Mortgage rates are moving up a little this morning as we march toward the big market moving event of the week: the monthly jobs report on Friday.
Long-term rates are still expected to increase so our recommendation remains for borrowers to lock on a purchase or refinance right now. Read on for more details.
Where are mortgage rates going?
Rates rise after moving lower yesterday
Mortgage rates are moving a little higher today. Yesterday, we saw the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, move down to its lowest level since late January.
Mortgage rates typically move in the same direction as the 10-year yield so rates improved slightly to start the week. Today, we’ve seen a bit of a reversal in the market with investors moving back into stocks, pushing Treasury yields and mortgage rates higher.
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Rate/Float Recommendation
Lock now while rates are lower
Mortgage rates are on track to stay relatively flat this week. This is good news for anyone looking to buy a home or refinance their current mortgage. Rates are on track to move higher as the year unfolds so most borrowers will be better off locking in a rate soon.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
- Minneapolis Fed President Neel Kashkari at 9:30am
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Notable events this week:
Monday:
- PMI Manufacturing Index
- ISM Manufacturing Index
- Construction Spending
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- ADP Employment Report
- Fedspeak
- PMI Services Index
- Factory Orders
- FOMC Minutes
- ISM Non-Mfg Index
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- International Trade
- Fedspeak
Friday:
- Monthly Jobs Report
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from Total Mortgage Blog https://ift.tt/2GtwOzn
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