Current Mortgage Rates Flat to Start the Week

It’s another busy week on tap for the U.S. markets. Mortgage rates are moving sideways right now but that could certainly change over the next few days as we get a number of economic reports and hear from some Fed officials. Read on for more details.

Where are mortgage rates going?                                               

Trade tension eases slightly ahead of another busy week

Here we go with another busy week. It’s a short one, too, with the markets closed at the end of the week for Good Friday.

We’ve got a handful of notable economic reports out for release this week such as, consumer confidence, Case-Shiller house price index, GDP, personal income and spending, core PCE and Chicago PMI.

Financial market participants will be keeping an eye on these reports and could certainly make some changes to their portfolios depending on what the data says.

We will also be hearing from several Fed officials this week. It will be interesting to see what type of position many of them take and how they move forward after last week’s decision to raise the federal funds rate by a quarter-point.

Right now, mortgage rates aren’t doing a whole lot. The yield on the 10-year Treasury note is holding steady at 2.83%. Mortgage rates typically move in the same direction as the 10-year yield.

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Rate/Float Recommendation                           

Lock now before rates get higher 

It’s a busy week so there’s definitely the possibility for mortgage rates to bounce around a little. Long-term rates are expected to move steadily higher. It makes sense, then, for most borrowers to lock in a rate as soon as possible.

Learn what you can do to get the best interest rate possible. 

Today’s economic data:                                      

Chicago Fed National Activity Index 

The Chicago Fed National Activity Index jumped up from 0.02 in January to 0.88 in February. That brings the 3-month moving average up to 0.37.

Dallas Fed Mfg Survey 

As expected, production softened from the prior reading, as did general activity.

Fedspeak 

• New York Fed President William Dudley at 12:30pm
• Cleveland Fed President Loretta Mester at 4:30pm
• Fed Vice Chairman Randal Quarles at 7:10pm

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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/2pFYJBS