Mortgage rate update for the week of April 8, 2013

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Mortgage rates continue to remain at historically low levels. Homeowners who have not recently refinanced may want to contact their mortgage professional to see if they can reduce how much they’re paying on interest.

Something that’s not staying low in the Seattle/King County area is home prices. The Seattle Times reports that in March, home prices are up 20% year over year. The median price for a home sold last month in Seattle jumped to $462,375. This is largely due to a lack of inventory. If you’ve been considering selling your home, now may be a good time.

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

Wednesday, April 10: FOMC Minutes

Thursday, April 11: Initial Jobless Claims

Friday, April 12: Retail Sales; Producer Price Index (PPI); Consumer Sentiment Index (UoM)

Also important to note: there has been some confusion as to the recent changes to mortgage insurance premiums on FHA loans regarding when the coverage terminates. FHA mortgage insurance will not become permanent until June 2013 and impacts newly originated FHA loans only with case numbers issued after May 31, 2013.

If I can help you with your home purchase or refinance for your home located anywhere in Washington state, please contact me. Have a great week!

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