What the Fed Says and How It Impacts Mortgage Rates [LIVE POST]

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!

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What May Impact Mortgage Rates this Week: October 6, 2014

1522456_717971534888096_812580490_oLast 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!

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When Can I Buy Again after a Short Sale?

mortgageporter-thinkingI received this question from on of our readers over the weekend:

Hi Rhonda, I completed a short sale in Sept 2012, looking to repurchase.  I know that Fannie Mae just extended their post short sale repurchase guidelines to a waiting time of 4 years.  What other options do I have?  I have enough for downpayment and FICO around 720ish.  Thanks!

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House Key Opportunity aka Washington State Bond Mortgage Program ending soon

Washington State Bond House KeyI 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).

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What May Impact Mortgage Rates this Week: September 29, 2014

MortgagePorter-JobsReportThis 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:

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How much does a bump in interest rates impact home buyers?

Kate portrait 4I’m reading an article this morning, “When Mortgage Rates Rise”, which addresses something that I’m often asked and that I also addressed recently on post here. Essentially, the “experts” are predicting that we will mortgage rates trend higher to around the 5% range by mid to late next year. Historically, speaking, 5% is not a high rate… in fact, I’m sure I wrote a blog post about when mortgage rates dipped as low as 5% back around 2008 . Our “problem” is that we have become accustomed to fixed rates in the 3 to 4% range. Mortgage rates have been at artificially low levels for a long period. And I agree that we will see this end as the Fed continues to pull back their support of mortgage backed securities.

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Kent Home Buyer Education Class

Seattle Home Buyer ClassesI will be teaching a home buyer class in Kent with Ira Sacharoff of Better Properties Real Estate on Saturday, October 11, 2014 at Mortgage Master Service Corporation’s home office which is located just south of South Center on West Valley Highway.

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Refinancing after paying cash for your home

MortgagePorterHourGlassHouseThe greater Seattle – Bellevue competitive housing markets have been experiencing a higher amount of buyers paying “all cash” for homes. Refinancing after you’ve paid cash for a home is also referred to as “delayed financing”. Delayed financing may also take place when a person is buying a foreclosed home at auction at the court house. Historically, “all-cash” buyers who want to refinance after closing to re-coup the cash they used to purchase their homes had to wait six months after the purchase before they can do a “cash-out” refi. Now, home buyers who used “all-cash” to buy their home no longer have to wait months to refinance to get their cash back.

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