Mortgage rates are on track to finish out the week lower than where they started for the first time in 2018. This is obviously good news for borrowers looking to buy a home or refinance their current mortgage. If you want to take advantage of the dip, you should try and act quickly because rates could jump at a moment’s notice. Read on for more details.
Where are mortgage rates going?
Rates up today but still down on the week
We got some strong economic data this morning, with consumer sentiment hitting a 14-year high, job openings hitting an all-time high, and industrial production with its biggest jump in four months.
The positive readings have helped push all of the major stock market indexes higher. With more investors going into stocks, fewer are in bonds, pushing up Treasury yields.
The yield on the 10-year Treasury note has moved up a little over two basis points to 2.85%. That’s still about five basis points below where it was during the week’s high on Monday.
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Rate/Float Recommendation
Lock now before rates push higher
Mortgage rates are on track to wind up lower than where they started the week for the first time in 2018. This is great news for anyone who is thinking about purchasing a new home or refinancing their current mortgage.
Rates are expected to continue their climb and move significantly higher by the time 2019 rolls around, so we’re recommending that borrowers take action sooner rather than later to try and get the best deal.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Housing Starts
Housing starts came in at an annualized rate of 1.236 million for February, while permits hit an annualized rate of 1.298 million.
Industrial Production
Production ticked up 1.1% in February. Manufacturing rose 1.2%. Both of those readings are well above the mark that analysts had expected.
Consumer Sentiment
Consumer sentiment hit a 102.0 in March. That’s well above the 98.8 that analysts had called for and is a 14-year high. Notably, inflation expectations are up 2 tenths to 2.9%.
JOLTS
According to the latest report from the Labor Department, there were 6.312 million job openings in January.
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Notable events this week:
Monday:
- 10-Yr Note Auction
Tuesday:
- NFIB Small Business Optimism Index
- Consumer Price Index
Wednesday:
- PPI-FD
- Retail Sales
- Business Inventories
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- Philadelphia Fed
- Empire State Mfg Survey
- Import and Export Prices
- Housing Market Index
Friday:
- Housing Starts
- Industrial Production
- Consumer Sentiment
- JOLTS
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from Total Mortgage Blog http://ift.tt/2FOYevm
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