Mortgage rates are moving lower today. Financial market participants continue to sell off stocks and buy bonds, which is contributing to the push lower for rates.
If you’re considering buying a home or refinancing your current mortgage, we strongly recommend that you consider locking in a rate right now. Read on for more details.
Where are mortgage rates going?
Mortgage rates continue to improve – great time to lock
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, has fallen almost ten basis points since the start of the week, currently sitting at 2.76%.
That’s below the significant psychological threshold of 2.80%. What’s been causing the stock sell-off and subsequent bond purchasing? Investors continue to worry about trade concerns, specifically how certain arrangements will affect the tech sector.
With market participants getting the jitters, we’re seeing a flight to safety toward government bonds. Mortgage rates typically move in the same direction as the 10-year yield.
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Rate/Float Recommendation
Lock now while rates are down
Mortgage rates have fallen the past two days. The fall has come unexpectedly and provides a great opportunity for anyone looking to purchase a home or refinance their current mortgage to lock in a lower rate.
Long-term, mortgage rates are still widely expected to higher as the year unfolds, so the better deals are likely to go to borrowers that take action sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
GDP
The third estimate for fourth-quarter GDP came in at 2.9%. That’s up four tenths from the prior reading. The GDP price index was unchanged at 2.3%. Real consumer spending is up two tenths to 4.0%.
International Trade in Goods
The nation’s trade deficit was expected to improve in February but that wasn’t the case, as it widened slightly to $75.4 billion.
Pending Home Sales Index
The pending home sales index came in at 3.1% for February. That’s a positive step after the 4.7% decline the prior month.
EIA Petroleum Status Report
- 10:30am
Fedspeak
Atlanta Fed President Raphael Bostic at 11:30am.
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Notable events this week:
Monday:
- Chicago Fed National Activity Index
- Dallas Fed Mfg Survey
- Fedspeak
Tuesday:
- S&P Corelogic Case-Shiller HPI
- Consumer Confidence
- Richmond Fed Manufacturing Index
- Fedspeak
Wednesday:
- GDP
- International Trade in Goods
- Pending Home Sales Index
- EIA Petroleum Status Report
- Fedspeak
Thursday:
- Jobless Claims
- Personal Income and Outlays
- Chicago PMI
- Consumer Sentiment
- Fedspeak
Friday:
- Markets Closed for Good Friday
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from Total Mortgage Blog https://ift.tt/2GeXZ0W
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