The FOMC meeting conclusion is top of mind today for financial market participants. That will happen later this afternoon. It’s important to keep an eye on that event as it’s possible that mortgage rates adjust once we get the written statement. Read on for more details.
Market Outlook 4.30.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates continue to stay in narrow range
Mortgage rates have been confined to a tight range so far this week. With no major market moving events out yet, investors have remained in wait and see mode.
That could change this afternoon, though, as we have the first notable event of the week: the conclusion of the Federal Open Market Committee meeting. That meeting will end with a written announcement at 2:00pm.
While no one expects the Fed to make any adjustments to the nation’s benchmark interest rate–the federal funds rate–investors are hoping that they will get a clue or two about when the Fed will hike next.
With no post meeting press conference, those clues would have to come in the form of changes to the language used in the written statement.
It’s not something that analysts are saying will definitely happen, but it’s not entirely out of the realm of speculation so investors will be clued in just in case.
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Rate/Float Recommendation
Lock now before rates rise
Mortgage rates are holding steady right now. That could make right now a great time to lock in your rate on a purchase or refinance before they begin to rise again. We still think that most borrowers are likely to get the better deal by locking in sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
ADP Employment Report
The ADP employment report is showing 204,000 jobs added in April. That’s a solid reading that’s a little higher than the mark analysts had expected.
EIA Petroleum Status Report
- 10:30am
FOMC Meeting Ends
The Federal Open Market Committee meeting will end today with a written statement.
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Notable events this week:
Monday:
- Personal Income and Outlays
- Chicago PMI
- Pending Home Sales Index
- Dallas Fed Mfg Survey
Tuesday:
- FOMC Meeting Begins
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- FOMC Meeting Ends
Thursday:
- International Trade
- Jobless Claims
- Productivity and Costs
- PMI Services Index
- Factory Orders
- ISM Non-Mfg Index
Friday:
- Employment Situation
- Fedspeak
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from Total Mortgage Blog https://ift.tt/2FAa5wo
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