Total Mortgage Blog https://www.totalmortgage.com/blog Today's Mortgage and Housing News Thu, 18 Jan 2018 15:59:06 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 https://www.totalmortgage.com/blog/wp-content/uploads/2016/02/cropped-logo_arrows_75x75-32x32.png Total Mortgage Blog https://www.totalmortgage.com/blog 32 32 Current Mortgage Rates for Thursday, January 18, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-18-2018/37816 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-18-2018/37816#respond Thu, 18 Jan 2018 15:59:06 +0000 https://www.totalmortgage.com/blog/?p=37816 View Article]]> Mortgage rates are continuing to move higher and higher in 2018. It’s a trend that seems to be here to stay for the indefinite future, as the economy strengthens and the Federal Reserve follows through with more increases to the federal funds rate.

If you’re considering taking action on a purchase or refinance, we strongly recommend that you act soon, if possible. Read on for more details.

Market Outlook 1.16.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?          

Rates rise again in Freddie Mac PMMS 

We’re moving quickly through another week, and as expected, mortgage rates are inching higher but remaining in a fairly tight range.

[tmslink name = “rates”]

Here are the numbers in the latest Freddie Mac Primary Mortgage Market Survey, which got released this morning:

  • The average rate on a 30-year fixed rate mortgage rose five basis points up to 4.04% (0.6 points)
  • The average rate on a 15-year fixed rate mortgage moved up five basis points to 3.49% (0.5 points)
  • The average rate on a 5-year adjustable rate mortgage stayed flat at 3.46% (0.3 points)

This is the first time the average rate on a 30-year fixed has crept over 4.00% since July. Here is what the Freddie Mac Economic & Housing Research Group had to say about rates this week:

“The U.S. weekly average for the 30-year fixed mortgage rate rose above 4 percent for the first time since last summer to 4.04 percent in this week’s survey. This is the highest weekly average for the 30-year fixed rate mortgage since May of 2017.

Some may be wondering if this is the last time we’ll see a three handle on the 30-year mortgage rate. Never say never, but inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate mortgage, is building.”

[contentbox id=”3″]

Rate/Float Recommendation      

Lock now while rates are low

Mortgage rates continue to move higher. This is a trend that we expect to stick around for a while now, which is why we’re recommending that borrowers take action on a purchase or refinance, sooner rather than later.

It really only takes a few minutes online to get a free rate quote. Don’t want to deal with an online form? No problem–just give one of our mortgage specialists a call and they can quickly get you started.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:              

Housing Starts 

  • Housing starts for December came in at an annualized rate of 1.192 M.
  • Permits came in for December at an annualized rate of 1.192 M.

Jobless Claims

Applications filed for U.S. unemployment benefits came in at 220,000 for the week of 1/13/18. The four-week moving average is now up to 244,500.

Philadelphia Fed Business Outlook Survey 

The Philly Fed General Business Conditions Index moved to a 22.2 in January.

EIA Petroleum Status Report 

  • 11:0am

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-18-2018/37816/feed 0
Current Mortgage Rates for Wednesday, January 17, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-17-2018/37800 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-17-2018/37800#respond Wed, 17 Jan 2018 14:50:54 +0000 https://www.totalmortgage.com/blog/?p=37800 View Article]]> Some positive economic data this morning is creating some upward momentum for current mortgage rates. The day is young, though, and we still have several economic reports to deal with that could cause rates to adjust.

However, the long term trend remains for rates to rise, which means borrowers will likely get a better deal on a purchase or refinance by taking action now. Read on for more details.

Market Outlook 1.16.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?         

Rates up a little

Mortgage rates are moving a little higher this morning as investors get ready for some economic data to come out.

[tmslink name = “rates”]

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up about two and a half basis points from where it started the day.

Mortgage rates typically move in the same direction as the 10-year yield, so rates are trending higher right now.

It’s not unbearable upward pressure but the momentum is definitely there. We did already get the Industrial Production report, which showed that production increased by 0.9% in December–much higher than the 0.4% that analysts had expected.

This is certainly helping to carry the upward push for current mortgage rates and Treasury yields. Later on this afternoon we will get the Fed’s Beige Book, which has anecdotal evidence from the various Fed regions about how the U.S. economy is performing.

[contentbox id=”3″]

Rate/Float Recommendation      

Lock now while rates are low

Mortgage rates are moving a littler higher this morning. There is still plenty of time left in the day, however, so we could still see them move around some more before the day is over.

The long term trend continues to be for rates to move higher, so we’re still recommending that borrowers take action on a purchase or refinance sooner rather than later.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:              

Industrial Production

Industrial Production rose 0.9% in December. Manufacturing increased by 0.1%. The capacity utilization rate is now at 77.9%.

Housing Market Index

  • 10:00am

Beige Book

  • 2:00pm

Fedspeak

  • Chicago Fed President Charles Evans at 3:00pm
  • Dallas Fed President Robert Kaplan at 3:15pm
  • Cleveland Fed President Loretta Mester at 4:30pm

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-17-2018/37800/feed 0
Current Mortgage Rates for Tuesday, January 16, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-16-2018/37794 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-16-2018/37794#respond Tue, 16 Jan 2018 16:08:42 +0000 https://www.totalmortgage.com/blog/?p=37794 View Article]]> Here we go with the first trading session of the week. The good news for anyone thinking about a refinance or purchase right now is that rates are holding steady. Tomorrow will be a busier day, though, so we could see current mortgage rates move around a little more then. Read on for more details.

Market Outlook 1.16.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?         

Rates flat today 

It’s a fairly slow day as investors get back into the first trading session of the week. We got the Empire State Mfg Survey out this morning, which showed a decline in January for the third straight month.

[tmslink name = “rates”]

The report did show some strength in it, however, and so the market reaction evened out into no reaction, keeping rates flat.

Tomorrow will be a day with a few opportunities for rates to adjust, as we have the Industrial Production report in the morning and the Fed’s Beige Book in the afternoon. On top of that, there will also be several speaking engagements from Federal Reserve officials.

Also on the radar this week is the looming government shutdown if a funding deal isn’t decided upon by midnight Friday. There is certainly a lot of tension between the Democrats and Republicans right now and there’s really no telling what will happen by Friday night.

[contentbox id=”3″]

Rate/Float Recommendation      

Lock now while rates are low

All things considered, mortgage rates are still at very low levels. However, the general industry consensus is that rates are going to rise throughout 2018, so we’re recommending that anyone looking to buy a home or refinance their current mortgage takes action sooner rather than later.

It only takes a couple minutes online to fill out our free rate quote form or a quick call to a mortgage specialist to get started.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:              

Empire State Mfg Survey 

The general business conditions index for January fell for the third straight month, putting it at 17.7. Overall, though, the report does show some strength in new orders and the long-term outlook remains solid.

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-16-2018/37794/feed 0
Current Mortgage Rates for Monday, January 15, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-15-2018/37790 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-15-2018/37790#respond Mon, 15 Jan 2018 15:52:06 +0000 https://www.totalmortgage.com/blog/?p=37790 View Article]]> It’s a slow start to the week with financial markets closed in observance of Martin Luther King Jr. day. With no trading going on, mortgage rates are going to remain flat until tomorrow.

As we move through the week we do have several political and economic events that could influence the direction of current mortgage rates. Read on for more details.

Where are mortgage rates going?        

Rates flat. Markets closed today. 

Financial markets are closed today in observance of Martin Luther King Jr. Day. That means that mortgage rates are going to remain unchanged today.

[tmslink name = “rates”]

Looking ahead to the rest of the week, we have a few important economic reports to be released, such as the Industrial Production and Consumer Sentiment reports.

We’ll also get the Fed’s Beige book out on Wednesday, which gives us some anecdotal evidence about how the U.S. economy is doing in the various Fed regions.

In other news, investors will also be keeping their eye on the government shutdown situation, as lawmakers have until midnight on Friday to agree on funding. It doesn’t seem as though a shutdown will happen but you really can’t count anything out at this point, so it’s definitely something to watch.

The bottom line is that mortgage rates could move around a little bit this week but we expect them to stay in a fairly tight range. It’s really up to the economic data and U.S. lawmakers as to which direction they fluctuate.

[contentbox id=”3″]

Rate/Float Recommendation     

Lock now while rates are low

Mortgage rates are flat right now but expected to rise in the coming weeks and month. For this reason, we’re recommending that borrowers lock in a rate on a purchase or refinance sooner rather than later.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:             

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-15-2018/37790/feed 0
Current Mortgage Rates for Friday, January 12, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-12-2018/37783 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-12-2018/37783#respond Fri, 12 Jan 2018 15:41:41 +0000 https://www.totalmortgage.com/blog/?p=37783 View Article]]> Mortgage rates are on track to finish out the week higher than where they started. The upward push was in part due to some global Treasury news and some domestic inflation readings.

We still believe that mortgage rates will continue rising in 2018, so borrowers should consider taking action on a refinance or purchase now. Read on for more details.

Market Recap 1.12.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?        

Rates flat today     

It’s been a busy week for the bond market with a large spike early on in the week for Treasury yields after some talks about Japan and China cutting back on their Treasury purchases.

[tmslink name = “rates”]

If we take a look at the yield of the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it jumped over ten basis points early on in the week, came down a little yesterday, but is now back on the rise today after a strong Core-CPI reading.

Mortgage rates typically move in the same direction as the 10-year yield, so rates definitely moved a little higher this week. This is a trend that we’ve been expecting for a while and believe will continue into the near future.

[contentbox id=”3″]

Rate/Float Recommendation     

Lock now while rates are low

With mortgage rates expected to move higher over the coming weeks and months, it definitely makes sense for most borrowers to try and lock in a rate sooner rather than later.

You can get started by getting a free rate quote online with our Mortgage Builder or with a quick phone call to a mortgage specialist.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:           

Consumer Price Index 

The December CPI readings are out today, showing a monthly rise of 0.1%, putting the year over year change at 2.1%. So called core-CPI (less food and energy) rose a notable 0.3%, putting it at 1.8% year over year.

Coming in at 0.3%, that’s one tenth higher than analysts had predicted. That’s enough to excite financial market participants.

Retail Sales 

Retail sales for December rose 0.4 from the previous month. Retail sales less autos also increased 0.4%, as did retail sales less autos and gas. The control group rose 0.3%.

Business Inventories 

Business inventories for November rose 0.4%. That’s one tenth higher than what analysts had expected.

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:

  • Fedspeak

Tuesday:    

  • Fedspeak
  • JOLTS

Wednesday:     

  • Import and Export Prices
  • Fedspeak
  • EIA Petroleum Status
  • 10-Yr Note Auction

Thursday:       

  • Jobless Claims
  • PPI-FD

Friday:      

  • Consumer Price Index
  • Retail Sales
  • Business Inventories

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-12-2018/37783/feed 0
Current Mortgage Rates for Thursday, January 11, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-11-2018/37779 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-11-2018/37779#respond Thu, 11 Jan 2018 15:33:47 +0000 https://www.totalmortgage.com/blog/?p=37779 View Article]]> Mortgage rates are getting a little relief from the upward pressure that we’ve seen over the past few days. There’s really no telling when they will be in for another surge, though, which is why we’re recommending that borrowers act now on a purchase or refinance. Read on for more details.

Where are mortgage rates going?        

Rates flat today     

There’s been a lot of action this week but so far today things are relatively calm. The big news yesterday was a Bloomberg report that China is looking to cut back on its purchases of Treasurys.

[tmslink name = “rates”]

Later in the day there was some push back from China’s foreign-exchange regulator that the report wasn’t completely accurate, triggering a slight retreat but not enough to undo all of the day’s shift.

If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s up a little over ten basis points right now.

That puts it at 2.56%, which is up at levels not seen since March. Mortgage rates typically move in the same direction as the 10-year yield, and have been dealing with some significant upward pressure this week.

Here’s the latest data from the Freddie Mac Primary Mortgage Market Survey (PMMS):

  • The average rate on a 30-year fixed rate mortgage is up four basis points this week to 3.99% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage is up six basis points this week to 3.44% (0.5 points)
  • The average rate on a 5/1 year adjustable rate mortgage is up one basis point to 3.46% (0.4 points)

Here is what the Freddie Mac Economic and Housing Research group had to say about rates this week:

“After dipping slightly last week, Treasury yields surged this week amidst sell-offs in the bond market. The 10-year Treasury yield, for instance, reached its highest point since March of last year. Mortgage rates followed Treasury yields and ticked up modestly across the board. The 30-year fixed-rate mortgage averaged 3.99 percent, up 4 basis points from a week ago.”

[contentbox id=”3″]

Rate/Float Recommendation     

Lock now while rates are low

Mortgage rates are moving higher. It’s something that we expect to continue throughout 2018, so we believe the smart decision for borrowers is to take action sooner rather than later.

For many, this will mean locking in a rate on a purchase or refinance, but at the very least you should be figuring out what your next steps are.

It only takes a few minutes online to fill out our Mortgage Builder and get a free rate quote, or a quick phone call to one of our mortgage specialists to get started.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:           

Jobless Claims 

Applications filed for U.S. unemployment benefits came in at 261,000 for the week of 1/6/18.

PPI-FD 

Producer prices for December fell 0.1%, bringing the year over year reading down to 2.6%. PPI less food and energy also fell 0.1%, putting the year over year reading at 2.3%. PPI less food, energy and trade services rose 0.1% month over month, making it 2.3% year over year.

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:

  • Fedspeak

Tuesday:    

  • Fedspeak
  • JOLTS

Wednesday:     

  • Import and Export Prices
  • Fedspeak
  • EIA Petroleum Status
  • 10-Yr Note Auction

Thursday:       

  • Jobless Claims
  • PPI-FD

Friday:      

  • Consumer Price Index
  • Retail Sales
  • Business Inventories

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-thursday-january-11-2018/37779/feed 0
Current Mortgage Rates for Wednesday, January 10, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-10-2018/37774 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-10-2018/37774#respond Wed, 10 Jan 2018 16:32:33 +0000 https://www.totalmortgage.com/blog/?p=37774 View Article]]> We’re looking at more movement in the bond market today, which is certainly putting some upward pressure on mortgage rates. This is a trend that we think will continue over the coming weeks and months. So if  you’re looking to buy or refinance, you might want to consider taking action soon. Read on for more details.

Market Outlook 1.8.17 from Total Mortgage on Vimeo.

Where are mortgage rates going?        

Bond sell-off continues     

First Japan, now China. The big news this week has been the international news surrounding the bond market. We saw the Bank of Japan announce yesterday that they are reducing their bond buying program.

[tmslink name = “rates”]

Now, we have China reportedly looking to follow suit and cut back on their U.S. Treasury holdings. All of this has had a marked effect on the 10-year Treasury yield, which is the best market indicator of where mortgage rates are going.

We’ve seen that yield move about twelve basis points higher this week, pushing it up past the significant milestone of 2.50%. In fact, right now it’s all the way up to 2.58%. This is the highest it’s been since last March.

Mortgage rates tend to move in the same direction as the 10-year yield, so we’ve seen rates move higher this week. This is something that we’ve been anticipating would happen for a while, but not quite for the reasons we’re seeing now.

The way the market has been trending, it seems reasonable to expect that current mortgage rates will continue to rise.

[contentbox id=”3″]

Rate/Float Recommendation    

Lock now while rates are low

Mortgage rates are poised to rise throughout 2018, so the sooner you lock, the more likely it is you’ll get a better deal on a purchase or refinance.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:           

Import and Export Prices 

Import prices rose by 0.1% in December, putting them at 3.0% year over year. Export prices ticked down by 0.1%, bringing them to 2.6% year over year.

Fedspeak  

  • Chicago Fed President Charles Evans at 9:00am
  • Dallas Fed President Robert Kaplan at 9:10am
  • St. Louis Fed President James Bullard at 1:30pm

EIA Petroleum Status

  • Crude oil: -4.9 M barrels
  • Gasoline: 4.1 M barrels
  • Distillates: 4.3 M barrels

10-Yr Note Auction 

  • 1:00pm

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:

  • Fedspeak

Tuesday:    

  • Fedspeak
  • JOLTS

Wednesday:     

  • Import and Export Prices
  • Fedspeak
  • EIA Petroleum Status
  • 10-Yr Note Auction

Thursday:       

  • Jobless Claims
  • PPI-FD

Friday:      

  • Consumer Price Index
  • Retail Sales
  • Business Inventories

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-wednesday-january-10-2018/37774/feed 0
Current Mortgage Rates for Tuesday, January 9, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-9-2018/37763 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-9-2018/37763#respond Tue, 09 Jan 2018 16:17:00 +0000 https://www.totalmortgage.com/blog/?p=37763 View Article]]> The yield on the 10-year Treasury note surpassed a notable marker for investors today. As a result, we’re seeing some upward pressure on mortgage rates today.

If you’ve been considering getting a refinance or purchasing a home, we strongly recommend that you take action now in order to try and get the best rate. Read on for more details.

Market Outlook 1.8.17 from Total Mortgage on Vimeo.

Where are mortgage rates going?            

Treasury yields move higher       

We’ve got some overseas news that’s affecting the domestic bond market today.

The Bank of Japan announced that they are reducing their bond buying program, which investors anticipate as a first step in a new direction for the BOJ. With less demand for bonds, yields are rising.

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), has now crept up almost five basis points on the day, bringing it to 2.52%. This is the first time that its moved over 2.50% since March.

Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing some upward pressure on rates today. The way things are going, it seems as though this trend could continue into the weekend.

[tmslink name = “rates”]

Federal Reserve   

It’s a big week for the Federal Reserve with a handful of speaking engagements from Fed officials. Yesterday, we started off the week hearing from three different Fed Bank Presidents.

Boston Fed President Eric Rosengren made some interesting inflation comments, stating that “My own view is that we should be focused on an inflation range, with the potential to move within the range as the optimal inflation rate changes.”

This is in contrast to the current policy, in which the Fed has a set target of 2.00% inflation.

We also heard from the Atlanta Fed President Raphael Bostic yesterday who said that the Fed might actually only need to increase the federal funds rate two or fewer times in 2018. That goes against the current belief that the Fed will hike four or more times this year.

[contentbox id=”3″]

Rate/Float Recommendation

Lock now while rates are low

Mortgage rates moving higher, which is something we’ve been anticipating for some time. We expect them to continue rising over the coming weeks and moving, so it makes sense for most borrowers to try to lock in a rate now.

Getting a free rate quote is simple and fast with our Mortgage Builder. If you don’t feel like filling out a form, you can always call one of our loan specialists for a quick conversation.

Click here to head to our Mortgage Builder and figure out how much you could save.   

Today’s economic data:           

Fedspeak 

Minneapolis Fed President Neel Kashkari at 10:00am.

JOLTS 

The Labor Department is reporting 5.879 million job openings in November. That’s almost 1% lower than the prior month.

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:

  • Fedspeak

Tuesday:    

  • Fedspeak
  • JOLTS

Wednesday:     

  • Import and Export Prices
  • Fedspeak
  • EIA Petroleum Status
  • 10-Yr Note Auction

Thursday:       

  • Jobless Claims
  • PPI-FD

Friday:      

  • Consumer Price Index
  • Retail Sales
  • Business Inventories

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-tuesday-january-9-2018/37763/feed 0
Current Mortgage Rates for Monday, January 8, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-8-2018/37753 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-8-2018/37753#respond Mon, 08 Jan 2018 15:31:58 +0000 https://www.totalmortgage.com/blog/?p=37753 View Article]]> Here we go with another week. We’ve got several speaking engagements from Federal Reserve officials this week as well several important economic reports out.

That means there will be multiple chances for current mortgage rates to adjust this week. If you’re looking to buy a home or refinance, our recommendation is to take action soon. Read on for more details.

Market Outlook 1.8.17 from Total Mortgage on Vimeo.

Where are mortgage rates going?       

Fed speakers in focus today   

It’s been a while since we’ve had a heavy week of speaking engagements from Federal Reserve officials, but that’s what we’re getting this week with at least one speaking event every day.

[tmslink name = “rates”]

Kicking things off for the week we have three speaking engagements from the Boston, Atlanta, and San Francisco Fed Presidents.

Of course, financial market participants will be looking for clues about the next increase to the nation’s benchmark interest rate, the federal funds rate.

That rate got increased by a quarter point at their previous meeting in December, and the expectations are currently for multiple increases in 2018.

However, any projections about future monetary policy decisions are subject to being altered and adjusted as fresh data makes its way into the equation.

Last Friday, we did get the monthly jobs report for December. That report is always a key event each month that investors and policymakers alike turn to when reassessing what course of action should be taken.

While the headline reading came in well under the mark that analysts had expected, we did see some strength in average hourly earnings, resulting in a bit of a give and take report that didn’t have much effect on the markets.

It will be interesting to see how exactly Fed officials react to the current economic situation.

Aside from the many Fed speaking engagements, we also have a few notable economic reports out later this week including the Producer Prices, Consumer Price Index, and Retail Sales.

[contentbox id=”3″]

Rate/Float Recommendation

Lock now while rates are low

Mortgage rates are expected to rise in the long-run, which means that most borrowers will be better off by locking in a rate sooner rather than later.

It only takes a few minutes online or a quick phone call to a mortgage specialist to get started.

Click here to head to our Mortgage Builder and figure out how much you could save.   

Today’s economic data:           

Fedspeak

  • Boston Fed President Eric Rosengren at 4:00pm
  • Atlanta Fed President Raphael Bostic at 12:40pm
  • San Francisco Fed President John Williams at 1:35pm

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:

  • Fedspeak

Tuesday:    

  • Fedspeak
  • JOLTS

Wednesday:     

  • Import and Export Prices
  • Fedspeak
  • EIA Petroleum Status
  • 10-Yr Note Auction

Thursday:       

  • Jobless Claims
  • PPI-FD

Friday:      

  • Consumer Price Index
  • Retail Sales
  • Business Inventories

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-january-8-2018/37753/feed 0
Current Mortgage Rates for Friday, January 5, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-5-2018/37749 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-5-2018/37749#respond Fri, 05 Jan 2018 16:01:16 +0000 https://www.totalmortgage.com/blog/?p=37749 View Article]]> The monthly jobs report for December fell a little short of what was expected, so that took some upward pressure off of mortgage rates today.

We still think, however, that mortgage rates will continue to rise over the coming weeks and months. If you’re thinking of a purchase or refinance, you should try to act soon. Read on for more details.

Market Recap 1.5.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?    

Rates flat after soft jobs report  

Well, we made it to the first Friday of the month and that means the monthly jobs report got released. According to the Bureau of Labor Statistics, 148,000 private sector jobs were added in December.

[tmslink name = “rates”]

That’s well below the 191,000 that analysts had expected, but the report isn’t a total disappointment, with the unemployment rate staying at 4.1%, and average hourly earnings increasing by 0.3%.

In the end, it’s kind of a wash with the good and bad adding up to a big nothing-burger in the markets. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up a little over one basis point right now.

Mortgage rates typically move in the same direction as the 10-year yield, so rates are flat to ever so slightly higher as we approach the weekend.

[contentbox id=”3″]

Rate/Float Recommendation                                                           

Lock now while rates are low

Today’s monthly jobs report showed enough strength to push Fed officials into raising rates at upcoming FOMC meetings. Therefore, our outlook remains for mortgage rates to rise over the coming months.

It only makes sense then, that anyone looking to buy a home or refinance should try to lock in a rate sooner rather than later.

Click here to head to our Mortgage Builder and figure out how much you could save.   

Today’s economic data:           

Employment Situation  

The monthly jobs report for December showed 148,000 jobs were added. The unemployment rate remained unchanged at 4.1%.

International Trade  

The nation’s trade deficit widened to $50.5 billion in November.

Factory Orders  

Factory orders for November rose 1.3%.

ISM Non-Mfg Index  

The composite index for December came in at a 55.9. That’s a little lower than expectations.

Fedspeak  

Cleveland Fed President Loretta Mester at 12:30pm.

Get the GreenLight and close in 21 days*     

Notable events this week:           

Monday:         

  • Markets Closed: New Year’s Day

Tuesday:    

  • PMI Manufacturing Index

Wednesday:      

  • ISM Mfg Index
  • Construction Spending
  • FOMC Minutes

Thursday:         

  • ADP Employment Report
  • Jobless Claims
  • PMI Services Index
  • EIA Petroleum Status Report
  • Fedspeak

Friday:      

  • Employment Situation
  • International Trade
  • Factory Orders
  • ISM Non-Mfg Index
  • Fedspeak

[contentbox id=”3″]

*Terms and conditions apply.

]]>
https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-friday-january-5-2018/37749/feed 0