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
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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
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Source: totalmortgage.com