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?
Mortgage rates are down as we head into the weekend
Mortgage rates are moving lower again today. That’s been the theme of the week ever since the Republican’s healthcare bill flopped on Monday night after two more Republican senators came out and said they would oppose it.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) started the week up around 2.33% and has since dropped down to 2.24%. Mortgage rates typically move in the same direction as the 10-year yield, so rates have improved this week.
That’s what we saw in the Freddie Mac Primary Mortgage Survey yesterday. Here are the numbers:
- The average rate on a 30-year fixed rate mortgage fell seven basis points to 3.96% (0.6 point)
- The average rate on a 15-year fixed rate mortgage fell six basis points to 3.23% (0.5 point)
- The average rate on a 5/1-year adjustable rate mortgage fell seven basis points to 3.21% (0.5 point)
Click here to get today’s latest mortgage rates (Jul. 21, 2017).
Looking ahead to next week, things are poised to pick up as we have several notable economic reports, including PMI and GDP, as well as the FOMC meeting announcement on Wednesday.
While no one is expecting the Fed to make any adjustments to their current monetary policy, investors will still be closely watching to see what kind of changes, if any, are made to the way the Fed describes the current economic situation.
What does this mean for me?
Lock now while rates are low
Mortgage rates moved lower this week. That’s always good news for borrowers. Anyone who has been on the fence about a purchase or refinance should seriously consider taking action sooner rather than later. Mortgage rates are incredibly fickle and there really is no telling when they will spike back up.
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:
Notable events this week:
- Import and Export Prices
- Housing Market Index
- Housing Starts
- EIA Petroleum Status Report
- Jobless Claims
- Philadelphia Fed Business Outlook Survey
- ECB Meeting
Rates are still near 2017 lows. Contact us today to see if we can save you money on your home payments.