Mortgage rates bumping along

Freddie Mac’s weekly report on mortgage rates, the Prime Mortgage Market Survey (aka PMMS) which shows what mortgage rates averaged last week, shows that rates bumped slightly higher. Remember, mortgage rates change constantly as they are based on bonds (mortgage backed securities). Rates posted are subject to change and, since this is an average from last week, they already have changed. This report is just intended to provide an idea of the direction of where mortgage rates have been and where they may be heading. If you would like current rates for your personal scenario, please contact me.

From Sam Khater, Freddie Mac’s chief economist:

“The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat,” he said. “While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year ago levels.”

We are noticing, evening in what has been very hot real estate markets like Seattle, that there seems to be a shift taking place. Bidding wars are not as common as they have been. I’m seeing some offers accepted at lower than list price with some homes beginning to spend more time on the market in addition to increased inventory. This is great news for home buyers.

If you’re interested in buying or refinancing your home located in Ballard, Bothell, Bellevue or anywhere in Washington state, where I’m licensed, I’m happy to help you! Click here for a no-hassle mortgage interest rate quote.

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