We don’t have any economic indicators scheduled to be released today. The rest of the week is packed with data that may influence the direction of mortgage interest rates, including the FOMC meeting that will be wrapping up on Wednesday. No change to the Fed funds rate is expected. Here’s what’s on deck with this week:
- Tuesday, April 28: S&P/Case Shiller Home Price Index; Consumer Confidence
- Wednesday, April 29: Gross Domestic Product (GDP); GDP Chain Deflator; Pending Home Sales; FOMC Meeting
- Thursday, April 30: Personal Consumption Expenditures and Core PCE; Initial Jobless Claims; Chicago PMI
- Friday, May 1: ISM Index; Consumer Sentiment (UoM)
This Saturday, May 2, 2015, I will be teaching a home buyers class in Renton at the Fairwood Library. Students who attend this WSHFC class are eligible for WSHFC mortgage programs, down payment assistance programs and mortgage tax credits (MCC). Please rsvp here – space is limited.
Mortgage interest rates are priced slightly higher compared to last week’s mortgage rate post. Check out how much an 0.125% in rate will cost with the quotes below. As I write this post, 8:50 am on Monday, April 27, 2015, I’m quoting:
- 30 year fixed: 3.625% (apr 3.748%) priced with 0.906 points with a principal and interest (p&i) payment (taxes and insurance not included) of $1,824.21.
- 30 year fixed: 3.750% (apr 3.804%) priced with 0.059 points with p&i of $1,852.46
- 20 year fixed: 3.500% (apr 3.675%) priced with 0.944 points with p&i of $2,319.84.
- 15 year fixed: 2.875% (apr 3.129%) priced with 1.187 points with p&i of $2,738.34.
- 15 year fixed: 3.000% (apr 3.135%) priced with 0.362 points with p&i of $2,762.33
Rates quoted above are based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a conventional loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by June 4, 2015 or sooner.
Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.