January 9, 2017 by Leave a comment

Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.

Click here to get today’s latest mortgage rates.

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.

Click here to get today’s latest mortgage rates.

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.

Rates are still near record lows. Contact us today to see if we can save you money on your home payments.

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:

Fedspeak

  • Eric Rosengren and Dennis Lockhart both speak today.

Click here to get today’s latest mortgage rates.

Notable events this week:                                   

Monday:  

  • Fedspeak

Tuesday:   

  • JOLTS

Wednesday: 

  • EIA Petroleum Status Report
  • 10-year Note Auction
  • Fedspeak

Thursday: 

  • Jobless Claims
  • Fedspeak
  • Import and Export Prices

Friday: 

  • PPI-FD
  • PPI
  • Retail Sales
  • Fedspeak

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.


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