Mortgage rates aren’t really moving anywhere as we begin another week. It could potentially be a fairly uneventful next few days with barely any economic data to be released.
The good news is that mortgage rates are still on the lower end of the spectrum for 2017, so right now is a great time to purchase or refinance. Read on for more details.
Where are mortgage rates going?
Rates flat to start the week
It’s a slow start to the week with very little action in the bond market, keeping mortgage rates mostly unchanged.
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Traditionally, the week after an FOMC meeting and a monthly jobs report is a slow one, and after glancing at the economic calendar, it seems like that’s what we’re going to get.
There’s really only one significant economic report out this week: the consumer sentiment report. That will be released on Friday morning. Until then, we’ve got some minor pieces of data to parse through and a government bond auction on Wednesday, but no major economic events to keep an eye on.
All of this means that it could certainly be the type of week where mortgage rates will remain mostly unchanged. However, it’s important to remember that a lack of economic data on the table means that financial market participants will be more susceptible political developments both at home and abroad.
Here in the U.S. investors will continue to digest the GOP tax reform plan. Yesterday, House Speaker Paul Ryan said that he believes they are on track to pass the bill by Thanksgiving.
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Not everyone is as optimistic as Ryan but if news breaks that shows progress toward that goal, we could see some upward pressure on rates. Of course, any roadblocks that would push back the bill’s passage would have the opposite effect.
The main takeaway this week is that there’s nothing that’s really no major events scheduled this week, setting the stage for mortgage rates to hold steady for the second consecutive week.
Rate/Float Recommendation
Great time to lock
Mortgage rates held steady last week and they’re on track to do the same this week. Given that rates are expected to rise over the coming weeks and months, we think that it makes sense to lock in your rate right now.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
- New York Fed President William Dudley at 12:10pm
Notable events this week:
Monday:
- Fedspeak
Tuesday:
- JOLTS
Wednesday:
- EIA Petroleum Status Report
- 10-Yr Note Auction
Thursday:
- Jobless Claims
Friday:
- Consumer Sentiment
Contact us today to see if we can save you money on your home payments.
from Total Mortgage Blog http://ift.tt/2heOPGo
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