There are a decent amount of economic reports out this week so we could definitely see some fluctuations in mortgage rates. For now, though, rates are staying fairly steady near 2017 lows. That’s great news for anyone who’s looking to purchase a new home or refinance their current mortgage. Read on for more details.
Where are mortgage rates going?
Rates are low – could inch up this week
There’s the potential for this week to be a busy one, but today is most likely going to be slow with no significant economic data out. Right now, the yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) is up about two basis points to 2.22%.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is at 2.20%. That’s just about seven basis points lower from where it began the week. Mortgage rates typically move in the same direction as the 10-year yield, so rates have improved this week.
Mortgage rates typically move in the same direction as the the 10-year yield so rates are flat to slightly higher this morning. The good news for borrowers is that last week mortgage rates touched down on six week lows (and just a few basis points over the lowest point of the year).
Click here to get today’s latest mortgage rates (Aug. 14, 2017).
Tomorrow is the busiest day of the week for economic data, with the Retail Sales report sitting in the spotlight. Analysts are expecting a rebound after declines across the board in July’s report.
In general, mortgage rates move higher when positive economic data gets released. That means that there is definitely the potential for rates to inch up a little this week.
Of course, we can’t discount some sort of political chaos to happen, which would almost certainly keep rates flat or send them lower. It’s hard to hang your hat on any one outcome right now.
What does this mean for me?
Great time to lock in a rate
Mortgage rates are hanging around some of the lowest levels of the year. Anyone who is on the fence about a purchase or refinance should seriously consider locking a rate. The long-term trend still seems for rates to rise so our recommendation is to act sooner rather than later.
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:
- Retail Sales
- Empire State Mfg Survey
- Import and Export Prices
- Business Inventories
- Housing Market Index
- Housing Starts
- EIA Petroleum Status
- FOMC Minutes
- Jobless Claims
- Philly Fed Business Outlook
- Industrial Production
Rates are still near 2017 lows. Contact us today to see if we can save you money on your home payments.