There’s not much economic data out today which translates to a slow day for mortgage rates. We could see the situation change and rates adjust tomorrow as more important economic data comes out and the Fedspeak picks up. At this time, however, we aren’t predicting any major swings in either direction. With rates at very low levels on the year, right now is a great time to purchase or refinance. Read on for more details.
Market Outlook 10.2.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates continue to move sideways at low levels
We’re now two days into the trading week and mortgage rates are continuing to move sideways. With not much significant economic data out today it’s likely that mortgage rates will remain flat throughout the day.
Click here to get today’s latest mortgage rates (Oct. 3, 2017).
Tomorrow we could see things pick up as the ADP employment report gets released, along with the PMI Services Index, ISM Non-Mfg Index, not to mention a speech from Fed Chair Janet Yellen in the afternoon.
Depending on what happens with the data we could see rates adjust in the morning. The way things have unfolded recently, it seems that the most likely outcome would be for the numbers to come in somewhat in line with expectations, thus eliciting minimal excitement from financial market participants.
That, in turn, would keep mortgage rates mostly flat until at least the afternoon. It’s true that Janet Yellen will give the opening remarks at a banking conference tomorrow but there’s no guarantee she will say anything that will move the markets.
Yellen has been more forthcoming than usual over the past couple weeks and it leads one to believe that she’s said everything she has to say for now. Even if she did talk more about another rate, it would seem that the only thing left for her to say that would cause more optimism for investors would be to flat out name December as the definite next time for a quarter point increase to the federal funds rate.
What does this mean for mortgage rates? Well, if Yellen doesn’t say much about anything tomorrow that would likely mean mortgage rates don’t adjust.
With rates still running at some of the lowest levels of the year that’s great news for current homeowners looking to refinance or new buyers looking to purchase.
What does this mean for me?
Find out what your rate would be
Mortgage rates are continuing to run at very accommodating levels for 2017. It does seem that the long-term trend will be for rates to rise, though, so borrowers who act sooner rather than later are likely to get the better deal.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Fedspeak
- Fed Governor Jerome Powell at 8:30am.
Notable events this week:
Monday:
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- ADP Employment Report
- PMI Services Report
- ISM Non-Mfg Index
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- International Trade
- Jobless Claims
- Fedspeak
- Factory Orders
Friday:
- Employment Situation
- Fedspeak
from Total Mortgage Underwritings Blog http://ift.tt/2g8gyF7
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