Freddie Mac Reports Mortgage Rates Down Last Week

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I have mixed thoughts when I share Freddie Mac’s PMMS graphs – mainly because it’s old news. This is data that was reported from last week. So it doesn’t really matter if last week, the average rate for a 30 year conventional fixed rate was under 4.000%, if rates are higher or lower now. Unless you locked in the rate last week, you are subject to what rates are available currently .

With that said, I do like to share Freddie Mac’s graph’s as it does show where mortgage rates have been over the last year.

Per Freddie Mac’s survey, mortgage rates for the 30 year fixed averaged 3.98 with 0.6 points. This is slightly lower than the previous week and lower than the 4.12 compared to this time last year.

As I write this post at 11:25 am on July 30, 2015, I’m quoting:

3.875% (apr 4.024%) priced with 1.179 points for a 30 year fixed conventional.

Rate quoted above is based on a 30 year fixed conventional mortgage with a sales price of $500,000, 20% down payment with a loan amount of $400,000. Home buyers have excellent credit with scores of 740 or higher and the purchase in greater Seattle has a closing date of September 4, 2015 or before. Rates quoted are subject to credit approval and may (will) change at anytime. Click here if I can provide you with a current rate quote for your home located anywhere in Washington state.

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The Chinese stock market is taking a hit as the Shanghai Composite lost 8.5% overnight. This is giving mortgage backed securities a bit of a boost this morning. Check out the mortgage rates I’ve posted below.

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Fun things to do around Puget Sound this Independence Day

Seattle_fireworksI hope you have a FUN, safe and sane Independence Day. I have fond memories of watching fireworks sitting on the hood of my Mom’s car with my sisters in the Sears parking lot of the old mall in downtown Renton…lots of “oohs and aahs”. :)

Here are some events around the greater Puget Sound area taking place this holiday.

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New Mortgage Disclosures Possibly Delayed

speedbumpThe CFPB is requesting that the deadline for the new “good faith estimate” disclosures (aka “TRID”) be delayed for two months to allow lenders more time to transition into the the new forms…and because the CFPB made an “administrative error” that would have caused a delay with enforcing the rule. From the CFPB’s website:

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Freddie Mac reports last week’s average mortgage rates unchanged

The Freddie Mac PMMS reveals little change in mortgage interest rates over the last week with the 30 year mortgage rate averaging 4.02% with 0.7 points.

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