It’s a pretty mild week for mortgage rates, with little market movement. We are, however, seeing some upward pressure on rates as we head into the weekend. Read on for more details.
Where are mortgage rates going?
It’s been a very slow week with little economic data out and not much happening on the political front. Yesterday, we got some more news about the Republican tax reform plan, but there really wasn’t anything there that influenced the direction of mortgage rates.
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This morning we got the most notable economic report of the week–the consumer sentiment index–which came in slightly below expectations. If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s up almost seven basis points today.
That’s the largest intraday jump in several weeks. Mortgage rates typically move in the same direction as the 10-year yield, so rates are experiencing some upward pressure today.
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Rate/Float Recommendation
Lock now
Mortgage rates are still on the lower end of the spectrum for 2017. The long-term projection for rates continues to be for them to rise, which is why we’re recommending that borrowers lock in a rate now on a purchase or refinance.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Consumer Sentiment
The consumer sentiment index came in this morning at 97.8 for November. That’s slightly below both the consensus and the prior month’s reading.
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Notable events this week:
Monday:
- Fedspeak
Tuesday:
- JOLTS
Wednesday:
- EIA Petroleum Status Report
- 10-Yr Note Auction
Thursday:
- Jobless Claims
Friday:
- Consumer Sentiment
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from Total Mortgage Blog http://ift.tt/2yrtdKt
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