What May Impact Mortgage Rates this Week: April 7, 2014


mortgageporter-economyThis week’s calendar may seem on the lighter side with regards to economic indicators scheduled to be released. There are no economic indicator scheduled to be released this week. On Wednesday, the FOMC Minutes are scheduled to be released and this probably has the potential to influence the direction of mortgage interest rates. Remember, mortgage rates are based on bonds (mortgage backed securities) and often move in the opposite direction of stocks.

There are no economic indicators scheduled to be released today or tomorrow. Here’s what’s scheduled for this week:

Wednesday, April 9: FOMC Minutes

Thursday, April 10: Initial Jobless Claims

Friday, April 11: Producer Price Index (PPI) and Consumer Sentiment Index (UoM)

For more info, you can check out my latest issue of Mortgage Market Guide Weekly.

Mortgage rates are still very low.  As I write this post 8:42 am on April 7, 2014, for a 30 year fixed conventional, I’m quoting:

  • 4.500% (apr 4.762%) priced with 1.379 points; and/or
  • 4.625% (apr 4.802%) priced with 0.400 points.

Rates quoted above are based on a purchase in the greater Seattle area with a sales price of $500,000 and 20% down payment closing May 15, 2014 or sooner. Borrowers have excellent credit with scores of 740 or higher. Taxes and insurance are included in their payment and 30 year fixed conventional mortgage with 360 total monthly payments.

Mortgage rates change constantly – sometimes several times a day. If you would like me to provide you with a current mortgage rate quote based on your financial scenario for a home located anywhere in Washington state, please contact me!

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