This week, mortgage rates continue to be bumpy and with Ben Bernanke speaking tomorrow on Capital Hill, we may additional volatility. Here are some of the scheduled economic indicators to be released this week:
- Monday, July 15: Retail Sales and Empire State Index
- Tuesday, July 16: Consumer Price Index (CPI) and Housing Market Index
- Wednesday, July 17: Housing Starts; Building Permits and Beige Book
- Thursday, July 18: Initial Jobless Claims and Philadelphia Fed Index
As I write this post (8:13 am pst) the DOW is down 29 at 15,494. For a 30 year fixed rate based on a loan amount of $400,000 and sales price of $500,000 (80% loan to value) and credit scores of 740 or higher on a purchase in the greater Seattle area closing by August 23, 2013, I’m quoting:
- 4.375% (apr 4.552%) priced with 1.226 discount points
- 4.500% (apr 4.622%) priced with 0.585 discount points
- 4.625% (apr 4.698%) priced with 0.266 rebate credit
Compared to last weeks mortgage rate update post, rates are improved by roughly 0.25% in rate.
PLEASE REMEMBER: Mortgage rates change constantly, sometimes several times a day – especially in this market environment! Mortgage rates may have changed by the time I’ve pressed “publish” on this post. There are also about 10 different factors that impact the price of a rate, such as loan to value, credit score, etc.
By the way, if you or someone you know, is considering buying a home or needs down payment assistance, I will be teaching a FREE Home Buyer Seminar sponsored by the Washington State Housing Finance Commission, this Saturday, July 20th from 11:00 am to 4:00 pm at the Green Lake Library with Jim Reppond of Coldwell Banker Danforth. Participants of the class may be eligible for down payment assistance. To sign up or learn more, click here.
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