Mortgage rates are basically flat again today. The Fed meeting, although not a major policy event, is still in focus for financial market participants right now.
You never know what will happen in the Eccles Building so we could see rates adjust tomorrow when the concluding statement is issued. Read on for more details.
Market Outlook 4.30.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates move sideways as Fed meeting begins
The Federal Open Market Committee kicks off its two-day meeting today.
Financial market participants are moving slightly out of bonds and into stocks ahead of the event, pushing up Treasury yields.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, is up a couple basis points to 2.96%.
Mortgage rates tend to follow in the footsteps of the 10-year yield, so we’re seeing some mild upward pressure today.
While the Fed meeting is certainly on investors’ radar, there’s no reason to expect a massive swing in rates tomorrow afternoon.
It’s virtually guaranteed that the FOMC members will vote to keep the nation’s benchmark interest rate, the federal funds rate, unchanged from the prior meeting.
In fact, the language and tone are both expected to be little changed from the previous meeting.
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Rate/Float Recommendation
Lock now before rates rise
Mortgage rates are holding at some of the highest levels of the year, but they are poised to continue moving higher.
If you’re considering buying a home or refinancing your current mortgage, it’s more likely right now that rates will rise than fall, so you’re best bet would be to lock in a rate soon.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
FOMC Meeting Begins
The Federal Open Market Committee will begin a two-day meeting today. The event will end tomorrow with a written announcement out at 2pm.
PMI Manufacturing Index
The PMI Manufacturing Index hit a
ISM Mfg Index
The ISM Mfg Index came in at a
Construction Spending
Construction spending hit
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Notable events this week:
Monday:
- Personal Income and Outlays
- Chicago PMI
- Pending Home Sales Index
- Dallas Fed Mfg Survey
Tuesday:
- FOMC Meeting Begins
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
Wednesday:
- ADP Employment Report
- EIA Petroleum Status Report
- FOMC Meeting Ends
Thursday:
- International Trade
- Jobless Claims
- Productivity and Costs
- PMI Services Index
- Factory Orders
- ISM Non-Mfg Index
Friday:
- Employment Situation
- Fedspeak
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from Total Mortgage Blog https://ift.tt/2w2mMAr
via Naza Finance Blog
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