Last week, when mortgage rates for the 30 year fixed dipped below 4%, we saw many home owners jumping at the chance to refinance. Mortgage interest rates were very volatile last week, following the roller coaster ride of the stock market. It was reported we had about 10 different price changes in just one day. The only way you can make sure that you lock in a low rate is to…well…lock it! This basically means that you have provided the lender with an application and have decided on your mortgage program.
Here are some of the economic indicators scheduled to be released this week that may influence the direction of mortgage interest rates:
- Tuesday, October 21: Existing Home Sales
- Wednesday, October 22: Consumer Price Index (CPI)
- Thursday, October 23: Initial Jobless Claims
- Friday, October 24: New Home Sales
As I write this post (8:00 am on Monday, October 20, 2014) I’m quoting:
30 year fixed conventional: 3.875% (apr 4.023%) priced with 1.211 points.
30 year fixed conventional: 4.000% (apr 4.096%) priced with 0.584 points. This is an improvement of 0.617 in points compared to last Monday’s rate post.
15 year fixed conventional: 3.000% (apr 3.217%) priced with 0.969 points.
15 year fixed conventional: 3.125% (apr 3.259%) priced with 0.391 points. This is an improvement of 0.533 in points compared to last Monday’s rate post.
Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by November 13 or sooner.
Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located in North Bend, Snoqualmie, Poulsbo or anywhere in Washington state, please click here. Yes…I just started watching Twin Peaks for the first time on Netflix, hence the shout out to the set locations.