Mortgage rates have moved up and down this week but they’re on track to head into the weekend at levels that are lower than what they were on Monday. That’s great news for anyone who is looking to purchase a new home or refinance their current mortgage. Read on for more details.
Where are mortgage rates going?
Rates down on the week
It’s been an up and down week for mortgage rates, although the spikes and dips haven’t been overly aggressive. We saw the largest daily decline on Tuesday after some comments out of the Federal Reserve.
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That dip carried on into Wednesday as global stocks fell into a slump. Yesterday, the situation reversed itself when House Republicans passed their tax bill with a 227-205 vote.
It was a pivotal moment for the bill and investors (who welcome the corporate tax cuts in the bill) took note, moving more into riskier assets like stocks after the news broke.
Today, mortgage rates are down a little bit, meaning that they’re on track to finish the week a few basis points below where they started.
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Rate/Float Recommendation
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Mortgage rates are down on the week, keeping them on the lower end of the spectrum for 2017. The long-term projection is still for them to be higher so we’re recommending that anyone looking to buy a home or refinance their current mortgage to take action sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Housing Starts
Housing starts for October came in at an annualized rate of 1.290 M. Permits came in at an annualized rate of 1.297 M.
Kansas City Fed Manufacturing Index
- 11:00am
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Notable events this week:
Monday:
- Nothing
Tuesday:
- Fedspeak
- PPI-FD
Wednesday:
- Consumer Price Index
- Retail Sales
- Empire State Mfg Survey
- Business Inventories
- EIA Petroleum Status
- Fedspeak
Thursday:
- Jobless Claims
- Philly Fed Business Outlook Survey
- Import and Export Prices
- Industrial Production
- Fedspeak
Friday:
- Housing Starts
- Kansas City Fed Manufacturing Index
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from Total Mortgage Blog http://ift.tt/2j1QV9D
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