Bouncing Mortgage Rates

Freddie Mac’s PMMS report reveals that last week the 30 year fixed conforming mortgage averaged 3.68% with an average 0.5 point.pmms march 10 2016
This is slightly higher than what was reported last week and slightly lower compared to a year ago.

From Freddie Mac’s Chief Economist, Sean Becketti:

“The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday. Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68 percent. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level.

It’s still a great time to refinance or lock in a low rate if you’re buying a home. If you are considering either buying a home or refinancing a home located anywhere in Washington state, I’m happy to help you. Click here if I can provide you with a mortgage rate quote.

I’m on vacation!

breakUPDATE JUNE 24, 2015:  I’m back!!!

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What Sales Price do you qualify for with $100,000 for Down Payment and Closing Costs in Seattle?

2015-04-16_0945If you have $100,000 available for funds for closing, you may be surprised to learn that, assuming you have the income and credit to qualify, you can buy a home with a sales price of around $800,000.

Here’s one example of how you can buy a “jumbo” priced home with less than 20% down payment.

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What May Impact Mortgage Rates this Week: April 6, 2015 – MORTGAGE RATES IMPROVED

mortgageporter-economyFriday’s weaker than expected Jobs Report surprised the market, causing mortgage rates to improve. This week appears to be a little light on economic calender for indicators scheduled to be released. Watch for the FOMC minutes to be released on Wednesday. You may also want to watch the Seattle Mariners first game of the season this afternoon against the Angels. For the record, I will not be at the game today…it’s a typical work day for me, helping my clients buy and refinance homes around the greater Seattle area.  😉

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What May Impact Mortgage Rates this Week: March 30, 2015

mortgageporter-economyThis week is set to have volatility continue with mortgage interest rates based on what’s on deck for economic indicators scheduled to be released, including the Jobs Report on Friday. Here’s this week’s line up:

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What May Impact Mortgage Rates this Week: January 26, 2015

mmsc 12th manMortgage rates continue to be bouncing at very low levels while the markets continue to be very volatile. Here are some of the economic indicators scheduled to be released this week that may impact the direction of mortgage interest rates:

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2015 Conforming Loan Limits for Washington State

Earlier this month, the FHFA announced the 2015 conforming loan limits for homes located in Washington state. A conforming loan is a conventional loan (ie Fannie Mae or Freddie Mac). Loan amounts that exceed the conforming loan limit are considered jumbo loans (or non-conforming) and have different underwriting guidelines and rates.

The FHFA increased the loan limits in three counties (King, Pierce and Snohomish) effective 2015. All other counties will have the same loan limits as 2014.

2015 Conforming Loan Limits for Homes Located in Washington State

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Mortgage Rates Drop to new 2014 Lows

The 30 year fixed  is back under 4.000% as I write this post. Rates change constantly and with how volatile the markets have been, we could see mortgage rates bounce back up as quickly as they’ve dropped down.

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