With no significant economic data out today it’s a slow start to the week. We are expecting some slight rate adjustments here and there over the next few days but no big swings. Read on for more details.
Where are mortgage rates going?
Rates flat to start the week
Here comes what should be a relatively quiet week for mortgage rates with not much economic data out and the U.S. markets closed on Thursday for Thanksgiving.
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We do get a few significant economic reports out, such as Existing Home Sales, Durable Goods, and the PMI Composite Flash, but analysts aren’t expecting any wild swings that would send rates far off from where they are right now.
On Wednesday afternoon we will also get the release of the Federal Reserve’s FOMC minutes from their previous meeting. Investors will be looking for further confirmation that the Fed is ready to raise the nation’s benchmark interest rate next month.
So what does this all mean for mortgage rates? Well, we’re looking at a week that has the strong potential for rates to stay relatively flat. There’s definitely the possibility for some mild adjustments (possibly higher) when the aforementioned economic reports get released, but those changes should be modest.
Aside from a few outliers, this has been the outlook for nearly every week this year. If we look at the Freddie Mac Primary Mortgage Market Survey data for 2017, we can see that the average rate on a 30-year fixed rate mortgage has been falling somewhere between 3.78% and 4.05% since late April.
On a large scale, that’s really not a very wide range, and it’s also on the lower end of the historical perspective. We have seen rates trend higher after hitting their lowest point of the year back in mid-September–a trend that analysts are expecting will continue with the Fed projected to raise rates next month.
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Rate/Float Recommendation
Lock now
Mortgage rates are flat today and should stay relatively flat all week. As stated above, rates are at low levels on a historical perspective but are projected to rise over the coming weeks and months, leading us to recommend that borrowers lock in their rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
- Nothing to see here today.
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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/2hOuW9h
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