Hope you enjoyed your Thanksgiving.
The markets were closed yesterday, but reopened today, with the stock and bonds markets closing early.
It’s been a fairly slow week for mortgage rates and it seems like they will head into the weekend mostly unchanged from where they started the week.
Where are mortgage rates going?
Rates mostly unchanged on the week
With the markets closed yesterday and a lack of economic data to sift through, it’s been a calm week for financial market participants.
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Rates have had some minor adjustments but overall they seem destined to finish out the week right where they started. Here are the numbers from the Freddie Mac Primary Mortgage Market Survey this week:
- The average rate on a 30-year fixed rate mortgage moved down three basis points to 3.92% (o.5 points)
- The average rate on a 15-year fixed rate mortgage rose one basis point to 3.32% (0.4 points)
- The average rate on a 5-year adjustable rate mortgage also rose by one basis point to 3.22% (0.4 points)
Here is what Chief Economist at Freddie Mac Sean Becketti had to say about this week for mortgage rates:
“Rates dipped slightly in a short week leading up to the Thanksgiving holiday. The 10-year Treasury yield fell roughly 4 basis points, while the 30-year mortgage rate dropped 3 basis points to 3.92 percent. Mortgage rates continue to remain low.”
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Rate/Float Recommendation
Lock now
We’ve seen mortgage rates hang around very accommodating levels for borrowers for the majority of 2017. While we do think that they will stay at favorable levels, they are expected to rise over the coming weeks and months, so our recommendation is to lock sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
PMI Composite Flash
The PMI composite flash for November got released today with a headline reading of 54.6. Manufacturing came in at 53.8, while services hit 54.7. Overall, growth did slow a little bit from the prior report but it’s nothing that investors are too concerned about.
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Notable events this week:
Monday:
- Nothing
Tuesday:
- Existing Home Sales
- Fedspeak
Wednesday:
- Durable Goods Orders
- Jobless Claims
- Consumer Sentiment
- EIA Petroleum Status Report
- FOMC Minutes
Thursday:
- Markets Closed: Thanksgiving
Friday:
- PMI Composite Flash
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from Total Mortgage Blog http://ift.tt/2A2QfLp
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