If you're one of my long time readers, you probably know that April Fools is an extra special day for me. Not only is it the day I my husband and I married six years ago, it also marks the day that I began my mortgage career at Mortgage Master Service Corporation back in 2000. Yesterday we celebrated our happy anniversaries with a walk through Sculpture Park in Seattle, lunch at Latona Pub (seriously the best hamburgers in Seattle) and a stop at Daniel Smith's to pick up some more paint and supplies during their clearance sale…and wrote a preapproval letter for a couple who are getting ready to buy their first home using an FHA insured mortgage.
Don't forget, FHA is increasing their mortgage insurance premiums next week! Do not delay getting your FHA case number as it may take a couple days to obtain. If you need help with an FHA insured mortgage on a home located anywhere in Washington, please contact me.
Here are some of the economic indicators or scheduled events that are scheduled to be released this week that may impact mortgage rates:
Monday, April 2: ISM Index
Tuesday, April 3: Fed minutes released
Wednesday, April 4: ADP National Employment Report and ISM Services Index
Thursday, April 5: Initial Jobless Claims
Friday, April 6: The Jobs Report
Remember, mortgage rates are based on mortgage backed securities (bonds) and when stocks are rallying, mortgage rates tend to rise as investors will trade the safety of bonds for a better return with stocks. The reverse is also true. Signs of inflation and/or the economy improving may also cause mortgage rates to trend higher. Sometimes when rates trend higher or lower, it can be more in price than in rate. Meaning the same rate may cost more or have provide a higher rebate when rates have changed. Rates may change (and often do) several times a day.
You can see what mortgage rates I'm quoting on Twitter @mortgageporter. You can "unfollow" me at anytime.