But Freddie is almost always out of date by the time it announces its weekly figures. 27 report put that same weekly average at 6.81%, up from the previous week’s 6.78%. 7, 2021, when it stood at 2.65% for conventional, 30-year, fixed-rate mortgages.įreddie’s Jul. Recent trendsĪccording to Freddie Mac’s archives, the weekly all-time low for mortgage rates was set on Jan. It’s published each Saturday soon after 10 a.m.
Please read the weekend edition of this daily report for more background on what’s happening to mortgage rates. It provides its own unique insights into how the labor market is changing. And that’s the job openings and labor turnover survey (JOLTS) for June. However, tomorrow brings one employment report that could prove more important than the other, lesser ones. Those include purchasing managers’ indexes (PMIs), productivity data, and factory orders. Starting tomorrow, there’s a succession of less important economic reports that normally have only a limited impact on mortgage rates. But we’ll have to wait until Friday to be sure. I doubt we’ll see all of those and we might not see any. We’d also want to see a rising unemployment rate but falling average hourly earnings.
And, for it to help mortgage rates fall, we need it to show the number of new jobs created in July (“nonfarm payrolls”) to be smaller than economists expect. That’s one of the three most influential reports each month. And the one most likely to move them arrives on Friday in the form of the monthly jobs report. The ones that are most likely to shift mortgage rates gauge the strength of the economy. However, there are more influential reports scheduled for later in the week. The economic reports on today’s calendar are unlikely to move mortgage rates far. Start here What’s driving mortgage rates today? This week However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now. But, with that caveat, mortgage rates today might move a little higher. Because they have to be exceptionally strong or weak to rely on them. But our record for accuracy won’t achieve its former high levels until things settle down. Caveats about markets and ratesīefore the pandemic and post-pandemic upheavals, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. So we only count meaningful differences as good or bad for mortgage rates. *A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So lower readings are often better than higher ones ( Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. CNN Business Fear & Greed index - inched up to 79 from 78 out of 100.Gold tends to rise when investors worry about the economy. ( Good for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold prices rose to $2,007 from $1,954 an ounce.( Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity Oil prices increased to $81.49 from $79.23 a barrel.The opposite may happen when indexes are lower. ( Bad for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields The yield on 10-year Treasury notes edged down 3.95% from 3.97%.The data, compared with roughly the same time last Friday, were: Here’s a snapshot of the state of play this morning at about 9:50 a.m. >Related: 7 Tips to get the best refinance rate Market data affecting today’s mortgage rates So let your gut and your own tolerance for risk help guide you. However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine - or better. So, my personal rate lock recommendations remain: Because they tend to be higher the stronger the economy is. Recent economic data have suggested that the American economy is strong. See our rate assumptions See our rate assumptions here. Click here for a personalized rate quote. Rates are provided by our partner network, and may not reflect the market.
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