What May Impact Mortgage Rates this Week: August 31, 2015

MortgagePorter-JobsReportMortgage rates have been bouncing around following the volatile stock market. This week watch for the Jobs Report to be released on Friday.

Here are some of the economic indicators scheduled to be released this week:

  • Monday, August 31: Chicago PMI
  • Tuesday, September 1: ISM Index
  • Wednesday, September 2: ADP National Employment Report; Productivity; Beige Book
  • Thursday, September 3: Initial Jobless Claims; ISM Services Index
  • Friday, September 4: Jobs Report

NOTE: Monday, September 7, 2015 is Labor Day. Our office and Federal offices will be closed to observe this national holiday. Happy Labor Day!

Mortgage rates are still lower, however they are trending higher compared to last week’s mortgage rate post. As I write this, 11:40 am on August, 31, 2015, I’m quoting:

  • 30 year fixed: 3.750% (apr 3.900%) priced with 1.291 points with principal and interest (p&i) of $1,852.46
  • 30 year fixed: 3.875% (apr 3.975%) priced with 0.673 points with p&i of $1,880.95.
  • 20 year fixed: 3.625% (apr 3.813%) priced with 1.118 points with p&i of $2,345.61.
  • 15 year fixed: 3.125% (apr 3.336%) priced with 0.954 points with p&i of $2,786.44.

Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a conventional loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by October 8, 2015 or sooner.

Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.

What is an escrow holdback?

mortgageporterhouseSometimes an appraiser may call for repairs to be done on a home typically for safety reasons. In a seller’s market, like the greater Seattle area is experiencing, it’s not likely that the seller will agree to make the repairs. If the buyer has enough funds, they may be able to do an “escrow holdback”.  An “escrow holdback” is when funds are heldback at closing to cover the estimated cost of the repairs. The buyer brings the amount of the holdback to escrow (or sometimes the lender) and the funds are held until after closing, when the work has been finished.

[Read more…]

What May Impact Mortgage Rates this Week: August 24, 2015

mortgageporter-economyMortgage rates are bouncing around this morning with the volatility in the markets largely due to an 8% drop in China’s market and dropping oil prices.  This morning, the Dow was down over 1,000 points and is now (8:53 am) down about 247. It’s been quite a wild day and it’s far from over. Remember, mortgage rates are based on bonds and may change several times a day.

Here are some of the economic indicators scheduled to be released this week:

  • Tuesday, August 25: S&P/Case-Shiller Home Price Index; Consumer Confidence; New Home Sales
  • Wednesday, August 26: Durable Goods Orders
  • Thursday, August 27: Gross Domestic Product (GDP); Inital Jobless Claims; Pending Home Sales
  • Friday, August 28: Personal Consumption Expenditures (PCE); Consumer Sentiment Index (UoM)

Mortgage rates are trending lower than what I quoted in my last rate post. As I write this post, August 24, 2015 at 9:15 am, I’m quoting:

EDITORS NOTE: Rates posted below are EXPIRED! Please click here if I can provide you with current mortgage rates for your Washington state home.

  • 30 year fixed: 3.750% (apr 3.848%) priced with 0.660 points with principal and interest (p&i) of $1,852.46
  • 20 year fixed: 3.625% (apr 3.745%) priced with 0.532 points with p&i of $2,345.61.
  • 15 year fixed: 3.000% (apr 3.246%) priced with 1.199 points with p&i of $2,762.33.
  • 15 year fixed: 3.125% (apr 3.281%) priced with 0.578 points with p&i of $2,786.44.

Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a conventional loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by October 1, 2015 or sooner.

Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.

Freddie Mac reports Mortgage Rates remain under 4

Yesterday, Freddie Mac’s PMMS shared that last weeks average conforming rates continue to be under 4.000%.  Last week, according to Freddie Mac’s survey, the average rate for a 30 year fixed conforming (FRM) mortgage was 3.93% priced with 0.6 points.

2015-08-20_1041

[Read more…]

What May Impact Mortgage Rates this Week: August 10, 2015 – Mortgage Rates trend LOWER

seatac_airportMy apologies for not getting this post published on Monday, as I typically do. On Monday, I dropped my son off at the airport for him to begin the next chapter of his life with his first “real job” in a new city (to him), Nashville. As I know I’ve mentioned before, I am so very proud of him.

This week the economic calendar is fairly light. Mortgage rates have been getting a boost from China revolving from the issues with their currency. When there are world issues, investors will trade the faster profits (hopefully) found in stocks for the safety with bonds, like mortgage backed securities.

[Read more…]

What May Impact Mortgage Interest Rates this Week: August 3, 2015

MortgagePorter-JobsReportIt’s the first week of the month and that typically brings us the Jobs Report on Friday morning. It is anticipated that 227,000 new jobs were added last month…we’ll see Friday if the numbers come in as anticipated. The Jobs Report is not just about how many jobs were added to the economy, it also reflects wages. Data that indicates potential inflation may cause mortgage rates to deteriorate.

[Read more…]

Student Loans and Qualifying for a Mortgage

mortgageporter_student_loansMy son graduated from Seattle University a few months ago and has recently landed his first “real job” in the tech world. I couldn’t be more proud of him!  Many first time home buyers, who have gone to college may be surprised to learn how student loans may impact how much mortgage they qualify for. Different types of mortgages have different guidelines with how they treat student loans and other debts with deferred payments. The guidelines below apply to both home purchases and refinances…and, of course, are subject to change.

[Read more…]

Freddie Mac Reports Mortgage Rates Down Last Week

Freddie_Mac_2015-07-30_1110

[Read more…]