It’s a calm start to the week with mortgage rates barely moving. That’s good news for borrowers, as it means that rates are continuing to run on the lower end of the spectrum for 2017. Read on for more details.
Where are mortgage rates going?
Rates flat to higher start the week
It’s another slow start to the week with mortgage rates staying mostly flat. There’s not a lot of economic data out today so market action is fairly muted. Investors did take note of Fed Chair Janet Yellen yesterday as she spoke about monetary policy, reaffirming her position that another rate hike will be warranted in 2017.
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Unsurprisingly, she said that while inflation is still running low, she does expect it to pick up. Most financial market participants believe that it doesn’t even matter to the Fed right now if inflation picks up or not–a December rate hike is firmly on the table with about a 92% chance according to the CME Group’s Fed Funds futures.
That news is causing investors to move a little more into stocks this morning pushing the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) up two basis points this morning.
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Mortgage rates usually move in the same direction as the 10-year yield so they’re facing some very mild upward pressure today. Looking ahead to the rest of the week, there really aren’t any major economic releases that could send the markets sprawling one way or another.
With not much happening on the economic front, the door opens for geopolitical events to affect the markets.
What does this mean for me?
Find out what your custom rate would be
Mortgage rates are still on the lower end of the spectrum for 2017, which means that right now is a great time to lock on a purchase or refinance. It only takes a few minutes with our online mortgage builder to dial down on your personal financing situation.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Empire State Mfg Survey
The Empire State General Business Conditions Index came in at 30.2 for October. That’s well above the consensus for 20.0.
Fedspeak
- Minneapolis Fed President at 9:00pm
Notable events this week:
Monday:
- Empire State Mfg Survey
- Fedspeak
Tuesday:
- Import and Export Prices
- Industrial Production
- Housing Market Index
Wednesday:
- Fedspeak
- Housing Starts
- EIA Petroleum Status Report
- Beige Book
Thursday:
- Jobless Claims
- Philly Fed Business Outlook Survey
Friday:
- Existing Home Sales
- Fedspeak
from Total Mortgage Blog http://ift.tt/2kUfjhq
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