Wednesday, January 3, 2018

Today's rates and what it means for January 2018?


Today's Rates

Mortgage rates today have opened unchanged, as investors ignored this morning's financial reporting and continued to wait for Friday's Employment Report.
The Institute For Supply Management released its ISM Manufacturing Index for December. The index tracks where production managers in the US feel their business is heading -- anything over 50 means business is increasing. Experts anticipate that the index will drop slightly from last month's 58.2 to 58.0. We got a rise, however, to 59.7. This could hurt rates if anyone pays attention to it -- the report is known to be volatile.
Manufacturing and production output (as well as the feeling business has about the future of the economy) is a predictor or WHEN inflation will start.  In my experience over the years, I have seen this increase in the ISM a preview of increasing rates (inflation). 

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Rate forecast for January 2018

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It's a new year, but a similar story from years past is on repeat. Mortgage rates are low, but not for long.
Just about every analyst out there is calling for higher rates in the new year. The economy is breaking records, and a freshly minted tax code could induce economic expansion, but also inflation.
All these factors are bad for mortgage rates.
The good news, though, is that rates are surprisingly steady in the face of overarching changes like the new tax law. A golden opportunity still exists for those who are looking to buy or refinance a home in 2018.
 
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Marty Qualls  801-540-5108  marty@martyqualls.net