Total Mortgage Blog https://www.totalmortgage.com/blog Today's Mortgage and Housing News Mon, 08 Oct 2018 14:24:54 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.5 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 Rise to Start the Week https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-rise-to-start-the-week/38370 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-rise-to-start-the-week/38370#respond Mon, 08 Oct 2018 14:24:54 +0000 https://www.totalmortgage.com/blog/?p=38370 View Article]]> Here we go with another week. Current mortgage rates have been rising steadily over the past month, a trend that we expect to persist for the foreseeable future.

Inflation data, overseas trade negotiations, and speaking engagements from the Federal Reserve should be the main market movers this week. Read on for more details.

Where are mortgage rates going?  

The market continues to fear rising interest rates

Financial market participants are continuing to grapple with the fear that interest rates will surge in the coming weeks and months, putting stocks in a position to fall for the third consecutive day.

All of the major market indexes are in the red right now with the Dow Jones Industrial Average notably falling 106 points to start the week.

The bond market is closed today so we’ll have to wait until tomorrow to see where yields go, but in the past month we’ve already seen the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) continue to hit levels that haven’t been reached in well over five years.

Mortgage rates tend to move in the same direction as the 10-year yield, so we’ve seen rates move higher, albeit at a slower pace, over the past month. The general consensus is that mortgage rates will continue to move higher as we approach the end of the year.

Of course, the economic data still has to match up and we’ll get a couple key inflation readings this week which investors will be closely watching.

If those reports (consumer and producer prices) come in showing inflation rising at a steady pace, we’ll likely see bond yields and mortgage rates rise steadily as they’ve been doing.

[contentbox id=”10″]

Rate/Float Recommendation                                     

Lock now before rates move even higher          

Mortgage rates have been rising and are expected to continue doing so in the coming weeks and months. If you’re thinking about buying a home or refinancing your current mortgage, we strongly recommend that you do so sooner rather than later in order to lock in the lowest rate possible.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:                   

  • Nothing

Notable events this week:       

Monday:   

  • Nothing

Tuesday:   

  • Fedspeak
  • NFIB Small Business Optimism Index

Wednesday:         

  • PPI-FD
  • Atlanta Fed Business Inflation Expectations
  • 10-Yr Note Auction

Thursday:     

  • CPI
  • Jobless Claims
  • EIA Petroleum Status Report

Friday:          

  • Import and Export Prices
  • Fedspeak
  • Consumer Sentiment

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*Terms and conditions apply.

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Current Mortgage Rates Continue to Rise Gradually https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-continue-to-rise-gradually/38366 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-continue-to-rise-gradually/38366#respond Mon, 01 Oct 2018 20:26:25 +0000 https://www.totalmortgage.com/blog/?p=38366 View Article]]> Here we go with yet another week. We should be in for a bit of action with a handful of speaking engagements from Federal Reserve officials and the September Jobs Report on Friday morning.

Mortgage rates will likely remain in a tight range but it wouldn’t be too surprising if they jumped around a little. Read on for more details.

Where are mortgage rates going?  

Mortgage rates poised to stay in tight range

Mortgage rates have been on the rise for a little over a month now.

Last week, the Federal Reserve followed through with a widely anticipated increase to the nation’s benchmark interest rate, the federal funds rate.

Financial market participants had already priced that rise into their portfolios so there was little commotion once the final verdict came through.

Looking ahead to the rest of the year, investors are giving the December meeting the greatest odds of another quarter point increase with about an 80% chance according to the CME Group’s Fed Funds Futures.

Getting back to events closer on the horizon, we have several speaking engagements from Federal Reserve officials this week.

It will be interesting to get their takes on the recent decision and see if they offer any insight into what might happen in the coming months.

Also this week, we have the monthly jobs report for September out on Friday morning.

That report is always one of the most closely watched pieces of economic data every month and there’s no reason to believe that this time around will be different. Depending on what happens, we could see mortgage rates rise or fall as we head into the weekend.

[contentbox id=”10″]

Rate/Float Recommendation                                     

Lock now before rates move even higher          

Mortgage rates have been moving higher recently and that trend is expected to continue over the coming weeks and months.

If you’re on the market for a purchase or refinance, we strongly recommend that you take action sooner rather than later in order to get the best rate possible.

The longer you wait, the more likely it is that you will be locking in a higher rate and paying more in interest over the life of your loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:                   

Fedspeak 

  • Atlanta Fed President Raphael Bostic at 8:30am
  • Minneapolis Fed President Neel Kashkari at 11:00am
  • Boston Fed President at 12:15pm

PMI Manufacturing Index 

The PMI Manufacturing Index hit a 55.6 for September. That’s slightly above the consensus for 54.5.

ISM Mfg Index

The ISM Mfg Index hit a 59.8 in September.

Construction Spending

Construction

Notable events this week:       

Monday:   

  • Fedspeak
  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending

Tuesday:   

  • Fedspeak

Wednesday:         

  • Fedspeak
  • ADP Employment Report
  • PMI Services Index
  • ISM Non-Mfg Index
  • EIA Petroleum Status Report

Thursday:     

  • Fedspeak
  • Jobless Claims
  • Factory Orders

Friday:          

  • Employment Situation
  • International Trade
  • Fedspeak

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*Terms and conditions apply.

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Current Mortgage Rates Could Rise After Fed Announcement https://www.totalmortgage.com/blog/mortgage-rate-trends/current-mortgage-rates-could-rise-after-fed-announcement/38360 https://www.totalmortgage.com/blog/mortgage-rate-trends/current-mortgage-rates-could-rise-after-fed-announcement/38360#respond Mon, 24 Sep 2018 15:11:52 +0000 https://www.totalmortgage.com/blog/?p=38360 View Article]]> Here we go with yet another week. There will be a lot to talk about over the next few days as the Federal Reserve’s Federal Open Market Committee meets on Tuesday and Wednesday to discuss the nation’s monetary policy path.

There are also a handful of other economic reports out that could impact mortgage rates. Read on for more details.

Where are mortgage rates going?

All eyes on the Federal Reserve

The FOMC meeting kicks off tomorrow and will wrap up on Wednesday afternoon at 2pm with a written statement and a press conference with Fed Chair Jerome Powell.

Financial market participants are widely anticipating the Fed to follow through with a quarter-point increase to the nation’s benchmark interest rate–the federal funds rate–bringing the target range up to 2.00%-2.25%.

This would be the eighth such increase since of the current cycle. While mortgage rates are not directly tied to the federal funds rate, they do tend to move in the same direction so it’s likely that rates will move higher.

With the rate hike on Wednesday having been close to guaranteed for quite some time now, the more important story will actually be the words that the the Fed uses in its written statement, as well as the answers that Powell gives to reporters during his press conference.

Investors want to know what the Fed is planning on doing in the coming months and will be closely watching for any clues that might appear. Notably, investors will be looking for signs that the Fed is on track for another increase this year, most likely in December.

[contentbox id=”10″]

Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have been on the rise the past few weeks and that trend is expected to continue over the coming months. If you’re on the market for a new home or to refinance your current mortgage, we strongly recommend that you lock in a rate sooner rather than later.

The longer you wait, the more likely it is that you’ll wind up getting a higher rate and paying more in interest over the life of the loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:                  

Chicago Fed National Activity Index 

The Chicago Fed National Activity Index came in at a 0.18 for August. That puts the three month average at 0.24.

Dallas Fed Mfg Survey 

The Production Index hit a 23.3 in September. The General Activity Index hit a 28.1.

Notable events this week:       

Monday:   

  • Chicago Fed National Activity Index
  • Dallas Fed Mfg Survey

Tuesday:   

  • FOMC Meeting Begins
  • S&P Corelogic Case-Shiller HPI
  • FHFA House Price Index
  • Consumer Confidence
  • Richmond Fed Manufacturing Index

Wednesday:         

  • New Home Sales
  • EIA Petroleum Status Report
  • FOMC Meeting Announcement/Press Conference

Thursday:     

  • Durable Goods Orders
  • GDP
  • International Trade in Goods
  • Jobless Claims

Friday:          

  • Personal Income and Outlays
  • Chicago PMI Consumer Sentiment
  • Fedspeak

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*Terms and conditions apply.

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Current Mortgage Rates Hold Higher to Start the Week https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-hold-higher-to-start-the-week/38355 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-hold-higher-to-start-the-week/38355#respond Mon, 10 Sep 2018 14:07:30 +0000 https://www.totalmortgage.com/blog/?p=38355 View Article]]> It’s another week and mortgage rates are holding steady at the levels they moved up to on Friday. It’s a moderate economic calendar this week with some reports in the latter half that could cause rates to adjust. Read on for more details.

Where are mortgage rates going?                                              

Mortgage rates hold higher after strong jobs report

Here we go with yet another week. It’s a slow start for the markets as there’s little significant economic data scheduled for release; however, Friday’s events are still looming large.

Of course, I’m talking about the monthly jobs report for August, which showed that a very solid 201,000 jobs were added to the U.S. economy for that month. More importantly, average hourly earnings ticked up 0.4%, bringing the yearly growth rate to 2.9%–the highest rate since 2009.

The consensus was for an increase of 0.2%, so the strong uptick caught investors by surprise.

The good news caused financial market participants to increase their appetite for risk and move out of bonds and into stocks, pushing long-term treasury yields higher. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) ticked up about seven basis points to 2.94%.

Mortgage rates typically move in the same direction as the 10-year yield and similarly edged higher as we headed into the weekend. Today, mortgage rates are staying close to those levels as there’s little happening in the markets to make them adjust in either direction.

[contentbox id=”10″]

Rate/Float Recommendation                                    

Lock now before rates move even higher         

Strong economic data pushed mortgage rates up higher on Friday. We’re expecting rates to continue to shift higher as the Federal Reserve gets ready to increase the nation’s benchmark interest rate later this month.

If you’re planning on buying a home or refinancing your current mortgage, we strongly recommend that you do so sooner rather than later. The longer you wait, the more likely it is that you’ll be locking in a higher interest rate and paying more over the life of your loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:               

Fedspeak 

  • Atlanta Fed President Raphael Bostic at 11:30am

Notable events this week:       

Monday:   

  • Fedspeak

Tuesday:   

  • NFIB Small Business Optimism Index
  • JOLTS

Wednesday:         

  • PPI-FD
  • EIA Petroleum Status Report
  • 10-Yr Note Auction
  • Beige Book

Thursday:     

  • CPI
  • Jobless Claims
  • Fedspeak

Friday:          

  • Retail Sales
  • Import and Export Prices
  • Fedspeak
  • Industrial Production
  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

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Mortgage Rates Continue to Rise https://www.totalmortgage.com/blog/current-mortgage-rates/mortgage-rates-continue-to-rise/38348 https://www.totalmortgage.com/blog/current-mortgage-rates/mortgage-rates-continue-to-rise/38348#respond Thu, 06 Sep 2018 18:56:25 +0000 https://www.totalmortgage.com/blog/?p=38348 View Article]]> Mortgage rates are continuing to move higher this week. We’ve now seen them rise for two consecutive weeks in the Freddie Mac PMMS. The consensus is for them to continue rising for the foreseeable future. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates rise in the Freddie Mac PMMS again

Mortgage rates have moved higher for the second straight week according to the Freddie Mac Primary Mortgage Market Survey (PMMS). Here are the numbers:

  • The average rate on the 30-year fixed rate mortgage moved two basis points higher to 4.54% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage ticked up two basis points to 3.99% (0.4 points)
  • The average rate on a 5-year adjustable rate mortgage moved up eight basis points to 3.93% (0.3 points)

Here is what Freddie Mac’s Economic and Housing Research Group had to say about mortgage rates this week:

“The 30-year fixed-rate mortgage inched higher for the second straight week.

Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. It’s important to note that mortgage rates are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes.

This weakening in affordability is hindering many interested buyers this fall, even as the robust economy brings them into the market. The good news is that purchase mortgage applications have recently rebounded to above year ago levels.”

[contentbox id=”10″]

Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have risen these past few weeks and that trend is expected to continue over the coming months as the Federal Reserve gets ready to, and does, increase the nation’s benchmark interest rate.

If you are planning to buy a home or refinance your current mortgage, we strongly recommend that you lock in a rate sooner rather than later. The longer you wait, the more likely it is that you’ll get a higher rate.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:             

ADP Employment Report

The ADP employment report showed 163,000 jobs added to the U.S. economy in August.

Jobless Claims

Applications filed for unemployment benefits in the U.S. came in at 203,000 for the week of 9/1/18. That’s 10,000 fewer than the previous week, bringing the four-week moving average to 209,500.

Productivity and Costs

Nonfarm productivity rose 2.9% Q/Q in the second quarter of 2018. Unit labor costs fell 0.1%.

PMI Services Index

The PMI Services Index came in at 54.8 for August.

Fedspeak

San Francisco Fed President John Williams is set to speak at 10:00am.

Factory Orders

Factory orders fell 0.8% month over month in July.

ISM Non-Mfg Index

The ISM Non-Mfg index hit a 58.5 in August, up a little from July.

EIA Petroleum Status Report

For the week of 8/31:

  • Crude oil: -4.3 M barrels
  • Gasoline: 1.8 M barrels
  • Distillates: 3.1 M barrels

Notable events this week:     

Monday:   

  • Markets Closed

Tuesday:   

  • PMI Manufacturing Index
  • ISM Mfg Index
  • Construction Spending

Wednesday:         

  • Fedspeak

Thursday:     

  • ADP Employment Report
  • Jobless Claims
  • Productivity and Costs
  • PMI Services Index
  • Fedspeak
  • Factory Orders
  • ISM Non-Mfg Index
  • EIA Petroleum Status Report

Friday:          

  • Employment Situation
  • Fedspeak

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*Terms and conditions apply.

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Mortgage Rates Hold Lower to Start the Week https://www.totalmortgage.com/blog/current-mortgage-rates/mortgage-rates-hold-lower-to-start-the-week/38345 https://www.totalmortgage.com/blog/current-mortgage-rates/mortgage-rates-hold-lower-to-start-the-week/38345#respond Mon, 27 Aug 2018 15:29:22 +0000 https://www.totalmortgage.com/blog/?p=38345 View Article]]> Here we go with another week. Current mortgage rates have decreased slightly over the past couple of weeks and are holding at those levels today.

It’s not the busiest week for economic data but we will get some inflation data as well as a GDP reading, so the markets do have a couple opportunities to adjust. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates hold lower to start the week

Despite the fact that the Federal Reserve is gearing up to increase the nation’s benchmark interest rate, the federal funds rate, by a quarter point in late September, mortgage rates have been holding steady recently–even decreasing slightly over the past two weeks.

The big news in the markets last week was the fact that we entered on Wednesday the longest bull run stock market history, beating out the previous run from 1990-2000.

While there are certainly multiple takes on what is the root cause of this run and what it means for the big picture, the majority of analysts agree that there does not appear to be an end in clear sight.

However, getting back to the nitty-gritty we’ve got a fairly moderate week of economic data ahead with inflation (PCE on Thursday) and GDP on Wednesday being the highlights for investors.

Right now, the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are heading) is basically flat at 2.81%.

It has moved lower by about twenty basis points over the last few weeks, and as noted earlier, mortgage rates themselves have declined, albeit by not as much.

[contentbox id=”10″]

Rate/Float Recommendation                                    

Lock now before rates move even higher         

Mortgage rates have improved these past couple of weeks but that trend is not expected to persist. If you are planning on buying a home or refinancing your current mortgage anytime soon, we strongly recommend that you take action sooner rather than later.

The longer you wait, the more likely it is that you will be locking in a higher rate and paying more in interest over the life of the loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:             

Chicago Fed National Activity Index 

The Chicago Fed National Activity Index cam in lower than expected in July, hitting a 0.13 vs the 0.38 consensus. That brings the 3-month moving average down to 0.05.

Dallas Fed Mfg Survey  

The production index hit a 29.3 for August. The general activity index hit a 30.9.

Notable events this week:     

Monday:   

  • Chicago Fed National Activity Index
  • Dallas Fed Mfg Survey

Tuesday:   

  • International Trade in Goods
  • S&P Corelogic Case-Shiller HPI
  • Consumer Confidence
  • Richmond Fed Manufacturing Index
  • State Street Investor Confidence Index

Wednesday:         

  • GDP
  • Pending Home Sales Index
  • EIA Petroleum Status Report

Thursday:     

  • Jobless Claims
  • Personal Income and Outlays

Friday:          

  • Chicago PMI
  • Consumer Sentiment

[contentbox id=”3″]

*Terms and conditions apply.

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Current Mortgage Rates Continue to Move Lower https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-continue-to-move-lower/38340 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-continue-to-move-lower/38340#respond Thu, 23 Aug 2018 14:42:25 +0000 https://www.totalmortgage.com/blog/?p=38340 View Article]]> It’s been good news this week for home buyers and home owners looking to refinance as mortgage rates have improved. It hasn’t been a big swing lower but mortgage rates have mostly remained lower after a drop on Monday morning. Read on for more details.

Where are mortgage rates going?                                             

Mortgage rates move lower in the Freddie Mac PMMS

Current mortgage rates have moved lower for second straight week, according to the Freddie Mac Primary Mortgage Market Survey (PMMS).

Here are the numbers:

  • The average rate on a 30-year fixed rate mortgage moved lower by two basis points to 4.51% (0.5 points)
  • The average rate on a 15-year fixed rate mortgage ticked lower by three basis points to 3.98% (0.5 points)
  • The average rate on a 5-year adjustable rate mortgage fell by five basis points to 3.82% (0.03 points)

Here is what Freddie Mac’s Economic & Housing Research Group had to say about rates this week:

“Mortgage rates inched backward this week to their lowest level since mid-April.

Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.

Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.

It is clear affordability constraints have cooled the housing market, especially in expensive coastal markets. Many metro areas desperately need more new and existing affordable inventory to break out of this slump.”

[contentbox id=”10″]

Rate/Float Recommendation                                  

Lock now before move even higher     

While mortgage rates have improved for the second consecutive week, the long-term outlook continues to be for them to gradually increase as the Federal Reserve gets ready for and follows through with increases to the nation’s benchmark interest rate. The first hike is expected to take place next month, with another likely in December.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

Jobless Claims

Applications filed for U.S. unemployment benefits for the week of 8/18 came in at 210,000. That’s 2,000 lower than the previous reading, bringing the 4-week moving average down to 213,750.

FHFA House Price Index

The FHFA House Price Index increased 0.2% from the previous month in June. That brings the year over year increase to 6.5%.

PMI Composite Flash

The PMI Composite index hit a 55.0 in August. Manufacturing came in at 54.5 while Services hit 55.2.

New Home Sales

New Home Sales for July came in at an annualized rate of 627,000. That’s slightly below the consensus reading of 649,000.

Jackson Hole Symposium

Kicks off today and ends tomorrow.

Kansas City Fed Mfg Index 

11:00am

Notable events this week:     

Monday:   

  • Fedspeak

Tuesday:   

  • Nothing

Wednesday:         

  • Existing Home Sales
  • EIA Petroleum Status Report
  • FOMC Minutes

Thursday:     

  • Jobless Claims
  • FHFA House Price Index
  • PMI Composite Flash
  • New Home Sales
  • Jackson Hole Symposium
  • Kansas City Fed Mfg Index

Friday:          

  • Fedspeak
  • Jackson Hole Symposium

[contentbox id=”3″]

*Terms and conditions apply.

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Current Mortgage Rates for Monday, August 20, 2018 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-august-20-2018/38333 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-for-monday-august-20-2018/38333#respond Mon, 20 Aug 2018 17:09:00 +0000 https://www.totalmortgage.com/blog/?p=38333 View Article]]> Mortgage rates are continuing to hover in a tight range. We saw last week in the Freddie Mac PMMS that they moved a little bit lower, but that’s not a trend we expect to sustain over time. Read on for more details.

Where are mortgage rates going?                                             

Investors Eye Jackson Hole Symposium

Here we go with another week. It’s a fairly light economic calendar today and tomorrow, but things start to pick up as we hit the half-way point. The big event on the horizon is the Jackson Hole Symposium on Thursday and Friday.

That event, put on by the Kansas City Federal Reserve, will be closely watched by financial market participants around the world.

With the Fed widely expected to raise the nation’s benchmark interest rate, the federal funds rate, by a quarter-point as early as next month, investors are eager for more confirmation that this will take place, as well as clues on what else might happen in the coming months.

Ahead of that gathering we will get the FOMC minutes from their meeting a few weeks back, which could give some insight into the Fed’s outlook, potentially providing some talking points for officials in Wyoming.

[contentbox id=”10″]

Rate/Float Recommendation                                  

Lock now before move even higher     

With the Federal Reserve gearing up to raise the nation’s benchmark interest rate, the expectation is that mortgage rates will gradually rise over the coming weeks and months. In the near term, we could see rates tick up if there are any hawkish statements that come out of the Jackson Hole Symposium.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  •   Atlanta Fed President Raphael Bostic at 11:00am

Notable events this week:     

Monday:   

  • Fedspeak

Tuesday:   

  • Nothing

Wednesday:         

  • Existing Home Sales
  • EIA Petroleum Status Report
  • FOMC Minutes

Thursday:     

  • Jobless Claims
  • FHFA House Price Index
  • PMI Composite Flash
  • New Home Sales
  • Jackson Hole Symposium
  • Kansas City Fed Mfg Index

Friday:          

  • Fedspeak
  • Jackson Hole Symposium

[contentbox id=”3″]

*Terms and conditions apply.

]]>
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Current Mortgage Rates Stay Lower on Monday https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-stay-lower-on-monday/38328 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-stay-lower-on-monday/38328#respond Mon, 13 Aug 2018 15:18:33 +0000 https://www.totalmortgage.com/blog/?p=38328 View Article]]> We saw mortgage rates dip a little lower on Friday after trouble in Turkey led financial market participants to seek out the perceived safety of long-term government bonds.

Mortgage rates are expected to stay close to current levels this week, but we could see some movement after a few key economic reports get released. Read on for more details.

Where are mortgage rates going?                                            

Rates hold lower to start the week

It’s a quiet start to the week as there are no significant economic reports scheduled for release. That’s keeping long-term government bond yields, which dropped due to an increased demand on Friday after trouble for Turkey’s lira, down near three week lows.

The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is currently at 2.88%. That’s basically flat on the day and about six basis points lower from where it was this time last week.

The expectation for this week is the same as it’s been for quite some time, and that’s for current mortgage rates to stay close to present levels. The fact that rates have remained in a tight range all summer (and most of spring) really isn’t the worst thing for borrowers, as many forecasters had expected rates to rise higher than they are now by this time.

The pressure isn’t off quite yet, though, as it is widely anticipated that the Federal Reserve will increase the nation’s benchmark interest rate, the federal funds rate, by at least a quarter-point by the time 2019 rolls around.

According to the CME Group’s Fed Funds futures, there is a 96.0% chance that the federal funds rate will go up a little over a month from now at the FOMC’s September meeting.

That would push the target range up a quarter-point to 2.00%-2.25%. There is still a lot of time between now and December, but at the moment the majority of analysts believe another rate hike will take place then, pushing the fed funds target range up to 2.50%-2.75%.

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Rate/Float Recommendation                                  

Lock now before move even higher     

With mortgage rates expected to rise in the coming months, we believe the prudent decision for most borrowers is to lock in a rate sooner rather than later. The longer you wait, the more likely it is that you’ll get a higher rate and pay more interest on your purchase or refinance.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  • Nothing out today.

Notable events this week:     

Monday:   

  • Nothing

Tuesday:   

  • NFIB Small Business Optimism Index
  • Import and Export Prices

Wednesday:         

  • Retail Sales
  • Empire State Mfg Survey
  • Productivity and Costs
  • Industrial Production

Thursday:     

  • Housing Starts
  • Jobless Claims
  • Philly Fed Business Outlook Survey

Friday:          

  • Consumer Sentiment

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*Terms and conditions apply.

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Current Mortgage Rates are Flat to Start the Week https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-are-flat-to-start-the-week-2/38324 https://www.totalmortgage.com/blog/current-mortgage-rates/current-mortgage-rates-are-flat-to-start-the-week-2/38324#respond Mon, 06 Aug 2018 14:53:16 +0000 https://www.totalmortgage.com/blog/?p=38324 View Article]]> It’s a quiet start to the week with mortgage rates holding steady. That could be a trend that persists for the remainder of the week as there’s really not much scheduled on the economic calendar this week.

Thursday and Friday are the only days where we really have some inflation data out that could impact rates. Read on for more details.

Where are mortgage rates going?                                            

Rates start the week flat

After a weaker than expected July monthly jobs report on Friday, we saw financial market participants move out of stocks and into bonds, pushing long-term Treasury yields lower.

Mortgage rates typically move in the same direction as the 10-year yield, so rates drifted a little lower as we stepped into the weekend. The week after a monthly jobs report is historically a slow one and that’s really what the economic calendar points to.

There’s not a whole lot of economic data out, which means the market could be more easily influenced by political and overseas events. If nothing happens on those fronts, we could be in for a boring week with mortgage rates holding steady.

Of course, even in the so-called “stormy week” last week, we didn’t see mortgage rates stray too far from where they’ve been the past couple months.

The writing on the wall has been for rates to increase over the coming weeks and months, but while they did hit a seven-year high in the Freddie Mac Primary Mortgage Market Survey (PMMS) last Thursday, the ascent has so far been made up of little baby-steps.

The Consumer Price Index reading for July on Friday will be the most closely watched economic event. Depending on what happens with that reading we could see mortgage rates move slightly up or down.

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Rate/Float Recommendation                                  

Lock now before move even higher     

Mortgage rates are on track to steadily rise in the coming months as the Federal Reserve gets ready to raise the nation’s benchmark interest rate at least one more time this year.

If you’re planning on buying a home or refinancing your current mortgage, we strongly recommend that you take action sooner rather than later. The longer you wait, the more likely it is that you’ll be locking in a higher rate on your loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  • There are no significant economic reports out today.

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Notable events this week:     

Monday:   

  • Nothing

Tuesday:   

  • JOLTS

Wednesday:         

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

Thursday:     

  • Jobless Claims
  • PPI-FD
  • Fedspeak

Friday:          

  • Consumer Price Index

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*Terms and conditions apply.

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