Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Where are mortgage rates going?
After Friday’s bond sell-off, investors are buying back in, pushing treasury yields and mortgage rates lower today. The yield on the 10-year U.S. treasury note started the day at 2.42% and has since retreated down to 2.38%. Mortgage rates tend to follow in the footsteps of the 10-year yield.
It’s a fairly busy week, with several possible market moving events: we hear from Fed Officials at eight different occasions, there is a 10-year note auction on Wednesday, and on Friday we get the Producer Prices Index and the Retail Sales Report.
Right now, the cards are stacking up to favor mortgage rates steadily rising throughout the week. Why? Well, I expect Fed Officials to stand firm on their multiple rate hike position, and there’s no reason to think that the PPI or Retail Sales Report will come in soft.
There’s always the possibility that a Fed Official will go rogue and dissent from the majority, or that holiday spending wasn’t as robust as economists expect, but I wouldn’t bet on it at the moment.
What does this mean for me?
Mortgage rates are down today, but I still think that the long-term trend will send them higher. That means anyone looking to purchase or refinance is better off acting sooner rather than later.
Today’s economic data:
- Eric Rosengren and Dennis Lockhart both speak today.
Notable events this week:
- EIA Petroleum Status Report
- 10-year Note Auction
- Jobless Claims
- Import and Export Prices
- Retail Sales
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