Freddie Mac PMMS Report

Freddie Mac’s PMMS report was released today with commentary that it’s not reflecting the impact Janet Yellen’s comments had earlier this week, causing rates to drop. Remember, Freddie Mac’s PMMS report is an average of LAST WEEK’S mortgage rates…it’s old news if you’re using this for locking. However, it’s good data if you’re interested in trends.

2016 march 31 pmms report

Tomorrow morning we’ll have the Jobs Report which tends to impact rates for better or worse… stay tuned!

The bottom line is that mortgage rates continue to be at very low levels. If you are interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help you!

More Junk Mail for Home Owners

There is no shortage of junk mail. If you have just bought a home or refinanced a home, you’re a very popular person with folks trying to sell you something. Some of the offers in the mail, like discounts to stores, are kind of nice…however other offers are just plain junk, if not worse.
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What may impact the direction of mortgage rates this week: March 14, 2016

mortgageporter-economyThis week is packed with economic data that may impact the direction of already volatile mortgage rates. Mortgage rates are based on bonds (mortgage backed securities/MBS) and change throughout the day, similar to stocks. MBS may often move in the opposite direction of stocks as investors will seek the safety of bonds when stocks are being volatile.

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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.

What’s trending? How about your credit report.

2014-06-20_0758Fannie Mae is introducing a new format for credit reports called “trending credit data”.  Typically a credit report shows more of a snapshot of what someone’s credit looks like today with late payments as a summary, more or less. Fannie Mae’s “trending” report will actually show a detailed 24 month history of each payment and the balance of that account for every month for the last 24 months. [Read more…]

What May Impact Mortgage Rates this Week: February 29, 2016

MortgagePorter-JobsReportHappy Leap Year Day! This week is packed full of economic indicators that may impact the direction of mortgage interest rates including the Jobs Report on Friday.

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DIY Sea Shell and Sea Glass Sconce

Just for fun, I decided to take a plain sconce and glue sea shells and glass that we’ve collected to it. My husband and I collected a majority of the sea shells from beaches along West Seattle.2016-01-20 22.04.43
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How many times will your credit be pulled during a mortgage transaction?

creditThe main reason why I write at Mortgage Porter, is to try to answer questions about the mortgage process. A lot of my “content” comes from questions that my clients (people I’m helping to get preapproved to buy a home or refinance a home).

Recently, one of my clients asked me:

“How many times will my credit needs to be pulled during the whole process from preapproval to closing?” [Read more…]