Mortgage Rates Drop Lower

20190627pmmsFreddie Mac released their weekly mortgage rate update, Prime Mortgage Market Survey, which illustrates just how low mortgage rates have dropped recently.

Mortgage interest rates are at their lowest levels since November 2016. From Freddie Mac’s Chief Economist, Sam Khater:

“While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market. Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”

Homeowners with rates in the mid-4’s or higher and those with FHA or private mortgage insurance have been taking advantage of the economic situation and refinancing into lower mortgage payments. Mortgage rates are based on mortgage backed securities (bonds) and change throughout the day. Should the trade tensions ease, we will likely see mortgage rates quickly bounce back up… not that they were “high” before… they just weren’t this LOW!

So…if you would like to drop your mortgage payment, you need to be able to LOCK in the current low interest rates. That means starting a loan application or getting a detailed rate quote scenario to see if refinancing makes sense.

If your home is located anywhere in Washington state, where I’m licensed, I am happy to help you with your refi or home purchase.

Mortgage Rates trending higher

Freddie Mac’s weekly mortgage rate report (PMMS) based on a survey of mortgage interest rates from applications last week show that mortgage rates continued to move higher.

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Mortgage Rates Continue Lower

Freddie Mac’s PMMS report released this morning reveals mortgage rates continued to move lower for the third consecutive week. According to this report, mortgage interest rates are at their lowest in (just barely) over a year.

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Mortgage Rates Drop to Lowest in 10 Months!

Freddie Mac reports that mortgage interest rates are at 10 month lows in today’s Prime Market Mortgage Survey.

The Prime Mortgage Market Survey is based on an average of conforming mortgage rates from last week. If you would like to have a current mortgage rate quote based on your personal criteria for your home located anywhere in Washington state, please contact me! I’m happy to provide you with a no-hassle mortgage rate quote.

Market Volatility and Lower Mortgage Rates

Freddie Mac’s PMMS report shows that mortgage interest rates have dropped this week largely due to the market volatility with the on again off again trade war with China.

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What is a mortgage “buy down”?

With rising mortgage interest rates, “buy-downs” are the new buzz word. A “buy down” either temporarily or permanently reduces the interest rate on a mortgage loan. With the local real estate market cooling down, it’s not unusual to see a Seller agree to actually pay for a buy-down to help sweeten the deal for a potential home buyer. It can actually be a “win-win” for both buyer and seller as the buyer receives a lower mortgage payment and the contribution paid by the seller may be less than what a price reduction might be. [Read more…]

Mortgage interest rates continue to trend higher

This morning Freddie Mac released their weekly Prime Mortgage Market Survey (PMMS) showing that mortgage interest rates are continuing to trend higher. Click here for current mortgage interest rates in greater Seattle and beyond.

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Mortgage rates bumping along

Freddie Mac’s weekly report on mortgage rates, the Prime Mortgage Market Survey (aka PMMS) which shows what mortgage rates averaged last week, shows that rates bumped slightly higher. Remember, mortgage rates change constantly as they are based on bonds (mortgage backed securities). Rates posted are subject to change and, since this is an average from last week, they already have changed. This report is just intended to provide an idea of the direction of where mortgage rates have been and where they may be heading. If you would like current rates for your personal scenario, please contact me.

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