Mortgage rates are not only impacted by the direction of bonds (mortgage backed securities); global tensions may also influence mortgage interest rates. We saw this last week with the heart breaking and horrific downing of the Malaysian flight and increased global tensions. Rates slightly improved as investors opted for the safety found in bonds.
Signs indicating inflation will cause mortgage rates to deteriorate. We the following economic indicators scheduled to be released this week:
- Tuesday, July 21: Consumer Price Index; Existing Home Sales
- Thursday, July 24: Initial Jobless Claims; New Home Sales
- Friday, July 25: Durable Goods Orders
As I write this post, 10:15 am on July 21, 2014, I’m quoting:
EDITORS NOTE: RATES POSTED BELOW ARE EXPIRED – please click here to obtain a current mortgage rate quote for your personal scenario.
- 30 year fixed: 4.125% (apr 4.255%) priced with 0.810 points. This is an improvement of 0.227 in fees/points compared to last Monday’s rate post.
- 15 year fixed: 3.125% (apr 3.558%) priced with 1.406 points. This is an increase of 0.319 in fees/points compared to last Monday’s rate post.
- 15 year fixed: 3.250% (apr 3.489%) priced with 0.945 points.
The rates quoted above are based on a purchase in greater Seattle closing by August 28, 2014 or sooner with a sales price of $500,000 and a conventional loan amount of $400,000 (20% down payment). The home buyers have excellent credit with scores of 740 or higher.
Rates are subject to credit approval and may change at anytime…even by the time I publish this post! This is just a very small sample of rates and programs that I have available. For your personal rate quote for your home located in Maltby, Marysville, Magnolia, or anywhere in Washington state, please contact me.