President Trump is set to speak to the United Nations General Assembly today for the first time during his presidency. It’s an important event and one that financial market participants will be watching closely. No one knows exactly how the speech will unfold, so it’s not clear at this point how, if at all, rates will adjust. Read on for more details.
Market Outlook 9.18.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Fed meeting begins but all eyes are on Trump
Mortgage rates are holding steady today ahead of a landmark speech by President Trump to the United Nations. It’s Trump’s first time addressing the UN and many world leaders, politicians, and financial market participants will be watching.
Click here to get today’s latest mortgage rates (Sep. 19, 2017).
What kind of tone the President strikes and what kind of issues he decides to take up will play a large part in determining how the markets react. Yesterday, when the President briefly addressed the general assembly he was very diplomatic as he recited a clearly scripted statement. If that’s the type of Trump we get today, then the market action might be fairly muted.
The biggest jolt would happen if Trump starts to veer away from prepared remarks and makes some off-the-cuff statements. Doing so, he would almost certainly say something that the markets wouldn’t like, causing investors to take a risk-off stance and move more into the perceived safety of government bonds, pushing mortgage rates lower. It’s not looking like that will happen, but you can never completely write it off.
In other news, the Federal Reserve’s FOMC meeting kicks off today. All of the action, however, will occur tomorrow when the meeting concludes with a written statement followed by a press conference with Fed Chair Janet Yellen. The statement will be released at 2:00pm, and the press conference will be at 2:30pm and run about an hour.
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What does this mean for me?
Mortgage rates still near year lows
Mortgage rates continue to stay around some of the lowest levels of the year. If you’ve been thinking about a purchase or refinance, it definitely makes sense to take five minutes and find out what your custom rate would be.
We’re kind of in a position where it’s hard to see how rates could go much lower than they are right now, so those who act sooner rather than later are likely to get the better 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:
FOMC Meeting Begins
The Federal Reserve’s Federal Open Market Committee meeting begins today. It concludes tomorrow with a written statement and a press conference with Fed Chair Janet Yellen.
Housing Starts
Housing starts came in at an annualized rate of 1.180 million for August. Permits came in at an annualized rate of 1.220 million.
Import and Export Prices
Both import and export prices rose 0.6% in August, putting them at 2.1% and 2.3% year over year, respectively.
President Trump Speaks to the United Nations
- President Trump is set to give a speech at 10:00am this morning.
Notable events this week:
Monday:
- Housing Market Index
Tuesday:
- FOMC Meeting Begins
- Housing Starts
- Import and Export Prices
- President Trump Speaks to the United Nations
Wednesday:
- Existing Home Sales
- EIA Petroleum Status Report
- FOMC Meeting Announcement
Thursday:
- Jobless Claims
- Philly Fed Business Outlook Survey
- FHFA House Price Index
Friday:
- Fedspeak
- PMI Composite Flash
from Total Mortgage Underwritings Blog http://ift.tt/2yb9b6c
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