It’s a slow day today with no significant economic reports out. The main driver for mortgage rates right now is the easing geopolitical tension with North Korea. That’s allowing investors to take on more risk and is pushing rates higher. Read on for more details.
Where are mortgage rates going?
Mortgage rates head higher to start the week
Last week we got a major risk-off scenario in the markets due to heightened tensions with North Korea. With no further nuclear tests coming out of Pyongyang fears of a military conflict have abated, paving the way for investors to move out of government bonds and into stocks.
Click here to get today’s latest mortgage rates (Sep. 11, 2017).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up about five basis points right now, bringing it up to 2.10%. Mortgage backed securities compete for similar investors as the 10-year Treasury note, and therefore the yields tend to move in the same direction.
So mortgage rates are moving higher this morning, but they’ve got a ways to go before they get to levels that are considered high for 2017–let alone on a longer timeline.
There are no important economic reports scheduled for release today so unless something surprising happens on the political front, it’s unlikely that rates will shift off of their current positions.
Looking ahead to the rest of the week, there isn’t a ton of significant data, but we will get a couple notable inflation reports. However, analysts aren’t expecting any serious upticks so who knows what effect those will actually have on mortgage rates.
Per usual, the big opportunity here would be for the data to come in way above or below expectations, catching investors off-guard and initiating a market shift.
If that doesn’t happen and we don’t get any surprising news stories, it’s conceivable that mortgage rates stick hang around where they are right now as we head into the weekend.
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What does this mean for me?
Find out what your rate would be
Mortgage rates improved to their best positions in months last week. Today they’re moving off those lows but are still at extremely accommodating levels. The opportunity is definitely still there for some borrowers to get a great deal on a purchase or refinance.
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.
Notable events this week:
Monday:
- Nothing
Tuesday:
- JOLTS
Wednesday:
- PPI-FD
- EIA Petroleum Status Report
Thursday:
- Consumer Price Index
- Jobless Claims
Friday:
- Retail Sales
- Empire State Mfg Survey
- Industrial Production
- Business Inventories
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2ji2WLi
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