Mortgage Rates Slightly Seeing Better Start Today

Mortgage rates are seeing a better start today as we are seeing some positive numbers from MBSs pricing and the 10yr Treasury note.  Even though as slight as it may be, it is still a refreshing aspect to see this than what we had last week. This week has been a busy week in regards not only with the Fed increasing the FF rate by 0.25%, but numerous central bank meeting, and beginning today the G-20 finance ministers’ meeting.

The big news from the Fed was the rate, and what they anticipate the future will bring.  How much can we believe and how much should not be taken seriously? As most have noted in my readings, the now factor is what you can believe, as the longer estimates can change very quickly, but is just that, all speculation.

As mentioned above, several issues are affecting the EU.  European debt markets trading slightly lower today after the Netherlands vote yesterday that defeated the candidate that wants the Dutch to get out.  The next country lining up is France.  A lot of worried businesses in the EU now.

Several bits of news came out this morning.  February industrial production did not meet the target estimated, but January revisions made up for that.  Manufacturing in February was slightly better than anticipated, and Capacity Utilization for the same month was right on target. The U. of Michigan consumer sentiment index was a bit better than anticipated while the February leading indicators were stronger as well.  Even though these were good numbers today, it was not enough to materially impact pricing.

There is nothing more today except that President Trump’s meeting with German leader Merkel.  Something major would need to happen for the rates to move significantly, so unless you are closing soon, it might be best to see if you want to gamble and gather any more gains on what was lost last week.