I hope you are having a wonderful summer. Our Seattle summer has been just beautiful – I don’t even mind the few days of rain we’ve had sprinkled in. Anyhow, you’re not reading this post for a weather report, are you? Let’s get back to what may impact mortgage interest rates this week! Today and Tuesday, we don’t have any economic indicators scheduled to be released. Wednesday is the big day with the minutes from the last Fed meeting being released.
Here are some of the economic indicators scheduled to be released this week that may impact mortgage interest rates:
- Wednesday, August 21, 2013: FOMC Minutes and Existing Home Sales
- Thursday, August 22, 2013: Initial Jobless Claims
- Friday, August 23, 2013: New Home Sales
As I write this post, 9:00 am on August 19, 2013, for a 30 year fixed rate conventional mortgage with a loan amount of $400,000 and sales price of $500,000 (80% loan to value) for borrowers with credit scores of 740 or higher closing on or before September 26, 2013, I’m quoting:
- 4.625% (apr 4.777%) priced with 0.906 points
- 4.750% (apr 4.827%) priced with 0.040 points
- 4.875% (apr 4.950%) priced with -0.588 points (aka rebate credit).
NOTE: Mortgage Master Service Corporation does not charge “origination points”. The points referenced in the rates quoted above are the only points (or rebate) charged. Also important to note: mortgage rates change constantly and may have changed by the time this post is published. Mortgage rates sometimes change several times a day.
Compared to last week’s Monday mortgage rate post, rates are a quarter point higher in rate or about 1.75 -2.00 points higher in fee. 4.500% currently is priced with 1.994 points (apr 4.746%) a whopping 1.884% increase in fee (points) in just one week’s time.
As the economy continues to show signs of improvement and the Fed hints (or does more than hint) of tapering QE3, watch mortgage rates continue to trend higher.
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PS: I’m not just a mortgage blogger…my real job is helping people with their mortgage needs for their homes located in Washington state. If you’d like to work with me, please let me know.
Have a great week! 🙂