It’s been a while since I’ve done a live post. I think today calls for a live post since the FOMC is meeting and it’s highly anticipated they will decide to increase rates. Mortgage rates have been steadily climbing since mid-November following the elections. There are several factors that are influencing the upward move in rates, including what appears to be a better economy along with signs of inflation. [Read more…]
Today at around 11:00 am PST, the FOMC will wrap up their two day meeting and announce any changes to the Fed funds rate. Markets will react to the Fed statements regarding their views of our economy impacting their decisions on whether or not to raise the Fed funds rate. It is widely anticipated that there will be no change to the Fed funds rate today.
It’s not unusual to have the Fed meeting impact the direction of mortgage rates…so I thought I’d attempt a “live rate post” to illustrate how mortgage rates can change in a day. Mortgage rates have been trending higher this week. As of 7:52 am this morning, the 30 year fixed rate is higher by about 0.125% in rate or 0.752 in fee compared to what I quoted two days ago on Monday’s post.
Mortgage rates are pretty much unchanged following yesterday’s sell off in the bond market causing rates to trend higher. Today at 11:00 am Seattle time, the Fed will release the minutes from the last FOMC meeting. This tends to influence mortgage rates so I thought it would be interesting to do a live rate mortgage rate post. You can follow me on Twitter @mortgageporter to see when I’ve updated this post.
Rates quoted below will be based on a sales price of $500,000 with 20% down payment, loan amount of $400,000. Borrowers have credit scores of 740 or higher. Rates quoted are subject to credit approval and may change at anytime. If I can provide you with a mortgage rate quote, click here.
What May Impact Mortgage Rates this Week: January 5, 2015 [Mortgage Rate Post: rates trending lower]
Happy 2015! Mortgage rates are kicking off the new year trending lower with more troubles from the Euro-zone. This week is packed with economic indicators which may impact the direction of mortgage interest rates. If one of your New Year resolutions is to save money, now is a great time to look at refinancing to reduce your monthly mortgage payment and create more cash flow to pay off debts or help fund your retirement. Click here if your home is in Washington state and you would like me to help review your current scenario.
It’s interesting to see how the markets react to “Fed Day” so I thought I’d do a “live post” today, updating this throughout the day with current mortgage rates.
Last week, rates bumped along 14 months lows. Those who were in position to lock with a mortgage application started, were able to secure low rates so they will be able to benefit from lower mortgage payments in the New Year. Before a lender locks in an interest rate, they need to have a complete application, including a credit report, so they know how to price the rate (low mid-credit scores are used) and if you actually qualify for the refi. It takes about 20 – 30 minutes to complete an on-line application, so if you are toying with refinancing right now, I highly recommend you contact your local lender (I can help you if your home is located in Washington state) so that you can be ready to lock in a very low mortgage rate.
This morning, Japan announced their GDP (gross domestic product) continues to decline, giving US mortgage bonds a slight boost. This week has a lot of economic indicators scheduled to be released that could impact the direction of mortgage rates. Keep an eye out for data that reveals inflation, as that will cause mortgage rates to trend higher.
Currently mortgage rates are continuing to improve (see below) compared to last week’s mortgage rate post.