2017 lows recently and that trend is continuing today. If you’ve been thinking about a purchase or refinance, right now is 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:
Personal Income and Outlays
Personal income didn’t budge at all in June. Consumer spending barely moved higher with a 0.1% gain. The PCE Price Index also didn’t move in June, putting it at 1.4% year over year.
Core PCE increased by a mere 0.1%, putting it at 1.5% year over year. By all accounts it’s a weak report. It’s disappointing given that analysts had projected at least a few respectable measures of growth.
PMI Manufacturing Index
PMI came in one tenth of a point over expectations at 53.3 for July.
ISM Mfg Index
The ISM Mfg index came in at 56.3 for July. That’s slightly down from June but still a strong reading.
Construction Spending
Construction spending was projected to pop into positive territory for the first time in five months but it didn’t happen. Instead, it came in at -1.3%. That now puts it at 1.6% year over year.
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/2tVAzne
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