We’re wrapping up another week and mortgage rates are on track to wind up right about where they started. We have seen current mortgage rates rise over the past few weeks, which is a trend we expect to continue throughout 2018.
If you’re looking to buy a home or refinance your current mortgage, our recommendation is to take action sooner rather than later. Read on for more details.
Where are mortgage rates going?
Rates looking to finish the week flat
Mortgage rates are basically flat on the week as we head into the weekend.
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If we take a look at the yield on the 10-year Treasury note, we can see that it’s up a little over two basis points, bringing it to 2.65%.
It started the week at about 2.66%, so we’re talking not talking about a big swing this week. Mortgage rates typically move in the same direction as the 10-year yield so rates are back to about where they kicked off the week.
We did see a big jump in rates from the previous week in the Freddie Mac Primary Mortgage Market Survey. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage spiked up eleven basis points to 4.15% (0.05 points)
- The average rate on a 15-year fixed rate mortgage jumped up thirteen basis points to 3.62% (0.05 points)
- The average rate on a 5-year adjustable rate mortgage moved up six basis points to 3.52% (0.4 points)
This is the highest reading for the 30-year fixed rate since last March.
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Rate/Float Recommendation
Lock now while rates are low
Mortgage rates bounced around this week but ultimately finished out the day about where they started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
International Trade in Goods
The Nation’s trade deficit widened to $71.6 billion in December.
Durable Goods Orders
Durable goods orders increased by 2.9% in December, putting them at 11.5%, year over year. Ex-transportation rose 0.6% month over month, bringing it to 8.2%, year over year. Core capital goods fell 0.3%, month over month, putting it at 8.4%, year over year.
GDP
The first estimate for fourth quarter GDP came in at 2.6%. That’s three tenths lower than the consensus. The report is definitely somewhat surprising, but
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
Tuesday:
- Richmond Fed Manufacturing Index
- Fedspeak
Wednesday:
- FHFA House Price Index
- PMI Composite Flash
- Existing Home Sales
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- New Home Sales
- Kansas City Fed Manufacturing Index
Friday:
- International Trade in Goods
- Durable Goods Orders
- GDP
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from Total Mortgage Blog http://ift.tt/2FiXspH
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