Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice. Don’t feel like reading? Check out our market outlook series.
Where are mortgage rates going?
If you’re on vacation right now, you’ve picked a good time because the week ahead could be incredibly dull. The Federal Reserve meets next week so we’re in the “blackout stage” where we get no speaking engagements from Fed officials.
On top of that, there aren’t any significant economic reports scheduled for release this week. It all adds up to a whole lot of nothing.
The biggest event of the week is arguably the European Central Bank meeting on Thursday. Recently, ECB President Mario Draghi surprised investors when he came out and said that the central bank was tinkering with the notion of ending their stimulus program.
On Thursday, financial market participants will be looking to get more details on the timing and structure of future monetary policy adjustments.
With Draghi’s comments being the main impetus for the global bond selloff that began a few weeks ago, it’s entirely reasonable to expect his comments this week to have an impact. At this point, the selloff could pick back up if he makes any indication that the stimulus will end quicker than expected.
On the other hand, if he walks back his prior comments in an effort to dampen expectations for an aggressive approach, we could see bond yields fall. Mortgage backed securities compete for the same investors as government bonds, so the latter scenario would be good for borrowers.
After rising for two straight weeks, we saw mortgage rates move lower last week. The 30-year fixed rate is hovering around 4% right now in the Freddie Mac Primary Mortgage Market Survey (PMMS). With such little economic data out, it’s likely that rates move sideways, which would mean a drop in rates in this week’s PMMS on Thursday.
What does this mean for me?
Good week to lock a rate
All things considered, mortgage rates are at very accommodating levels right now. Whether you are trying to refinance your current mortgage or purchase a new home, the potential for a great deal is there.
With little happening in the markets this week, it’s the perfect opportunity to take your time, go over the numbers, and see if you can save some money.
To get the most accurate idea of what kind of rate we could offer, you should fill out our short form and get a personalized rate quote. Or, if you’d rather talk to someone, you can always call one of our experienced mortgage specialists.
They can walk you through the same process, clarifying any questions you may have, and let you know what your custom rate quote is.
Today’s economic data:
Empire State Mfg
The Empire State manufacturing index came in at a 9.8 for July. That’s a big drop from the prior reading of 19.8. A slowdown was expected, but the drop was a decent amount more than analysts had expected.
Notable events this week:
- Empire State Mfg
- Import and Export Prices
- Housing Market Index
- Housing Starts
- EIA Petroleum Status Report
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- ECB Meeting
Filed Under: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Rates
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