What May Impact Mortgage Rates this Week: April 14, 2014

mortgageporter-economyMy apologies for the late posting… we decided to have a long weekend and so I took Monday off. Here are some of the economic indicators scheduled to be released this week which may impact the direction of mortgage interest rates:

  • Monday, April 14: Retail Sales
  • Tuesday, April 15: Empire State Index; Consumer Price Index (CPI); Housing Market Index
  • Wednesday, April 16: Housing Starts; Building Permits; the Fed’s Beige Book
  • Thursday, April 17: Initial Jobless Claims; Philadelphia Fed Index
  • Friday, April 18: Markets will be closing early in observance of Good Friday

Mortgage interest rates are still very low. I am happy to provide you with a mortgage rate quote for your purchase or refinance on property located anywhere in Washington state, where I’m licensed.

Also, this Saturday, April 19th, I will be teaching a home buyer education class with Jim Reppond from Coldwell Banker Danforth at the Green Lake Library starting at 11:00 am. Students will not only learn more about the home buying process, they will also be eligible for down payment assistance, mortgage programs and mortgage credit certificates (MCC – tax credit).  For more information or to rsvp, please click here.

 

What is a Mortgage Credit Certificate or MCC?

Mortgage Credit Certificate (or also referred to as MCC) is a federal tax credit available to first time home buyers who meet certain requirements. With the tax credit, eligible home buyers can adjust their their withholding to take advantage of the savings monthly instead of waiting until they file their taxes.  The MCC remains available as long as the borrower owns and occupies the property.

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Home Buyer Class in Green Lake

Seattle Home Buyer ClassesDo you or someone you know want to learn more about the home buying process? If so, you might consider attending my next Home Buyer Class that I will be teaching with Jim Reppond of Coldwell Banker Danforth. This class is sponsored by the Washington State Housing Finance Commission and participants are eligible for down payment assistance, programs like Home Advantage or Home Possible and/or mortgage credit certificates (MCC).

When: Saturday, April 19, 2014 beginning at 11:00 am (when the library opens). The Commission requires their course to be a minimum of 5 hours long and we will do our best to wrap up by 4:00pm.

Where: Green Lake Library in Seattle. Parking is available!

As we will be teaching through lunch, we’re providing free pizza! If you have a special food requirement, please bring a sacked lunch as there will not be a long lunch break.

To RSVP please click here.  Space is limited so please sign up asap if you’re planning on joining us!

Here are some tips you may find useful in preparing for the class.

Here’s is a current list of home buyer classes that I’m teaching.

You do not have to be a first time home buyer to qualify for many of the down payment assistance programs!

Questions? Please contact me!

 

What May Impact Mortgage Rates this Week: April 7, 2014

mortgageporter-economyThis week’s calendar may seem on the lighter side with regards to economic indicators scheduled to be released. There are no economic indicator scheduled to be released this week. On Wednesday, the FOMC Minutes are scheduled to be released and this probably has the potential to influence the direction of mortgage interest rates. Remember, mortgage rates are based on bonds (mortgage backed securities) and often move in the opposite direction of stocks.

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WSHFC now offers reduced mortgage rates with no DPA

2013-03-07_0746The Washington State Housing Finance Commission offers several mortgage programs with various types of down payment assistance for home buyers. In order to qualify for the program, home buyers need to have household income of $97,000 or lower and attend a WSHFC sponsored home buyers class.

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What may impact mortgage rates this week: March 31, 2014

MortgagePorter-JobsReportMortgage interest rates bounced around last week more than they have in a while. This week could prove to be turbulent with the Jobs Report being released on Friday. Remember, mortgage rates are based on bonds (mortgage backed securities) and they often move the opposite direction of stocks. This is because traders tend to seek the safety of bonds when the stock market is being hit. The reverse is also true. We may also see mortgage rates trend higher when data reveals signs of inflation. Here are some of the economic indicators scheduled to be released this week:

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Seattle RE Chat: What’s going on in the Seattle real estate market?

In this episode of Seattle RE Chat, Jim Reppond of Coldwell Banker Danforth and I discuss what’s going on in the Seattle real estate market, including the lack of inventory.

Side note: if you have been considering selling your home, today’s lack of inventory could make this a prime time for you to sell your home.

Seattle RE Chat is a Google Hangout that takes place on Tuesdays at 10am Seattle-time. You can follow us on Twitter at @Seattlerechat or #seattlerechat

It shouldn’t be a hassle to get a mortgage rate quote

iStock-000017972256XSmallI did a little experiment on Tuesday. One of my Seattle home buyers asked why there’s a difference between the rates I’ve provided and those you can find posted online. I explained to him that the rates posted online are often not available and typically those sites are used for “lead generation” purposes. When consumers enter their email addresses and phone numbers, they may start to feel very popular by being inundated with phone calls and emails by mortgage lenders. When someone fills out a form requesting mortgage information or a rate quote online, they are considered a “hot lead” and their contact info is worth money and may be sold and re-sold.

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