Freddie Mac Reports Lowest Mortgage Rates since May 2013

2015-01-15_0807_Fredie_Mac_RatesThis morning, Freddie Mac released their weekly mortgage rate report confirming that the 30 year fixed conforming rate is back to record lows from 19 months ago:
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What May Impact Mortgage Rates this week: January 12, 2015 [RATES TREND LOWER]

mortgageporter-economyMortgage rates continue to bounce along very low levels. Last Friday’s Jobs Report was a bit of a mixed bag with then number of employed increasing and hourly wages slightly lower. We don’t have any economic indicators scheduled to be released today. Watch mortgage rates take their cue from the stock market and world events.

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What May Impact Mortgage Rates this Week: December 29, 2014

mortgageporter-economyThe last week of 2014 is here. It’s another short week with the New Year holiday and so we may be dealing with traders on vacations, which can translate to lighter volumes and/or more volatility. Markets and financial offices (including ours) will be closed on Thursday, January 1, 2015 to celebrate the New Year.

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What May Impact Mortgage Rates this Week: December 22, 2014

santawalletThe last two weeks of this year are short ones due to the holidays. Many traders may be on vacation so you can anticipate the volatility to continue with stock and bond markets, which means we may see mortgage rates bump around a bit as well.

Bond markets will be closing early on Wednesday and will be closed on Thursday, as will Mortgage Master Service Corporation. Friday will be “back to normal” as far as work hours are concerned. :)  Next week will also be a shorter week with the New Year holiday.

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Last FOMC Meeting of 2014 and how it impacts mortgage rates [LIVE POST]

20140504_210758Today the Fed will wrap up their 2 day meeting around 11:00 am PST. All ears will be anxiously awaiting any clues as to what their policy will be in 2015.

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.

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What May Impact Mortgage Rates this week: December 15, 2014 – Mortgage rates IMPROVED

mortgageporter-economyLast 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.

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What May Impact Mortgage Rates this Week: November 17, 2014

mortgageporter-economyThis 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.

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What May Impact Mortgage Rates this Week: November 3, 2014

MortgagePorter-JobsReportBlack Knight Financial Services says at least 7.4 million mortgages should refinance, due to where rates are today and looking at borrowers with current notes at 4.5% and above. This may also be a good time to refi into a conventional mortgage if you have an FHA mortgage with a rate in 3% range with expensive FHA mortgage insurance.

Last week the Fed formally wrapped up their aggressive buying of mortgage backed securities (QE) which helped to keep mortgage rates at such a low level over the past couple of years. This was not a surprise to the markets as the Fed had continuously reiterated their plans to end QE in October. Mortgage rates seem to be slowly trending higher.

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