Although still very low, mortgage rates have been trending higher. This morning I’m updating a quote for a Seattle home owner who is considering refinancing. The same rate I quoted her a month ago today at “par” (no discount points) will now cost a full discount point or is 0.125 – 0.25% higher in interest rate with similar pricing. I have more on current mortgage rates below.
As the economy improves and the stock market rallies, mortgage rates tend to rise. This is because investors will trade the safety of bonds (like mortgage backed securities) for the potential better return with stocks.
Here are some of the economic indicators scheduled to be released this week which may impact mortgage rates.
Wednesday, February 13: Retail Sales
Thursday, February 14: Initial Jobless Claims – Happy Valentines Day!
Friday, February 15: Empire State Index and Consumer Sentiment (UoM)
Monday, February 18: PRESIDENT’S DAY. Mortgage Master Service Corporation will be closed in observance of this holiday.
If you are considering buying or refinancing a home anywhere in the state of Washington, I am happy to help you! I have been originating mortgages at Mortgage Master Service Corporation since April 2000. We offer conventional, FHA, VA and USDA mortgage loans including HARP 2.0 and Fannie Mae Homepath. Click here for your personal mortgage quote.