What May Impact Mortgage Rates this Week: February 3, 2014

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Mortgage Master representing the 12th Man!

SEA – HAWKS!!! SEA – HAWKS!!! Yes, I’m still very excited and thrilled over our team’s incredible Super Bowl win. Although trouncing the Denver Bronco’s in the big game won’t impact mortgage interest rates, it certainly influences the mood here in Seattle and for all Seattle Seahawk fans. We did it!!

Okay, back to our “normal” reporting of what may impact rates…watch for Friday’s Jobs Report! If the data is weaker than expected, mortgage rates may continue to improve. However, if the Jobs Report reveals stronger than expected data or signs of inflation, mortgage rates may trend higher.

Here are some of the economic indicators scheduled to be released this week that may impact the directions of mortgage interest rates:

  • Monday, February 2: ISM Index
  • Wednesday, February 3: ADP National Employment Report and ISM Services Index
  • Thursday, February 4: Initial Jobless Claims and Productivity
  • Friday, February 5: The JOBS Report

Currently mortgage rates are improved following weaker than expected data from the ISM Index. As I write this portion of this post (I’ve been working on this all morning…) at 12: 39 PST the DOW is down 293 at 15,405.

For a 30 year fixed conventional conforming rate, I am quoting:

Mortgage rates quoted above are based on a purchase in greater Seattle with a sales price of $500,000 and a 20% down payment ($400,000 loan amount) of a single family detached dwelling. Home buyers have credit scores of 740 or higher and the purchase will close by March 13, 2014 or sooner. Remember, mortgage rates change constantly and may have changed by the time you are viewing this post.

Mortgage rates are currently about 0.125% better in rate or a half point better in fee than what I quoted in last week’s rate post.

If I can provide you with a free mortgage rate quote for a purchase or refinance of your home located anywhere in Washington state, please click here.

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