It’s another very slow day for the markets and subsequently for mortgage rates. The Republican tax reform bill continues to be debated in D.C. but that isn’t having any major effects on financial market participants. Tomorrow and Friday we do have a few opportunities for rates to adjust, so borrowers will want to pay attention. Read on for more details.
Market Outlook 11.6.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates move sideways
It’s been an extremely uneventful week for mortgage rates. With basically no significant economic data out until Friday morning, there’s been no reason for investors to make any big position changes.
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The main talking point this week for market speculators has been the ongoing situation around the Republican tax reform plan. Right now, that bill is being marked up by the House Ways and Means Committee.
These markup sessions are set to end tomorrow, at which point the Senate will release their own version of the bill. For now, though, there’s not much news about the markups other than the usual back and forth between Republicans and Democrats.
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Looking 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 at 2.31% right now, which is unchanged from yesterday’s close and about one basis point below where it started the week.
Mortgage rates typically move in the same direction as the 10-year yield so they’re similarly holding steady today. This puts them on track to move slightly lower in tomorrow’s Freddie Mac Primary Mortgage Market Survey.
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Friday morning there is the greatest chance of a market reaction when the Consumer Sentiment report gets released.
Rate/Float Recommendation
Great time to lock
Mortgage rates are holding steady again today on the lower end of the spectrum for 2017. For that reason, we’re recommending that borrowers lock in a rate on a purchase or refinance. The long-term trend is still for rates to rise so floating brings with it the risk of a higher rate.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
EIA Petroleum Status Report
For the week of 11/3/17:
- Crude oil: 2.2 M barrels
- Gasoline: -3.3 M barrels
- Distillates: -3.4 M barrels
10-Yr Note Auction
- 1:00pm
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/2jaJkJq
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