Mortgage backed securities are enjoying bump today with Greece back in the headlines. As I’m writing this post (9:25 am pst) the Dow is down 229. This is a case where a bad news for the stock market = good news for mortgage rates.
On Friday, markets are closed (so is our office) for the holiday, so for the Jobs Report being released on Thursday. Short holiday weeks also tend to create more volatility with mortgage rates (and stocks) as there are often less traders working during a time when folks (traders) are likely to take a longer “holiday” weekend or vacation.
Here are some of the economic indicators scheduled to be released this week:
- Monday, June 29: Pending Home Sales
- Tuesday: June 30: S&P/Case-Shiller Home Price Index; Chicago PMI; Consumer Confidence
- Wednesday, July 1: ADP National Employment Report; ISM Index
- Thursday, July 2: The Jobs Report; Initial Jobless Claims
- Friday, July 3: Markets are closed. Happy Independence Day!
I am expecting a reprice for the better at anytime – remember, mortgage rates change constantly. Sometimes several times a day. As I write this, 10:00 am on June 29, 2015, I’m quoting:
- 30 year fixed: 4.000% (apr 4.132%) priced with 0.970 points with principal and interest (p&i) of $1,909.66.
- 20 year fixed: 3.875% (apr 4.010%) priced with 0.562 points with p&i of $2,397.66.
- 15 year fixed: 3.250% (apr 3.492%) priced with 1.075 points with p&i of $2,810.68.
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 August 6, 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.