Current Mortgage Rates for Monday, August 20, 2018

current mortgage rates
August 20, 2018
by Carter Wessman

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.

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:   

Tuesday:   

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.


Filed Under: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Rates
Tagged with: Current Mortgage Rates, daily mortgage rates, Mortgage Rates, todays mortgage rates

Source: totalmortgage.com

Current Mortgage Rates Continue to Move Lower

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.”

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:   

Tuesday:   

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Current Mortgage Rates are Flat to Start the Week

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.

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.

Notable events this week:     

Monday:   

Tuesday:   

Wednesday:         

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

Thursday:     

  • Jobless Claims
  • PPI-FD
  • Fedspeak

Friday:          

  • Consumer Price Index

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Current Mortgage Rates Stay Lower on Monday

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%.

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:   

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Mortgage Rates Continue to Rise

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.”

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:         

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Current Mortgage Rates Continue to Rise Gradually

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.

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:   

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Current Mortgage Rates Hold Higher to Start the Week

current mortgage rates
September 10, 2018
by Carter Wessman

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.

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:   

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

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.


Filed Under: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Rates
Tagged with: Current Mortgage Rates, daily mortgage rates, Mortgage Rates, mortgage rates today, todays mortgage rates

Source: totalmortgage.com