What May Impact Mortgage Rates this Week: February 9, 2015.

mortgageporter-economyThis week’s economic calendar appears to be sparse. Watch for mortgage rates to take direction from the stock market. Often, mortgage rates will react opposite to the stock market as rates are based on mortgage backed securities (bonds). When stocks are having a stellar day, traders will often pull bonds (like mortgage backed securities) to invest in stocks. And when the Dow is dropping, we tend to see mortgage rates improve as investors will seek the safety of bonds.

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Lower FHA Mortgage Insurance + Low Mortgage Rates = FHA Streamline Refi’s

Money in pocketHUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).

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What May Impact Mortgage Rates this Week: February 2, 2015 – Mortgage Rate Post – Rates Continue Lower

mmsc 12th manIt feels like a “Blue Monday” following yesterday’s disappointing loss at SB49. With that said, one thing I am NOT disappointed with is our Seattle Seahawks. What a great season. Thank you Seahawks and thank you fellow 12s! I am looking forward to the Seattle Mariners…and then SB50!  I know this has nothing to do with mortgage rates. :)

Back to work…

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Coming Soon: 2015 Property Tax Bills

detctiveIn a couple weeks, King County along with others, will begin posting property tax bills for 2015. This may be a non-event for most…unless you’re in the process of buying a home and your debt-to-income ratios are tight. It’s possible that should the tax assessor decide the home you have a contract on now or during the next month has a higher value, and therefore a higher tax bill, that this may jeopardize some loan approvals and/or transactions.

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Home Buyers who had a short sale or foreclosure are making a comeback

mortgageporterhomeA “boomerang buyer” is the nick-name given to people who lost their home due to foreclosure or a short-sale during the Great Recession, who are “back” buying a home again. Realtytrac reports:

In 2015, the first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home. More waves of these potential boomerang buyers will be moving past that seven-year window over the next eight years corresponding to the eight years of above historically normal foreclosure activity from 2007 to 2014.

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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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Freddie Mac reports mortgage rates continue to slowly drift lower

Freddie Mac’s weekly rate report revealed that mortgage rates continued to trend lower last week.

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What May Impact Rates this Week: January 19, 2015 [Mortgage Rate Post: Rates trending lower]

10527303_10152476072701046_2911459444863856330_nHoly Catfish – the Seahawks are going to the Superbowl! Okay, now I can return to writing this week’s mortgage rate update.

This is a short week with yesterday’s holiday honoring Martin Luther King. There are not a lot of U.S. economic indicators scheduled to be released this week. Elsewhere in the world, China has some interesting developments taking place in their markets yesterday and the ECB’s monetary policy decision will be released on Thursday, which may impact our markets.

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