Current Mortgage Rates are Flat to Start the Slow Week

Here we go with another week. It’s been a relatively quiet day so far with little economic news impacting the markets.

That trend could continue throughout the week as there’s not many significant reports on the economic calendar.

Overall, this means that rates could stay in a tight range over the next few days. Read on for more details.

Where are mortgage rates going?     

Rates are flat to start the week

The week after the monthly jobs reports gets released is historically a quiet one, so we could see rates remain in a fairly tight range over the next few days.

There’s basically no significant economic data out today in the U.S., plus it’s a banking holiday in the U.K., so the markets aren’t moving much to kick the week off.

There are a few speaking engagements from Federal Reserve officials later in the day, but it’s not likely that they’ll cause any major market reactions.

Looking back at the monthly jobs report for April, which was released on Friday, it was a slightly disappointing report with the headline reading and average hourly earnings coming in below expectations.

It wasn’t an abysmal report, but the numbers were still low, keeping in check the hawks calling for a more aggressive rate hike path in 2018.

The monthly jobs report is always one of the most closely watched reports out every month so there’s always the chance for a big market reaction when it gets released.

This time around, however, the release came and went without much fanfare.

Yes, we did see the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) slide lower immediately after the report came out, but by the end of the day it had climbed buck up to where it was earlier in the day.

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Rate/Float Recommendation  

Locking now is likely the smart move     

The long-term trend for mortgage rates remains for them to move higher.

If you’re considering buying a home or refinancing your current mortgage, you will most likely want to take action sooner rather than later in order to try and get the best rate.

Of course, everyone’s situation has unique factors which is why it’s so important to talk to a mortgage expert before making a final decision.

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

Today’s economic data: 

Fedspeak 

• Richmond Fed President Tom Barkin at 2:00pm
• Dallas Fed President Robert Kaplan at 3:30pm
• Chicago Fed President Charles Evans at 3:30pm

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Notable events this week: 

Monday:  

• Fedspeak

Tuesday:     

• NFIB Small Business Optimism Index
• JOLTS

Wednesday:       

• PPI-FD
• 10-Yr Note Auction
• Fedspeak

Thursday:    

• Consumer Price Index
• Jobless Claims
• Bloomberg Consumer Comfort Index

Friday:         

• Fedspeak
• Consumer Sentiment

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