It’s the last trading day of 2017 and mortgage rates are mostly flat, on track to finish out the week a little lower than where they started.
Current mortgage rates are expected to rise throughout 2018 so it does seem like the best move for most people looking to buy or refinance is to lock in a rate now. Read on for more details.
Where are mortgage rates going?
Rates finish the week lower
Here we go with the last trading day of 2017. It’s on track to be a fairly quiet one as there’s no significant data out and most everyone already has their eyes on another holiday weekend.
[tmslink name = “rates”]
If we take a look 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 down a little over one basis point from the start of the day at 2.42%.
Except for the big adjustment on Wednesday, which sent Treasury yields and mortgage rates lower by a few basis points, there really hasn’t been much action this week.
Looking back at 2017
Mortgage rates in 2017 largely held around very accommodating levels for borrowers.
According to the Freddie Mac Primary Mortgage Market Survey (PMMS), we can see that the average rate on a 30-year fixed rate mortgage varied from a high of 4.30% on March 16th and a low of 3.78% on September 7th.
Yesterday, we saw in the PMMS that the average on a 30-year fixed is 3.99%. We’re definitely in a better position to start 2018 than many analysts had expected would happen at the beginning of 2017.
The general consensus for 2018 is that mortgage rates are going to gradually increase as the Federal Reserve continues to tighten the nation’s benchmark interest rate and wind down their balance sheet.
[contentbox id=”6″]
Rate/Float Recommendation
Lock now
Given that mortgage rates are expected to rise over the coming months, we think that the best decision for most borrowers is to lock in a rate on a purchase or refinance 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
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
- Closed for Christmas
Tuesday:
- S&P Corelogic Case-Shiller HPI
- Richmond Fed Manufacturing Index
- Dallas Fed Mfg Survey
Wednesday:
- Consumer Confidence
- Pending Home Sales Index
Thursday:
- International Trade in Goods
- Jobless Claims
- EIA Petroleum Status Report
Friday:
- Nothing
[contentbox id=”3″]
from Total Mortgage Blog http://ift.tt/2lh76BN
No comments:
Post a Comment