The week continues to march onward and mortgage rates continue to stay in a pretty tight range. Right now, they’re down a little bit as financial market participants wait for the release of the FOMC minutes this afternoon.
Depending on what we get in those notes, we could see current mortgage rates adjust in afternoon trading. Read on for more details.
Market Outlook 1.2.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates down as investors wait for FOMC minutes
Financial market participants are in wait and see mode ahead of the release of the minutes from the FOMC meeting a few weeks ago.
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Those notes tend to shed a little more light on the inner-workings at the Fed, which is something that investors will of course want to tune in and check out.
We know that the FOMC decided to raise rates, but how the actual discussion unfolded is something that could cause investors to alter their positions.
After all, the rate hike outlook for 2018 is not set in stone so market participants will continue to look for clues wherever they may be found.
The FOMC minutes will get released at 2:00pm and the market reaction, if there is one, will happen very quickly after that. The more likely it looks like the Fed is willing and able to raise rates, the more likely it is that mortgage rates will increase.
If for some reason it seems as though the rate hike outlook will get softened, then we could see mortgage rates continue to decline.
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Rate/Float Recommendation
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For now, mortgage rates are still poised to continue their gradual ascent through 2018. That’s why we’re recommending that anyone looking to buy a home or refinance locks in a 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:
ISM Mfg Index
The ISM Mfg Index came in at 59.7 for December. That’s a little higher than the 58.1 that was expected. Notably, the report shows a 14-year high for new orders.
Construction Spending
Construction spending for November rose 0.8%. That brings the year over year change to 2.4%.
FOMC Minutes
The minutes from the FOMC meeting a few weeks ago will be released today at 2:00pm.
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Notable events this week:
Monday:
- Markets Closed: New Year’s Day
Tuesday:
- PMI Manufacturing Index
Wednesday:
- ISM Mfg Index
- Construction Spending
- FOMC Minutes
Thursday:
- ADP Employment Report
- Jobless Claims
- PMI Services Index
- EIA Petroleum Status Report
- Fedspeak
Friday:
- Employment Situation
- International Trade
- Factory Orders
- ISM Non-Mfg Index
- Fedspeak
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from Total Mortgage Blog http://ift.tt/2lSAwFA
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