What May Impact Mortgage Rates this Week: September 29, 2014

MortgagePorter-JobsReportThis week is packed with economic data that may influence the direction of mortgage rates wrapping up with the Jobs Report on Friday. Mortgage rates will also react to world tensions, such as what’s taking place in the Middle East. This is because mortgage rates are based on bonds (mortgage backed securities) and investors often seek the safety of bonds over the potentially higher return found with stocks. Stocks are taking a hit this morning and mortgage backed securities are improved.

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

  • Monday, September 29: Personal Consumption Expenditures and Core PCE; Personal Income; Personal Spending; Pending Home Sales
  • Tuesday, September 30: S&P/Case Shiller Home Price Index; Chicago PMI; Consumer Confidence
  • Wednesday, October 1: ISM Index; ADP Employment Report
  • Thursday, October 2: Initial Jobless Claims
  • Friday, October 3: The Jobs Report; ISM Services Index

Mortgage rates continue to improve. As I write this post, 9:00 am on September 29, 2014, I’m quoting:

Rates quoted above are based on a purchase in greater the Seattle – King County area with a sales price of $500,000 with a 20% down payment and loan amount of $400,000. The home buyers have excellent credit with scores of 740 or higher and the purchase transaction is closing by November 6, 2014 or sooner.

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

 

How much does a bump in interest rates impact home buyers?

Kate portrait 4I’m reading an article this morning, “When Mortgage Rates Rise”, which addresses something that I’m often asked and that I also addressed recently on post here. Essentially, the “experts” are predicting that we will mortgage rates trend higher to around the 5% range by mid to late next year. Historically, speaking, 5% is not a high rate… in fact, I’m sure I wrote a blog post about when mortgage rates dipped as low as 5% back around 2008 . Our “problem” is that we have become accustomed to fixed rates in the 3 to 4% range. Mortgage rates have been at artificially low levels for a long period. And I agree that we will see this end as the Fed continues to pull back their support of mortgage backed securities.

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Kent Home Buyer Education Class

Seattle Home Buyer ClassesI will be teaching a home buyer class in Kent with Ira Sacharoff of Better Properties Real Estate on Saturday, October 11, 2014 at Mortgage Master Service Corporation’s home office which is located just south of South Center on West Valley Highway.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).

If you are considering buying a home with your spouse, partner or friend, they will need to attend the class with you to qualify for the programs.  You do not need to be a first time home buyer to qualify for many of the mortgage programs. And of course, you’re welcome to attend if you’re not interested in down payment assistance programs and you just want to learn more about the home buying process.

Space is limited, so please RSVP today

When: Saturday, October 11, 2014 from 11:00 am – 4:00 pm. We do our best to wrap up the class by 4:00 pm. The WSHFC requires that the classes be at least five hours.

Where: Mortgage Master Service Corporation located at 20425 72nd Ave South, Suite 210, Kent, WA 98032 at Center Point. Click here for directions to Mortgage Master Service Corporation.

Cost: FREE and lunch is provided!  Typically lunch is something like pizza.  If you have any special dietary needs or preferences, please bring a sack lunch. We will be teaching through lunch in the interest of keeping the class time shorter.

RSVP for our Seattle Home Buyer Class by clicking here.

Click here to see all current home buyer classes that I’m teaching.

Refinancing after paying cash for your home

MortgagePorterHourGlassHouseThe greater Seattle – Bellevue competitive housing markets have been experiencing a higher amount of buyers paying “all cash” for homes. Refinancing after you’ve paid cash for a home is also referred to as “delayed financing”. Delayed financing may also take place when a person is buying a foreclosed home at auction at the court house. Historically, “all-cash” buyers who want to refinance after closing to re-coup the cash they used to purchase their homes had to wait six months after the purchase before they can do a “cash-out” refi. Now, home buyers who used “all-cash” to buy their home no longer have to wait months to refinance to get their cash back.

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What May Impact Mortgage Rates this Week: September 22, 2014.

10590595_10152292265616046_3172341462878606042_nHappy first day of fall! Mortgage rates continue to be in a fairly tight range and are slightly improved compared to last Monday’s rate post.

Here’s a short  list of economic indicators that may impact the direction of mortgage rates this week:

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Seattle Home Buyer Education Class on November 8, 2014

Seattle Home Buyer ClassesI will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, November 8, 2014 at the Greenwood Library in Seattle.

The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).

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What May Impact Mortgage Rates this Week: September 15, 2014

20140504_210758This is a painting on black velvet that I did of our Fed Chairwoman, Janet Yellen, that hangs in my office. All eyes and ears will be on the Fed after the two day meeting FOMC meeting wraps up today. Here are some of the economic indicators scheduled to be released this week:

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Congratulations to the Washington State Housing Finance Commission!

iStock_000009450603SmallI’ve just learned that last month, the Washington State Housing Finance Commission did their 50,000 closing! In other words, WSHFC has helped over 50,000 families buy a home in Washington state using one of their first mortgage and down payment assistance programs. The 50,000th home buyers are from Federal Way and represent a typical Home Advantage home buyer:

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