Mortgage rates are on track to finish the week a little lower than where they started. This is great news for anyone currently looking to refinance their current mortgage or lock in a rate on a purchase. Read on for more details.
Where are mortgage rates going?
Rates finish the week lower
This past week was filled with potential excitement and market moving news, but in the end it turned out to be a bit of a bust for market action. The FOMC meeting announcement on Wednesday was a non-event with no changes to the Fed’s outlook.
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A quarter-point increase to the federal funds rate in December is all but locked-in at this point, but the markets had already priced that change in so there were barely any adjustments Wednesday afternoon.
Even the biggest event of the week–the decision over the next Fed chair–was far less exciting than expected. The news broke late Wednesday in an article from the Wall Street Journal that Powell was going to be selected by President Trump, which kind of took the air out of Thursday’s big announcement.
Again, Powell had been seen as the front-runner these past couple of weeks, so the markets didn’t make too many changes after the decision was finalized.
That brings us to today where we got the monthly jobs report. It’s always one of the most important reports of the month, but it was a bit overshadowed leading up to it this week due to the aforementioned events.
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In the end, the economy was seen to add 261,000 jobs in October, which is below the 325,000 that was expected but still a solid reading. With a December rate hike already cooked into the books this report held a lot less sway in the market.
While it might have been a more tame week than we expected, the good news is that mortgage rates moved a little lower.
Rate/Float Recommendation
Lock in your rate
Mortgage rates improved slightly this week but are still expected to rise in the long-term, which is why we’re recommending that anyone considering a refinance or purchase locks in a rate now.
Rates are still on the lower end of the spectrum for 2017, so there are plenty of opportunities to take advantage of. It only takes a few minutes online with our Mortgage Builder or a quick phone call to get started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Monthly Jobs Report
The monthly jobs report data is in and it’s showing that 261,000 jobs were added in October, with the unemployment rate ticking down to 4.1%.
International Trade
The nation’s trade deficit widened to $43.5 billion in September.
PMI Services Index
The PMI services index came in at 55.3 for October.
Factory Orders
Factory orders grew by 1.4% in September.
ISM Non-Mfg Index
The ISM Non-Mfg index hit 60.1 in October.
Fedspeak
Minneapolis Fed President Neel Kashkari at 1:00pm.
Notable events this week:
Monday:
- Personal Income and Outlays
- Dallas Fed Mfg Survey
Tuesday:
- FOMC Meeting Begins
- S&P Corelogic Case-Shiller HPI
- Chicago PMI
- Consumer Confidence
Wednesday:
- ADP Employment Report
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
- EIA Petroleum Status Report
- FOMC Meeting Announcement
Thursday:
- Jobless Claims
- Productivity and Costs
- Fedspeak
Friday:
- Monthly Jobs Report
- International Trade
- PMI Services Index
- Factory Orders
- ISM Non-Mfg Index
- Fedspeak
Contact us today to see if we can save you money on your home payments.
from Total Mortgage Blog http://ift.tt/2zuf0jT
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