What May Impact Mortgage Interest Rates this week: March 2, 2015 – Rates Improved

MortgagePorter-JobsReportThis being the first week of the month, means that Friday, we will have the Jobs Report. Last month, the better than expected Jobs Report sent mortgage rates trending higher.

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

  • Monday, March 2: Personal Consumption Expenditures; Core PCE; ISM Index
  • Wednesday, March 4: ADP National Employment Report; ISM Services Index; Fed Beige Book
  • Thursday, March 5: Initial Jobless Claims; Productivity
  • Friday, March 6: The Jobs Report

Not an economic indicator…but something you or someone you know may be interested in:

Saturday, March 7: I will be teaching a home buyer education class at the Shoreline Public Library with Jim Reppond of Coldwell Banker Danforth. Students who attend this WSHFC sponsored class are eligible for WSHFC mortgage programs, down payment assistance programs and mortgage credit certificates (MCC). Here’s a list of all classes I am currently teaching. Space is limited – so please rsvp today!

Compared to last Monday’s rate post, rates are overall improved. The 30 year is essentially priced the same. The most notable improvement is to the 20 year and 15 year conventional. As I write this post, Monday, March 2, 2015 at 8:00 am, I’m quoting:

30 year fixed: 3.750% (apr 3.874%) priced with 0.911 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,853.

30 year fixed: 3.875% (apr 3.960%) priced with 0.419 points with p&i of $1,881.

20 year fixed: 3.500% (apr 3.670%) priced with 0.899  points with p&i of $2,320.

20 year fixed: 3.625% (apr 3.705%) priced with 0.111 points with p&i of $2,346.

15 year fixed: 3.000% (apr 3.182%) priced with 0.690 points with p&i of $2,763.

15 year fixed: 3.125% (apr 3.236%) priced with 0.190 points with p&i of $2,787.

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 April 9, 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 Delayed Financing?

MortgagePorterHourGlassHouseIn today’s competitive housing market, we are seeing more buyers using “all cash” to purchase their homes. Delayed financing allows home buyers who pay cash for a home to obtain cash out, using a refinance, without it being priced or treated as a “cash out” refi. A “cash-out” refi has stricter requirements, including having to wait 6 months after closing before being able to refi, lower loan to value requirements and “cash out” refi’s have higher pricing than a “rate term” refi. Delayed financing allows home owners to recoup the cash used to purchase the home at current rates and terms as a “rate-term” refi.

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What May Impact Mortgage Rates this Week: February 23, 2015

mortgageporter-economyThis week is packed full of economic indicators and events that may influence the direction of mortgage interest rates, including Fed Head Janet Yellen’s two day testimony in front of Congress which starts tomorrow. Here’s a list of economic indicators scheduled to be released this week:

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Many Washington State Homes (and Home Buyers) are eligible for Down Payment Assistance Programs

down_payment_assistanceRealtyTrac and Down Payment Resource recently compiled a report of how many homes are eligible for various down payment assistance programs by county. Their report revealed that 87% of homes in the United States may qualify for down payment assistance (DPA) for home buyers.

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And the Fed said… [LIVE MORTGAGE RATE POST]

20140504_210758Mortgage rates are pretty much unchanged following yesterday’s sell off in the bond market causing rates to trend higher. Today at 11:00 am Seattle time, the Fed will release the minutes from the last FOMC meeting. This tends to influence mortgage rates so I thought it would be interesting to do a live rate mortgage rate post. You can follow me on Twitter @mortgageporter to see when I’ve updated this post.

Rates quoted below will be based on a sales price of $500,000 with 20% down payment, loan amount of $400,000. Borrowers have credit scores of 740 or higher. Rates quoted are subject to credit approval and may change at anytime. If I can provide you with a mortgage rate quote, click here.

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My first time at a foreclosure auction

2015-02-13 09.44.30I recently attended my first trustee sale on the King County courthouse steps. The house next door to us, that has been vacant for a couple years was scheduled to be auctioned. My husband and I were curious as to who might be purchasing the property and I’ve always wanted to see what happens at a foreclosure auction.

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What May Impact Mortgage Rates this Week: February 16, 2015

2013-08-06_0653Happy President’s Day! Our office is closed today to observe the holiday and will reopen for business as usual tomorrow morning. Mortgage rates inched higher last week following the stronger than expected Jobs Report. Overall, mortgage rates are still very low and offer a great opportunity for home buyers and home owners who are considering refinancing. Click here if I can provide you with a current mortgage rate quote.

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Home Buyer Class in Greenwood – Phinney Ridge

Seattle Home Buyer Classes

I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, April 18, 2015 at the Greenwood Library in Seattle.

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