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?
Mortgage rates continue to move lower
It’s been a slow week, economic data-wise, but a good one for mortgage rates. The whole healthcare debacle has caused investors to further doubt a pro-growth Trump agenda.
Click here to get today’s latest mortgage rates (Jul. 20, 2017).
That’s pushed more financial market participants into the bond market, pushing prices up and yields down. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) has moved about eight basis points lower over the past three days to 2.25%.
Since mortgage backed securities compete for the same type of investors as government bonds, mortgage rates have similarly declined this week. Here are the numbers from today’s Freddie Mac Primary Mortgage Market Survey (PMMS):
- 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)
Here is what chief economist at Freddie Mac Sean Becketti had to say about mortgage rates this week:
“Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”
What does this mean for me?
Lock now while rates are low
Mortgage rates have moved lower this week and that’s great news for borrowers. Anyone looking to refinance their current mortgage or purchase a new home should definitely consider taking action now while rates are low.
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:
Applications filed for U.S. unemployment benefits for the week of 7/15/17 came in at 233,000. That’s down 15,000 from the previous week. It’s a sizable drop that points toward strength in the July employment situation report in a couple weeks.
Philadelphia Fed Business Outlook Survey
The Philly Fed General Business Conditions Index is at 19.5 for July. That’s down from the prior reading of 27.5 but still at a very respectable level.
After striking a surprisingly hawkish tone a few weeks ago, ECB Mario Draghi went back to the status quo today. Talking about when the stimulus program would be removed he said “We need to be persistent and patient and prudent, because we’re not there yet.”
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.