Today Freddie Mac released their Prime Mortgage Market Survey which basically shows an average of conforming rates for the previous week. The report shows mortgage rates at their highest for 2017 with the 30 year fixed rate at 4.21% priced with a half point.
Should tomorrow’s Jobs Report come in strong, you can expect mortgage rates to continue this pattern. It’s also highly anticipated that the Fed will raise the Fed Funds rate this month, which is also causing mortgage rates to trend higher based on the anticipation alone.
If you have been contemplating refinancing, I highly recommend taking action sooner than later. It won’t be too long before we’re looking back and saying “remember when mortgage rates were in the fours?” As the economy improves and/or if there are signs of inflation, mortgage rates will most likely move higher.
I am happy to help you with your home purchase or refi of your home located anywhere in Washington state, where I’m licensed.