And the Fed said… [LIVE MORTGAGE RATE POST]

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20140504_210758Mortgage rates are pretty much unchanged following yesterday’s sell off in the bond market causing rates to trend higher. Today at 11:00 am Seattle time, the Fed will release the minutes from the last FOMC meeting. This tends to influence mortgage rates so I thought it would be interesting to do a live rate mortgage rate post. You can follow me on Twitter @mortgageporter to see when I’ve updated this post.

Rates quoted below will be based on a sales price of $500,000 with 20% down payment, loan amount of $400,000. Borrowers have credit scores of 740 or higher. Rates quoted are subject to credit approval and may change at anytime. If I can provide you with a mortgage rate quote, click here.

7:23 am update: The DOW is down 62 at 17,984 and for a 30 year fixed conventional, I am quoting 3.875% (apr 3.997%) priced with 0.869 points. This is about full point in fee or 0.25% higher in interest rate than what I was quoting just over a week ago.

10:03 am update: The DOW is at 18,004 and I have no change to pricing with the mortgage rate quote from this morning.

11:10 am update. The FOMC minutes from last month’s meeting have been released. Mortgage backed securities are up nicely as the minutes reveal the Fed will exercise patience on raising the Fed funds rate. The DOW is at 18,032. I am not seeing a price change with mortgage rates as of yet despite the improvement in bonds.

1:05 pm update: We have a slight improvement in pricing. I’m now quoting 3.875% (apr 3.978%) priced with 0.637 points for a 30 year fixed. This is an improvement of 0.232 fee/points. The DOW closes at 18,029.85.

Stay tuned!

And that’s all she wrote… Rates stayed the same for the remainder of the day!

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