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.
I am humbled to be a finalist in three categories at the 2014 Business and Humanitarian Awards Leadership Awards Gala. This annual dinner is an event that is organized by the Washington Association of Mortgage Professionals (WAMP). I am a finalist in the following categories: Loan Originator, Media/Marketing Company (Mortgage Porter) and Media/Marketing Individual (Mortgage Porter).
Happy Columbus Day from Seattle – oh snap, I mean Happy Indigenous People’s Day. Regardless of which holiday you chose to celebrate, today is a Federal holiday and many offices are closed, including recording offices (no closings will be taking place today). Our office is open and I’m happy to help you with your mortgage needs. As today is a holiday, markets are closed. Here are some of the economic indicators scheduled to be released the rest of this week:
I am going to attempt to write a “live post” today to illustrate how mortgage rates may change based on data that is released throughout the day and market reactions. Please keep in mind that despite my best efforts, sometimes a “live post” can be a bit challenging…we’ll give it a try!
Last Friday’s Jobs Report came in better than expected and mortgage rates ticked up a little higher on Friday but are still in a tight range and essentially unchanged compared to last Monday’s rate post (slightly improved). There’s not a lot on the dance card this week for scheduled events that may impact the direction of mortgage interest rates this week. Watch for the Fed Minutes on Wednesday, which has stronger odds of moving mortgage rates. Since this week’s calendar is so light, I’m adding a couple items that will not impact rates…but are eventful!
I just received notice from the Washington State Housing Finance Commission that they will stop accepting reservations for the House Key Opportunity program effective October 15, 2014 at 4:00 pm. Reserving funds is essentially locking the loan and committing to delivering the transaction to WSHFC. Reservations cannot be done unless there is a bona fide transaction with a closing date that will meet the delivery date of the reservation (lock period).
This week is packed with economic data that may influence the direction of mortgage rates wrapping up with the Jobs Report on Friday. Mortgage rates will also react to world tensions, such as what’s taking place in the Middle East. This is because mortgage rates are based on bonds (mortgage backed securities) and investors often seek the safety of bonds over the potentially higher return found with stocks. Stocks are taking a hit this morning and mortgage backed securities are improved.Here are some of the economic indicators that are scheduled to be released this week: