The markets are closed today in observance of Labor Day. Last week we saw mortgage rates move to some of their lowest levels of 2017, after more geopolitical uncertainty took hold. With no action happening today and not much significant economic data out the rest of the week, rates could stay at very accommodating levels. Read on for more details.
Where are mortgage rates going?
Rates could stay low
Early last week we had North Korea test a ballistic-missile over Japanese airspace. That event heightened investor’s anxiety, pushing many market participants into the perceived safe-haven of government bonds.
Click here to get today’s latest mortgage rates (Sep. 4, 2017).
We saw the yield on the 10-year Treasury note fall to it’s lowest point since early November. Mortgage rates have a tendency to move in the same direction as the 10-year yield, and similarly fell to new 2017 lows.
As the week progressed, investors did begin to find their footing and both the 10-year yield and mortgage rates moved up a few basis points. Still, both remain at levels not seen since June. With North Korea continuing to launch and test missile stockpile, tensions don’t seem anywhere close to abating.
When you combine that geopolitical stress with little economic reports out this week, it makes it difficult for mortgage rates to move up off of their current levels. Wednesday should be the key day this week with the ISM Non-Mfg Index out, but it’s unlikely that we will see rates adjust too far in either direction after that release.
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What does this mean for me?
Take advantage of these low rates
Mortgage rates are sitting at some of the best levels they’ve been at in 2017. We’re not expecting any major market changes this week, but given the way things have been going, it seems wise to expect the unexpected.
If you’ve been thinking about a purchase or refinance, right now really is a great time to lock in a rate. At the very least, you should take a few minutes and figure out what the numbers would come to with your personal situation.
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:
- Nothing: Markets Closed for Labor Day
Notable events this week:
Monday:
- Markets Closed: Labor Day
Tuesday:
- Fedspeak
- Factory Orders
Wednesday:
- International Trade
- PMI Services Index
- ISM Non-Mfg Index
- Beige Book
Thursday:
- Jobless Claims
- Productivity and Costs
- EIA Petroleum Status Report
- Fedspeak
Friday:
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2iY48DF
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