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?
Rates still at accommodating levels
Treasury yields moved lower yesterday after some disappointing inflation data signaled to the markets that the Fed might have some trouble raising rates any further in 2017.
Click here to get today’s latest mortgage rates (Aug. 2, 2017).
The CME Group’s Fed Funds futures are showing for the first time in a while that there is a slightly greater chance (54.4%) that the federal funds rate will remain unchanged in December.
It will be interesting to see in the coming weeks if the commentary from Fed officials changes at all now that more and more time is unfolding without any pickup in inflation.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) moved down to 2.25%–it’s lowest position in a little over a week.
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With little economic data out today, it’s reasonable to expect current market conditions to persist. That could mean that mortgage rates will move lower again in tomorrow’s Freddie Mac Primary Mortgage Market Survey (PMMS). Rates were just a few basis points above year lows in last week’s survey.
Of course, everything this week is just a lead up to the monthly jobs report on Friday. That report, which will be released at 8:30am Friday morning, is always one of the biggest market moving events of the month and there’s little reason to believe this time around will be different.
Analysts aren’t expecting an overly robust headline reading, but it should be enough to satisfy investors and put the pressure back on inflation data. With important economic reports, the biggest impact on mortgage rates comes when the data doesn’t match expectations.
It doesn’t matter if it comes in too high or too low, any surprises will send investors into adjustment mode and cause some fluctuations in rates. Whether or not that will happen on Friday remains to be seen.
What does this mean for me?
Perfect time to lock in a rate
Mortgage rates are at some of the lowest levels of the year. Clearly, that’s good news for borrowers. It doesn’t matter if you’re refinancing your current mortgage or purchasing a new home–the opportunity is definitely there to lock in a great rate for years to come.
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:
ADP Employment Report
The ADP employment report is showing 178,000 jobs added in July. In a big surprise, June’s reading was revised 33,000 higher to 191,000.
EIA Petroleum Status Report
- Crude oil: -7.2 M barrels
- Gasoline: -1.0 M barrels
- Distillates -1.9 M barrels
Fedspeak
- Cleveland Fed President Loretta Mester at 11:00am
- San Francisco Fed President John Williams at 3:30pm
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/2w6fJCZ
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