What May Impact Mortgage Rates this Week: May 12, 2014

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mortgageporter-economyI hope all you Moms had a wonderful Mother’s Day weekend. 🙂

On Friday, the DOW enjoyed a record high close at 16,583.  Mortgage rates are based on mortgage backed securities (bonds) and often change throughout the day. Here’s what may impact the direction of mortgage interest rates this week:

  • Tuesday, May 13: Retail Sales
  • Wednesday, May 14: Producer Price Index (PPI)
  • Thursday, May 15: Consumer Price Index (CPI); Empire State Index; Initial Jobless Claims; Philadelphia Fed Index; Housing Market Index
  • Friday, May 16: Housing Starts; Building Permits; Consumer Sentiment Index (UoM)

There are no economic indicators scheduled to be released today.

Compared to last Monday’s post, mortgage rates are mixed. The 30 year fixed is higher by 0.306 points/fee and the 15 year fixed is lower by 0.302 points/fee when comparing the rates below to last Monday’s post. Regardless…. rates are still very low! Mortgage rates change constantly, and may change by the time you’re reading this post. For your personal “fresh” mortgage rate quote, please click here.

As of 8:30 am this morning, May 12, 2014, I’m quoting:

  • 30 year fixed conventional: 4.250% priced with 0.614 points (apr 4.368%) principal and interest payment of $1967.76.
  • 15 year fixed conventional: 3.250% priced with 1.001 points (apr 3.503%) principal and interest payment of $2810.68.

The quotes above are based on a purchase in greater Seattle/King County with a sales price of $500,000 and a 20% down payment, loan amount of $400,000. Buyers have excellent credit with scores of 740 or higher and the transaction is closing by June 19, 2014 or sooner.

This is just a very small sample of mortgage programs that I have available. If you are considering buying or refinancing your home located anywhere in Washington state, where I’m licensed, please contact me – I’m happy to help you!

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