Mortgage rates are bouncing around this morning with the volatility in the markets largely due to an 8% drop in China’s market and dropping oil prices. This morning, the Dow was down over 1,000 points and is now (8:53 am) down about 247. It’s been quite a wild day and it’s far from over. Remember, mortgage rates are based on bonds and may change several times a day.
Here are some of the economic indicators scheduled to be released this week:
- Tuesday, August 25: S&P/Case-Shiller Home Price Index; Consumer Confidence; New Home Sales
- Wednesday, August 26: Durable Goods Orders
- Thursday, August 27: Gross Domestic Product (GDP); Inital Jobless Claims; Pending Home Sales
- Friday, August 28: Personal Consumption Expenditures (PCE); Consumer Sentiment Index (UoM)
Mortgage rates are trending lower than what I quoted in my last rate post. As I write this post, August 24, 2015 at 9:15 am, I’m quoting:
- 30 year fixed: 3.750% (apr 3.848%) priced with 0.660 points with principal and interest (p&i) of $1,852.46
- 20 year fixed: 3.625% (apr 3.745%) priced with 0.532 points with p&i of $2,345.61.
- 15 year fixed: 3.000% (apr 3.246%) priced with 1.199 points with p&i of $2,762.33.
- 15 year fixed: 3.125% (apr 3.281%) priced with 0.578 points with p&i of $2,786.44.
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 October 1, 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.