Freddie Mac released their Prime Mortgage Market Survey (PMMS) this morning showing rates continuing to move higher.
In the last three weeks, mortgage rates have climbed about half point in rate. Remember, the PMMS is based on an average of conforming rates for loan applications from last week...so this data is old. What this illustrates is the movement of mortgage rates…which as of this morning, is trending higher. Mortgage rates are presently at the highest they have been in all year.
Tomorrow morning, we have the last Jobs Report for 2016 scheduled to be released. The Jobs Report tends to impact mortgage rates as it’s an indicator of the economy and potential inflation with wages. A strong Jobs Report may cause mortgage rates to push higher. We also have the FOMC meeting mid-month where we could see the Fed raise the Fed Funds rate for the first time in a year. Mere anticipation of the Fed raising funds rate will also cause mortgage rates to trend higher.
Bottom line? If you’re considering refinancing, you should really do so as soon as possible. If you are in the process of looking for a home, you should contact your Loan Officer to get an updated quote with current rates. It’s possible that some home buyers or home owners who are considering refinancing may no longer qualify for as much mortgage with rates moving higher.
If you’re considering buying or refinancing a home located anywhere in Washington state, where I’m licensed, I am happy to help you! Click here for a mortgage rate quote.