Happy Cinco de Mayo! This week’s calendar is very light, especially when you compare it to the amount of economic data that was released last week. It’s not just economic reports that may move mortgage rates. The stock markets or world events, such as what’s going on with Russia, may impact the direction of mortgage rates. Here are the economic indicators scheduled to be released this week:
- Monday, May 5: ISM Services Index
- Wednesday, May 7: Productivity
- Thursday, May 8: Initial Jobless Claims
This morning’s rates are improved by about 0.7% in fee or 0.125% in rate, compared to last Monday’s rate post.
Rates posted below may change at any time and are subject to credit approval. If you would like me to provide you with a current rate quote for your purchase or refinance of your home located anywhere in Washington state, please click here.
The quotes below are based on a purchase in the greater Seattle/King County area with a sales price of $500,000 and a loan amount of $400,000 (20% down payment) using a conventional mortgage with a reserve account for taxes and insurance. Buyers have credit scores of 740 or higher and the transaction is closing by June 12 or sooner.
30 year fixed: 4.125% priced with 1.213 points (apr 4.293%) principal and interest payment (not including taxes or insurance) of $1938.60
30 year fixed: 4.250% priced with 0.308 points (apr 4.342%) principal and interest payment of $1967.76.
30 year fixed: 4.375% priced with -0.348 points/rebate credit (apr 4.442$) principal and interest paymetn of $1997.14
15 year fixed: 3.250% priced with 1.303 points (apr 3.548%) principal and interest payment of $2810.58.
15 year fixed: 3.375% priced with 0.541 points (apr 3.562%) principal and interest payment of $2835.04.
This is just a very small sample of rates and the mortgage programs that we have available. If you are considering buying or refinancing a home anywhere in Washington state, my team and I would love to help you!
PS: I will be teaching a WSHFC sponsored home buyers education class this Saturday, May 10, 2014 at the Burien Library with Ira Sacharoff. We may still have a few seats open so if you’re interested in learning more about the home buying process, or qualifying for down payment assistance please click here to rsvp for our class.