Extremely Low Mortgage Rates trending higher

Freddie Mac released their PMMS (Prime Mortgage Market Survey) this morning stating “Mortgage Rates Inch Up“.  Even if mortgage rates have bounced slightly higher, they are still ridiculously low. PLEASE REMEMBER: the PMMS data shown in the picture is old news! This is from an average of rates from last week. If you would like current rates for your scenario on your home located in Washington, click here.

Conforming mortgage rates remain very low despite the Federal Housing Finance Agency’s tax they have accessed against refinances. The 0.5% fee is factored into the pricing of the interest rate and typically factors out to be an increase of 0.125-0.25% to interest rates. With interest rates being so low, most probably won’t even notice the adjustment to their rate…but believe me, mortgage professionals (like yours truly) are not happy with how the FHFA has tacked on this fee.

Bottom line, if you’re considering taking advantage of historically low interest rates, I recommend getting started with a local, licensed loan officer now. If your home is located anywhere in Washington state, I’m happy to help you!

PS: If you are buying a home, the FHFA tax does not impact you…and of course I’m happy to help you with your home purchase financing too!

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