Mortgage Rates Improved

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Freddie Mac’s Prime Mortgage Market Survey released today shows that mortgage rates improved based on average conforming rates last week.

According to the PMMS, last week the 30 year fixed conforming averaged 4.56% and the 15 year was at 4.06%. Adjustable rate mortgages are worth considering if you are after a lower rate. Just yesterday I was pricing out a 10/1 ARM for a jumbo refinance in Kitsap County. Click here if I can provide you with a current mortgage rate quote for your Washington home.

Mortgage rates have been bouncing closer towards the 5% range over the last four weeks. Geopolitical issues have helped to slow the move to higher mortgage rates.

Just a reminder, in the “big picture” (see the light blue graph) mortgage rates are actually returning to more normal range from before the Fed started manipulating mortgage rates at artificial lows.

I predict we’ll continue to see mortgage rates trending higher… possibly in the mid 5% range by the end of this year for a 30 year fixed conforming with excellent credit. Remember there are factors that impact the pricing of mortgage rates such as loan amount, credit score and property type, to name a few.

Lately we have been helping people refinance out of their HELOCs (which are attached to the prime rate and will most likely  have interest rates adjust higher), as well as doing refinances to pay off debts (credit cards are also often attached to the prime rate). And of course people are still buying and selling home and we help with that as well! If I can help you with your mortgage needs on homes located anywhere in Washington state, please contact meLock in these rates while they’re still historically low!

 

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