Friday’s Jobs report was disappointing for September and included revisions for the worse for August and July. Watch mortgage rates to take their cue from stocks. Typically, but not always, mortgage rates may trend in the opposite direction of the stock market. This is basically because mortgage rates are based on bonds (mortgage backed securities) and investors will trade the safety of bonds for a hopefully quicker return that can be found with stocks.
Here are some of the economic indicators scheduled to be released this week:
- Monday, October 5: ISM Services Index
- Thursday, October 8: Initial Jobless Claims and FOMC Minutes
Mortgage rates are improved compared to last week’s rate post. As I write this, 9:30 am on Monday, October 5, 2015, I’m quoting:
- 30 year fixed: 3.750% (apr 3.855) priced with 0.551 points with p&i (principal and interest) of $1,852.46.
- 30 year fixed: 3.875% (apr 3.935%) priced with -0.090 points/rebate credit with p&i of $1,880.95.
- 20 year fixed: 3.500% (apr 3.704%) priced with 1.073 points with p&i of $2,319.84.
- 20 year fixed: 3.625% (apr 3.746%) priced with 0.341 points with p&i of $2,345.61.
- 15 year fixed: 3.000% (apr 3.209%) priced with 0.746 points with p&i of $2,762.33.
- 15 year fixed: 3.125% (apr 3.262%) priced with 0.244 points with p&i of $2,786.44.
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 conventional 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 12, 2015 or sooner.
Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage 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 anywhere in Washington state, please click here.
Monday, October 12, 2015, is Columbus Day. Mortgage Master Service Corporation will be open for business as usual. Many banks may not be.