Mortgage rates trended higher on Friday following the much stronger than expected Jobs Report which even included positive revisions for the two previous months. Weak economic news coming from Europe and China are helping bonds (like mortgage backed securities) improve this morning. Mortgage rates continue to be around 18 month lows so this could be a good time to review your current mortgage to see if refinancing makes sense. You can start the new year off with a lower mortgage payment and more money in your pockets!
This week we have a lighter calendar for economic data scheduled to be released that may impact the direction of mortgage rates:
- Thursday, December 11: Initial Jobless and Retail Sales
- Friday, December 12: Producer Price Index (PPI) and Consumer Sentiment (UoM)
Mortgage rates are slightly higher than what I quotes in last Monday’s rate post. As I write this, December 8, 2014 at 8:15 am, I’m quoting:
30 year fixed: 3.875% (apr 4.003%) priced with 0.972 points with a principal and interest (p&i) payment (taxes and insurance not included) of $1,881.
20 year fixed: 3.625% (apr 3.825%) priced with 1.185 points with p&i of $2,372.
15 year fixed: 3.250% (apr 3.427%) priced with 0.677 points with p&i of $2,811.
Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by January 15, 2015 or sooner.
Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.