What’s Impacting Today’s Rates?
Today’s mortgages rates are lower.
Weakness in global stock markets has lifted MBS this morning. Today’s key U.S. economic data (see below) contained no major surprises and had little impact.
October Retail Sales rose 0.2% from September, above the consensus of 0.1%. Excluding the volatile auto component, Retail Sales rose 0.1%, below the consensus of 0.2%. The results for September for both readings were revised higher. October CPI rose 0.1% from September, matching the consensus, and it was 2.0% higher than one year ago. Core CPI, which excludes food and energy, increased 0.2%, also matching the consensus. Core CPI was 1.8% higher than one year ago, up from 1.7% last month. The Empire State regional manufacturing index fell to 19.4, below the consensus of 26.0.
Looking ahead, Industrial Production, another important indicator of economic activity, will come out on Thursday. Housing Starts will be released on Friday. In addition, investors will we watching for any changes in the tax reform plans.
As a mortgage rate shopper, it’s important to know when today’s rates are changing. This is because, when mortgage rates change, mortgage lenders will not honor rate quotes which have not been previously “locked”.
To lock today’s mortgage rates, then, be sure to commit with your lender before current rates begin to move. Whether you’re trying to lock a purchase or a refinance loan, the market waits for no one.