Mortgage rates are based on bonds (mortgage backed securities) and often fluctuate throughout the day depending on activity in the markets. Often times when the stock market is taking a hit, we’ll see mortgage rates improve as investors will trade seek the safety of bonds. World events, like what is taking place in Crimea, may impact mortgage rates, as will the Fed’s bond buying program and economic data that is scheduled to be released. Here are some of the economic indicators scheduled to be released this week:
Tuesday, March 25: S&P Case-Shiller Home Price Index; Consumer Confidence; and New Home Sales
Wednesday, March 26: Durable Goods Orders
Thursday, March 27: Gross Domestic Product (GDP); GDP Chain Deflator; Initial Jobless Claims; and Pending Home Sales
Friday, March 28: Personal Consumption Expenditures (PCE); Personal Spending; Personal Income; and Consumer Sentiment Index (UoM)
Mortgage rates remain low. Jumbo mortgage rates are at very low levels as well. In the Seattle – King County area, a jumbo mortgage is any loan amount for a single family dwelling over $506,000. If you would like me to provide you with a detailed rate quote for your home purchase or refinance for property located anywhere in Washington state, please click here.