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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What May Impact Mortgage Rates this Week: October 27, 2014

10584108_10152349540866046_1789571015476639111_nWill this week bring tricks or treats with mortgage rates? The stage is set to be another volatile week for mortgage rates with scheduled economic events/indicators. The Fed is expected to retire QE3 this week, in which they were buying bonds and treasuries to keep mortgage interest rates at artificial low levels.  In addition, the economic issues taking place in Europe and other uncertainties in the world, just adds to the drama we may see play out with mortgage rates.

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Comparing the 20 Year Fixed Conventional Mortgage to a 15 Year and 30 Year [Mortgage Rate Post]

moneyclockmortgageporterHome 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.

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What May Impact Mortgage Rates this Week: October 13, 2014 – Mortgage Rates are LOWER

mortgageporter-economyHappy 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:

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What the Fed Says and How It Impacts Mortgage Rates [LIVE POST]

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!

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