Here we go with the first trading session of the week. The good news for anyone thinking about a refinance or purchase right now is that rates are holding steady. Tomorrow will be a busier day, though, so we could see current mortgage rates move around a little more then. Read on for more details.
[embedded content]
Market Outlook 1.16.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates flat today
It’s a fairly slow day as investors get back into the first trading session of the week. We got the Empire State Mfg Survey out this morning, which showed a decline in January for the third straight month.
Click here to get today’s latest mortgage rates (Jul. 27, 2023).
The report did show some strength in it, however, and so the market reaction evened out into no reaction, keeping rates flat.
Tomorrow will be a day with a few opportunities for rates to adjust, as we have the Industrial Production report in the morning and the Fed’s Beige Book in the afternoon. On top of that, there will also be several speaking engagements from Federal Reserve officials.
Also on the radar this week is the looming government shutdown if a funding deal isn’t decided upon by midnight Friday. There is certainly a lot of tension between the Democrats and Republicans right now and there’s really no telling what will happen by Friday night.
Rate/Float Recommendation
Lock now while rates are low
All things considered, mortgage rates are still at very low levels. However, the general industry consensus is that rates are going to rise throughout 2018, so we’re recommending that anyone looking to buy a home or refinance their current mortgage takes action sooner rather than later.
It only takes a couple minutes online to fill out our free rate quote form or a quick call to a mortgage specialist to get started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Empire State Mfg Survey
The general business conditions index for January fell for the third straight month, putting it at 17.7. Overall, though, the report does show some strength in new orders and the long-term outlook remains solid.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Nothing: Markets Closed for Martin Luther King Jr. Day
Tuesday:
Empire State Mfg Survey
Wednesday:
Industrial Production
Housing Market Index
Beige Book
Fedspeak
Thursday:
Housing Starts
Jobless Claims
Philadelphia Fed Business Outlook Survey
EIA Petroleum Status Report
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.
We’re seeing a big push higher for the 10-year Treasury note as we head into the weekend, which means that mortgage rates are dealing with some upward pressure. This will continue the trend for higher rates in 2018–something we expect will continue throughout the year. Read on for more details.
Where are mortgage rates going?
Shutdown looms. Rates move higher.
The big story of the week has been the unfolding situation around the potential government shutdown. At the beginning of the week, there was really no telling what would happen by the time we got to Friday.
Click here to get today’s latest mortgage rates (Jul. 27, 2023).
For those who haven’t been following along, Congress has until midnight tonight to get some sort of budget passed or a shutdown will occur. It’s definitely a chaotic scene down in D.C. right now, making it hard to believe anything else will happen other than a government shutdown.
Meanwhile, we’ve got the yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) up to 2.63%–a three year high!
Mortgage rates typically move in the same direction as the 10-year yield, and are similarly moving higher, but there isn’t a need for borrowers to panic at the moment, as they aren’t anywhere near a three year high.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are definitely under some upward pressure this week. This has been the trend for the past several weeks and it’s something that we expect will continue throughout 2018.
If you’re looking to buy a home or refinance, we think that the smart decision is to take action sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Consumer Sentiment
The consumer sentiment report for January came in at 94.4. That’s a little lower than both the prior reading and the consensus reading.
Fedspeak
Atlanta Fed President Raphael Bostic at 8:45am
Fed Vice Chairman Randal Quarles
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Nothing: Markets Closed for Martin Luther King Jr. Day
Tuesday:
Empire State Mfg Survey
Wednesday:
Industrial Production
Housing Market Index
Beige Book
Fedspeak
Thursday:
Housing Starts
Jobless Claims
Philadelphia Fed Business Outlook Survey
EIA Petroleum Status Report
Friday:
Consumer Sentiment
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.
Mortgage rates are on track to finish out the week higher than where they started. The upward push was in part due to some global Treasury news and some domestic inflation readings.
We still believe that mortgage rates will continue rising in 2018, so borrowers should consider taking action on a refinance or purchase now. Read on for more details. [embedded content]
Market Recap 1.12.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates flat today
It’s been a busy week for the bond market with a large spike early on in the week for Treasury yields after some talks about Japan and China cutting back on their Treasury purchases.
Click here to get today’s latest mortgage rates (Jul. 26, 2023).
If we take a look at the yield of the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it jumped over ten basis points early on in the week, came down a little yesterday, but is now back on the rise today after a strong Core-CPI reading.
Mortgage rates typically move in the same direction as the 10-year yield, so rates definitely moved a little higher this week. This is a trend that we’ve been expecting for a while and believe will continue into the near future.
Rate/Float Recommendation
Lock now while rates are low
With mortgage rates expected to move higher over the coming weeks and months, it definitely makes sense for most borrowers to try and lock in a rate sooner rather than later.
You can get started by getting a free rate quote online with our Mortgage Builder or with a quick phone call to a mortgage specialist.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Consumer Price Index
The December CPI readings are out today, showing a monthly rise of 0.1%, putting the year over year change at 2.1%. So called core-CPI (less food and energy) rose a notable 0.3%, putting it at 1.8% year over year.
Coming in at 0.3%, that’s one tenth higher than analysts had predicted. That’s enough to excite financial market participants.
Retail Sales
Retail sales for December rose 0.4 from the previous month. Retail sales less autos also increased 0.4%, as did retail sales less autos and gas. The control group rose 0.3%.
Business Inventories
Business inventories for November rose 0.4%. That’s one tenth higher than what analysts had expected.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
Fedspeak
JOLTS
Wednesday:
Import and Export Prices
Fedspeak
EIA Petroleum Status
10-Yr Note Auction
Thursday:
Jobless Claims
PPI-FD
Friday:
Consumer Price Index
Retail Sales
Business Inventories
*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.
Inside: Need help with do credit cards have routing numbers? This guide teaches you the basics of credit card money management.
Have you ever wondered if credit cards have routing numbers?
If so, you’re not alone.
In fact, this is a question that we get asked quite often here with money management.
The short answer is no, credit cards do not have routing numbers. But there’s a bit more to it than that.
Keep reading to learn more about why credit cards don’t have routing numbers and what other options are available if you need to make a direct deposit or automatic payment using your credit card.
What are Routing Numbers?
A routing number, often known as ABA or Transit number, is a unique nine-digit code that identifies your bank in the U.S. and helps to direct your transactions correctly.
Here’re a few things to take note of:
It is indispensable for online transactions, direct deposits, and financial exchanges.
Banks and financial institutions use it to identify themselves during transactions.
It usually appears at the bottom of your checks.
There may not be a routing number for all financial institutions.
Cherished for over a century, these magic digits aid in a seamless banking experience.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Do Credit Cards Have Routing Numbers?
Here’s the deal, no, credit cards do not have routing numbers.
So, when you’re making a payment or doing a transaction, you won’t need any routing number.
You just enter your credit card’s account number, and you’re good to go.
Confusing it with routing numbers? Learn how to read a check.
Why Credit Cards Don’t Have Routing Numbers?
Your credit card and bank accounts are two completely different methods of paying.
While routing numbers are nine-digit codes that identify your bank. They’re used to process payments and deposits, and they appear on the bottom of your checks.
So, naturally, you might assume that credit cards have routing numbers. But they don’t—and there are a few reasons why.
1. Debit Cards Do Not Need Routing Numbers
Primarily, routing numbers are for bank transactions like wire transfers, checks, and direct deposits. When you use a debit card, you’re not performing these actions.
Hence, there is no routing number involved.
Your debit card is directly linked to your bank account, and that’s how transactions are processed.
For kids… Using a Greenlight debit card is a great way to teach responsibility.
2. Credit Cards Do Not Need Routing Numbers
Credit cards function entirely differently from your usual bank account! Here are the key points:
A credit card has a unique 16-digit account number, not a routing number.
It’s not about moving funds from your account to another when you’re using your credit card. Instead, you’re essentially borrowing bucks from your card issuer, sort of like a personal money-lender.
In short, your credit card enjoys its own exclusive payment processing lane, no routing numbers required!
Understanding Credit Card Numbers
Credit card numbers, much like routing numbers, hold critical account information that extends beyond just a unique identifier.
Each series of digits serve a purpose – revealing the card network, issuer, and your specific account number, and even acting as a key validation tool.
Understanding the structure of credit card numbers can help you not only identify your card type but also the financial institution it’s associated with.
1. Account number
An account number on your credit card is a unique 16-digit identifier. Think of it like your card’s fingerprint.
For example, if you’re holding a Mastercard, your account number likely starts with the number “5”. This number is different from your card security code or pin. It’s crucial for processing transactions and differentiates your card from others. Each time you transact, this account number comes into play.
So, knowing what it represents adds to your financial literacy!
2. Brand identifier
American Express, Discover, MasterCard, and Visa all have different systems for generating credit card numbers.
A routing number is not used in the credit card number generation process. Therefore, a credit card does not have a routing number.
Think of credit card numbers like a secret map. That first digit? It’s the Major Industry Identifier (MII), a fancy name for the network your credit card belongs to:
3 for American Express
4 for Visa
5 for Mastercard
6 for Discover.
The next handful of numbers is your Issuer Identification Number (IIN), the ‘who’s who’ of banks showing the issuer of your card. For example, a card starting with 475050 is a Visa from JPMorgan Chase.
The remaining digits are your unique account number with a check digit for validation.
3. CVV number
CVV stands for Card Verification Value.
Your credit card’s CVV number is that extra little bit of security magic for online shopping. This 3-digit (or 4, for you Amex users) number hangs out on the back of your card—except for American Express, where it lounges on the front.
It’s an anti-fraud champion, making sure the wizard behind the curtain really has the card itself, not just the number.
Remember, this little number works best when kept a secret, so keep it under wraps!
4. Cardholder name
The cardholder name on your credit card is just your own name — simple as that. It’s printed right on your card.
This is to help the retailers verify that you, the cardholder, are indeed the legit owner of the card when making a purchase.
So, it’s just another security step to keep your card safe from theft!
Credit Card Example Number
Here is a quick example of how credit card numbers are used in real life.
Imagine card number 4298 6512 9087 6543.
That ‘4’ indicates it’s a Visa. The ‘2986’ might say it’s from Bank XYZ, and the ‘5129087654’ is just you! Now, isn’t that a cool language to learn?
How Credit Card Transactions Work
When you use a credit card, you are borrowing money from the card issuer. It is not a “free” unlimited supply of funds.
If you pay your credit card in full by the payment date, you don’t owe interest. However, if you don’t pay the balance in full, you will start to accumulate interest and possibly feed.
Here are some key points of knowledge to know:
The billing cycle refers to the period, about thirty days, where all your financial transactions are tracked. This period generally lasts for an entire month.
The statement balance is the amount of money you owe at the end of your billing cycle. Once this amount is determined, you’re given a due date, which is typically 25 days after the end of your billing cycle, to repay the full amount. If you’re able to pay off your entire statement balance by this due date, you’ll avoid any interest charges on your credit card. However, if you fail to pay, you’ll have to incur an additional fee.
The outstanding balance consists of all your transactions from your grace period statements. This is the sum that you need to pay off in order to have a zero balance on your credit card.
Did you know you can use a Visa Gift Card on Amazon?
Now, You know the Account Number for Credit Card
We hope this guide has helped you understand a little more about credit cards and how to use them wisely.
Remember, a credit card is a powerful tool that can help you build your credit and improve your financial status.
Use it wisely and always pay your balance in full and on time to avoid costly fees and interest charges.
So next time you pull out your card, impress your friends with this cool trivia on credit cards!
Now, learn how many bank accounts should I have…
Know someone else that needs this, too? Then, please share!!
It’s a slow start to the week with financial markets closed in observance of Martin Luther King Jr. day. With no trading going on, mortgage rates are going to remain flat until tomorrow.
As we move through the week we do have several political and economic events that could influence the direction of current mortgage rates. Read on for more details.
Where are mortgage rates going?
Rates flat. Markets closed today.
Financial markets are closed today in observance of Martin Luther King Jr. Day. That means that mortgage rates are going to remain unchanged today.
Click here to get today’s latest mortgage rates (Jul. 26, 2023).
Looking ahead to the rest of the week, we have a few important economic reports to be released, such as the Industrial Production and Consumer Sentiment reports.
We’ll also get the Fed’s Beige book out on Wednesday, which gives us some anecdotal evidence about how the U.S. economy is doing in the various Fed regions.
In other news, investors will also be keeping their eye on the government shutdown situation, as lawmakers have until midnight on Friday to agree on funding. It doesn’t seem as though a shutdown will happen but you really can’t count anything out at this point, so it’s definitely something to watch.
The bottom line is that mortgage rates could move around a little bit this week but we expect them to stay in a fairly tight range. It’s really up to the economic data and U.S. lawmakers as to which direction they fluctuate.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are flat right now but expected to rise in the coming weeks and month. For this reason, we’re recommending that borrowers lock in a rate on a purchase or refinance sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Nothing: Markets Closed for Martin Luther King Jr. Day
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Nothing: Markets Closed for Martin Luther King Jr. Day
Tuesday:
Empire State Mfg Survey
Wednesday:
Industrial Production
Housing Market Index
Beige Book
Fedspeak
Thursday:
Housing Starts
Jobless Claims
Philadelphia Fed Business Outlook Survey
EIA Petroleum Status Report
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.
We’re looking at more movement in the bond market today, which is certainly putting some upward pressure on mortgage rates. This is a trend that we think will continue over the coming weeks and months. So if you’re looking to buy or refinance, you might want to consider taking action soon. Read on for more details.
[embedded content]
Market Outlook 1.8.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Bond sell-off continues
First Japan, now China. The big news this week has been the international news surrounding the bond market. We saw the Bank of Japan announce yesterday that they are reducing their bond buying program.
Click here to get today’s latest mortgage rates (Jul. 25, 2023).
Now, we have China reportedly looking to follow suit and cut back on their U.S. Treasury holdings. All of this has had a marked effect on the 10-year Treasury yield, which is the best market indicator of where mortgage rates are going.
We’ve seen that yield move about twelve basis points higher this week, pushing it up past the significant milestone of 2.50%. In fact, right now it’s all the way up to 2.58%. This is the highest it’s been since last March.
Mortgage rates tend to move in the same direction as the 10-year yield, so we’ve seen rates move higher this week. This is something that we’ve been anticipating would happen for a while, but not quite for the reasons we’re seeing now.
The way the market has been trending, it seems reasonable to expect that current mortgage rates will continue to rise.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are poised to rise throughout 2018, so the sooner you lock, the more likely it is you’ll get a better deal on a purchase or refinance.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Import and Export Prices
Import prices rose by 0.1% in December, putting them at 3.0% year over year. Export prices ticked down by 0.1%, bringing them to 2.6% year over year.
Fedspeak
Chicago Fed President Charles Evans at 9:00am
Dallas Fed President Robert Kaplan at 9:10am
St. Louis Fed President James Bullard at 1:30pm
EIA Petroleum Status
Crude oil: -4.9 M barrels
Gasoline: 4.1 M barrels
Distillates: 4.3 M barrels
10-Yr Note Auction
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
Fedspeak
JOLTS
Wednesday:
Import and Export Prices
Fedspeak
EIA Petroleum Status
10-Yr Note Auction
Thursday:
Jobless Claims
PPI-FD
Friday:
Consumer Price Index
Retail Sales
Business Inventories
*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.
Mortgage rates are getting a little relief from the upward pressure that we’ve seen over the past few days. There’s really no telling when they will be in for another surge, though, which is why we’re recommending that borrowers act now on a purchase or refinance. Read on for more details.
Where are mortgage rates going?
Rates flat today
There’s been a lot of action this week but so far today things are relatively calm. The big news yesterday was a Bloomberg report that China is looking to cut back on its purchases of Treasurys.
Click here to get today’s latest mortgage rates (Jul. 24, 2023).
Later in the day there was some push back from China’s foreign-exchange regulator that the report wasn’t completely accurate, triggering a slight retreat but not enough to undo all of the day’s shift.
If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s up a little over ten basis points right now.
That puts it at 2.56%, which is up at levels not seen since March. Mortgage rates typically move in the same direction as the 10-year yield, and have been dealing with some significant upward pressure this week.
Here’s the latest data from the Freddie Mac Primary Mortgage Market Survey (PMMS):
The average rate on a 30-year fixed rate mortgage is up four basis points this week to 3.99% (0.5 points)
The average rate on a 15-year fixed rate mortgage is up six basis points this week to 3.44% (0.5 points)
The average rate on a 5/1 year adjustable rate mortgage is up one basis point to 3.46% (0.4 points)
Here is what the Freddie Mac Economic and Housing Research group had to say about rates this week:
“After dipping slightly last week, Treasury yields surged this week amidst sell-offs in the bond market. The 10-year Treasury yield, for instance, reached its highest point since March of last year. Mortgage rates followed Treasury yields and ticked up modestly across the board. The 30-year fixed-rate mortgage averaged 3.99 percent, up 4 basis points from a week ago.”
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are moving higher. It’s something that we expect to continue throughout 2018, so we believe the smart decision for borrowers is to take action sooner rather than later.
For many, this will mean locking in a rate on a purchase or refinance, but at the very least you should be figuring out what your next steps are.
It only takes a few minutes online to fill out our Mortgage Builder and get a free rate quote, or a quick phone call to one of our mortgage specialists to get started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 261,000 for the week of 1/6/18.
PPI-FD
Producer prices for December fell 0.1%, bringing the year over year reading down to 2.6%. PPI less food and energy also fell 0.1%, putting the year over year reading at 2.3%. PPI less food, energy and trade services rose 0.1% month over month, making it 2.3% year over year.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
Fedspeak
JOLTS
Wednesday:
Import and Export Prices
Fedspeak
EIA Petroleum Status
10-Yr Note Auction
Thursday:
Jobless Claims
PPI-FD
Friday:
Consumer Price Index
Retail Sales
Business Inventories
*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.
The government is back in business and mortgage rates are moving a littler lower today. We’re about to get three straight days with important economic reports out, though, which could put some upward pressure on rates. If you’re considering locking in a rate on a purchase or refinance, we think you should take advantage of today’s low rates and act now. Read on for more details.
[embedded content]
Market Outlook 1.22.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates move lower
President Trump signed a bill yesterday which put temporary funding into effect for the government through February 8th.
Click here to get today’s latest mortgage rates (Jul. 24, 2023).
We saw all of the major U.S. stock indexes bump higher after the news broke around midday, but the decision didn’t have much of an immediate effect on the bond and mortgage markets.
However, today we’re seeing Treasury yields move lower, with the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) down about 2.5 basis points.
Mortgage rates typically move in the same direction as the 10-year yield, so we’re looking at some downward pressure on rates today.
Looking ahead to the rest of the week, we have several economic reports out every day that could influence the direction of rates.
The two most notable events, however, are the Durable Goods report and the first estimate for fourth quarter GDP, both scheduled to be released early Friday morning.
If we get some strong readings in those reports, we could definitely see mortgage rates move higher as we head into the weekend.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are still at very low levels on a historical perspective. However, current mortgage rates are expected to rise over the long-term, so we do firmly believe that it’s in the best interest for most borrowers to lock in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Richmond Fed Manufacturing Index
The Richmond Fed Manufacturing Index hit a 14 for January. That’s outside of the lower end of the consensus range.
Fedspeak
Chicago Fed President Charles Evans will speak at 6:30pm.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Chicago Fed National Activity Index
Tuesday:
Richmond Fed Manufacturing Index
Fedspeak
Wednesday:
FHFA House Price Index
PMI Composite Flash
Existing Home Sales
EIA Petroleum Status Report
Thursday:
International Trade in Goods
Jobless Claims
New Home Sales
Kansas City Fed Manufacturing Index
Friday:
Durable Goods Orders
GDP
*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.
Mortgage rates are continuing to move higher and higher in 2018. It’s a trend that seems to be here to stay for the indefinite future, as the economy strengthens and the Federal Reserve follows through with more increases to the federal funds rate.
If you’re considering taking action on a purchase or refinance, we strongly recommend that you act soon, if possible. Read on for more details.
[embedded content]
Market Outlook 1.16.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates rise again in Freddie Mac PMMS
We’re moving quickly through another week, and as expected, mortgage rates are inching higher but remaining in a fairly tight range.
Click here to get today’s latest mortgage rates (Jul. 23, 2023).
Here are the numbers in the latest Freddie Mac Primary Mortgage Market Survey, which got released this morning:
The average rate on a 30-year fixed rate mortgage rose five basis points up to 4.04% (0.6 points)
The average rate on a 15-year fixed rate mortgage moved up five basis points to 3.49% (0.5 points)
The average rate on a 5-year adjustable rate mortgage stayed flat at 3.46% (0.3 points)
This is the first time the average rate on a 30-year fixed has crept over 4.00% since July. Here is what the Freddie Mac Economic & Housing Research Group had to say about rates this week:
“The U.S. weekly average for the 30-year fixed mortgage rate rose above 4 percent for the first time since last summer to 4.04 percent in this week’s survey. This is the highest weekly average for the 30-year fixed rate mortgage since May of 2017.
Some may be wondering if this is the last time we’ll see a three handle on the 30-year mortgage rate. Never say never, but inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate mortgage, is building.”
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates continue to move higher. This is a trend that we expect to stick around for a while now, which is why we’re recommending that borrowers take action on a purchase or refinance, sooner rather than later.
It really only takes a few minutes online to get a free rate quote. Don’t want to deal with an online form? No problem–just give one of our mortgage specialists a call and they can quickly get you started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Housing Starts
Housing starts for December came in at an annualized rate of 1.192 M.
Permits came in for December at an annualized rate of 1.192 M.
Jobless Claims
Applications filed for U.S. unemployment benefits came in at 220,000 for the week of 1/13/18. The four-week moving average is now up to 244,500.
Philadelphia Fed Business Outlook Survey
The Philly Fed General Business Conditions Index moved to a 22.2 in January.
EIA Petroleum Status Report
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Nothing: Markets Closed for Martin Luther King Jr. Day
Tuesday:
Empire State Mfg Survey
Wednesday:
Industrial Production
Housing Market Index
Beige Book
Fedspeak
Thursday:
Housing Starts
Jobless Claims
Philadelphia Fed Business Outlook Survey
EIA Petroleum Status Report
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.
Mortgage rates are flat to slightly higher right now. We did see a big jump in this week’s Freddie Mac PMMS that got released this morning. Looking at the big picture, though, mortgage rates are still at low levels.
They are expected to continue rising in 2018 so we’re recommending that borrowers take action sooner rather than later. Read on for more details.
[embedded content]
Market Outlook 1.22.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates flat to slightly higher today
Mortgage rates are moving sideways today. A few hours ago the European Central Bank left their benchmark interest rate unchanged, with ECB President Mario Draghi stating that it will likely remain that way throughout 2018.
Click here to get today’s latest mortgage rates (Jul. 22, 2023).
The decision really came as no surprise to financial market participants, resulting in a very muted market reaction.
The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) is up a little over one basis point from the start of the day.
Rates Jump in Freddie Mac PMMS
Mortgage rates jumped up again this week in the Freddie Mac Primary Mortgage Market Survey. Here are the numbers:
The average rate on a 30-year fixed rate mortgage spiked up eleven basis points to 4.15% (0.05 points)
The average rate on a 15-year fixed rate mortgage jumped up thirteen basis points to 3.62% (0.05 points)
The average rate on a 5-year adjustable rate mortgage moved up six basis points to 3.52% (0.4 points)
Here is what the Freddie Mac’s Economic & Housing Research group had to say about mortgage rates this week:
“Rates keep climbing. The 10-year Treasury yield reached its highest point since 2014 reflecting expectations of broad-based economic growth. Mortgage rates, in turn, followed the surge in Treasury yields. The 30-year fixed rate mortgage jumped 11 basis points to 4.15 percent, its highest level since March of last year.
The release of the December existing home sales data confirms that 2017 was the best year for home sales in over a decade. Will 2018 home sales outpace 2017? Homebuyer affordability will be a challenge, with mortgage rates moving higher and robust house price gains across the country. The FHFA reported that house prices increased 6.5 percent from November 2016 to November 2017, with all regions showing positive 12-month changes.”
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are continuing to move higher. This is what has been expected for some time now, which is why we’ve been recommending that anyone looking to purchase a home or refinance their current mortgage takes action sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Jobless Claims
Jobless claims for the week of 1/20/18 came in at 233,000. That’s up from the prior revised reading of 216,000. The four-week moving average is now at 240,000.
New Home Sales
New Home Sales came in at an annualized rate of 625,000 for December. That’s a little below the consensus for 680,000.
Kansas City Fed Manufacturing Index
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Notable events this week:
Monday:
Chicago Fed National Activity Index
Tuesday:
Richmond Fed Manufacturing Index
Fedspeak
Wednesday:
FHFA House Price Index
PMI Composite Flash
Existing Home Sales
EIA Petroleum Status Report
Thursday:
Jobless Claims
New Home Sales
Kansas City Fed Manufacturing Index
Friday:
International Trade in Goods
Durable Goods Orders
GDP
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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.