Special Mortgage Interest Rates

Last night on Facebook, I saw an ad for a builder’s lender promoting “limited time opportunity special interest rate” when you purchase one of their new homes. This was being shared by a Realtor whom I’m “Facebook Friends” with. I decided to price out this “special rate” and proved that the rate, while very low, is actually not so special.

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Mortgage Interest Rates at Historic Lows

Freddie Mac released their weekly mortgage interest rate survey showing that mortgage rates have continued to trend lower.

Tomorrow we have the Jobs Report being released which tends to impact the direction of mortgage rates as it’s an indicator of inflation. Inflation is the “arch enemy” to bonds, like mortgage backed securites, and therefore tends to drive mortgage rates higher. Stay tuned!

Freddie’s PMMS is based on an average of mortgage rates from last week‘s applications for purchases with 20 percent down with excellent credit. Being the rates shared in this report are from last week, they are technically “expired” as mortgage rates change constantly – sometimes several times a day…especially in volatile markets. The PMMS is a great tool for seeing trends and where mortgage rates have been. It’s not a good tool for where rates are “right now”.

If you would like to know where mortgage rates are right now based on your personal scenario for a refi or purchase for homes located anywhere in Washington state, I’m happy to help you!

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. [Read more…]

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…]