Home owners looking to take advantage of today’s low rates with a refinance or purchase, may want to consider a 20 year fixed conventional mortgage. The 20 year fixed conventional offers lower rates than the 30 year fixed and lower payments than a 15 year fixed mortgage.
Happy Columbus Day from Seattle – oh snap, I mean Happy Indigenous People’s Day. Regardless of which holiday you chose to celebrate, today is a Federal holiday and many offices are closed, including recording offices (no closings will be taking place today). Our office is open and I’m happy to help you with your mortgage needs. As today is a holiday, markets are closed. Here are some of the economic indicators scheduled to be released the rest of this week:
I am going to attempt to write a “live post” today to illustrate how mortgage rates may change based on data that is released throughout the day and market reactions. Please keep in mind that despite my best efforts, sometimes a “live post” can be a bit challenging…we’ll give it a try!
Last Friday’s Jobs Report came in better than expected and mortgage rates ticked up a little higher on Friday but are still in a tight range and essentially unchanged compared to last Monday’s rate post (slightly improved). There’s not a lot on the dance card this week for scheduled events that may impact the direction of mortgage interest rates this week. Watch for the Fed Minutes on Wednesday, which has stronger odds of moving mortgage rates. Since this week’s calendar is so light, I’m adding a couple items that will not impact rates…but are eventful!
This week is packed with economic data that may influence the direction of mortgage rates wrapping up with the Jobs Report on Friday. Mortgage rates will also react to world tensions, such as what’s taking place in the Middle East. This is because mortgage rates are based on bonds (mortgage backed securities) and investors often seek the safety of bonds over the potentially higher return found with stocks. Stocks are taking a hit this morning and mortgage backed securities are improved.Here are some of the economic indicators that are scheduled to be released this week:
- Wednesday, August 13: Retail Sales
- Thursday, August 14: Initial Jobless Claims
- Friday, August 15: Producer Price Index; Empire State Index; Consumer Sentiment Index (UoM)
I hope you’re enjoying your summer. Can you believe that it’s already August? Tomorrow, August 5, 2014, is Seattle Night Out (actually, National Night Out) and many neighborhoods will be getting to know each better over block parties and/or pot luck dinners during this annual crime prevention event. This is a great excuse to get to know your neighbors better so if you don’t have anything planned tomorrow, why not knock on a few doors and have an impromptu pot luck?
Photo: Our puppy, Hitch, having fun with one of his neighbors, Sadie.