What May Impact Mortgage Rates this Week: September 16, 2013

2012-08-20-0845Mortgage backed securities are improving this morning on the news that Larry Summers has withdrawn as a candidate for the next Fed Chairman. This leaves current Fed Vice Chairman Janet Yellan as a strong candidate to replace Ben Bernanke. Bond markets are reacting positively to the news that Janet is once again a front runner as the next Fed head. Speaking of the Fed – watch for the results of the FOMC meeting on this Wednesday.

[Read more…]

What may impact mortgage rates this week: August 26, 2013

Mortgage rates are not just influenced by scheduled economic indicators. Sometimes uncertainty in the world, such as what’s going on in Syria, will cause a flight to safety with investors seeking bonds, like mortgage backed securities. This is causing mortgage rates, which are based on mortgage backed securities, to be improved this morning.

Here are a few of the economic indicators scheduled to be released this week:

[Read more…]

What May Impact Mortgage Rates this Week: August 12, 2013

mortgageporter-economyWe don’t have any economic indicators scheduled to be released today…however, the rest of this week is loaded with data that could impact mortgage rates. If the reports reveal inflation heating up, mortgage rates may trend higher. Here’s a list of what’s scheduled for this week:

[Read more…]

What May Impact Mortgage Rates this Week: July 15, 2013 [with mortgage rates]

This week, mortgage rates continue to be bumpy and with Ben Bernanke speaking tomorrow on Capital Hill, we may additional volatility. Here are some of the scheduled economic indicators to be released this week:

[Read more…]

What May Impact Mortgage Rates this Week: July 8, 2013

mortgageporter-economyThis morning, mortgage backed securities are recovering from Friday’s fiasco following the better than expected Jobs Report. On Wednesday, the minutes from the last Fed meeting will be released which may set mortgage rates off on another roller coaster ride.

Here are some of the economic indicators scheduled to be released this week:

[Read more…]

What may impact mortgage rates this week: June 24, 2013

Mortgage rates are still marching higher this morning. As I’ve mentioned many times over the past couple years, mortgage rates rise much quicker than they come down, as we are experiencing that right now.  As I begin to write this post on 7:00 am on June 24, 2013, the DOW is down 243.  MBS are down over 100 bps as investors continue to sell mortgage backed securities as the end of the Fed’s manipulation of mortgage draws near.

Here are some of the scheduled economic indicators to be released this week:

Tuesday, June 25: Durable Goods Orders; S&P Case-Shiller Home Price Index; Consumer Confidence; New Home Sales

Wednesday, June 26: Gross Domestic Product (GDP); GDP Chain Deflator

Thursday, June 27: Personal Consumption Expenditures (PCE); Core PCE; Personal Income; Personal Spending; Initial Jobless Claims; Pending Home Sales

Friday, June 28: Chicago PMI; Consumer Sentiment Index (UoM)

I’m checking pricing for mortgage rates and we have long since left the 3’s for 30 year fixed… looks like if rates stay on this pace, it won’t be long before we are back to rates in the 5% range. Which historically speaking is still low…however, it doesn’t feel so low to those who have become accustomed to the artificially low rates we’ve enjoyed the past couple years.

As of 7:30 am, for a 30 year fixed rate based on a loan amount of $400,000 and an 80% loan to value with a 740 minimum credit score, I’m quoting (ready for this??):

  • 4.750% priced with 0.064% discount, essentially at “par” or as close to zero points and zero rebate as I can get with the lenders we work with (apr 4.830).
  • 4.625% is currently priced with 1.090% discount points (apr 4.921%).

Remember, mortgage rates change constantly, often several times a day – especially with how volatile the markets have been. If you would like a mortgage rate quote based on current pricing and your personal scenario for a home located anywhere in Washington state, where I’m licensed, click here.

Want to know more and keep informed? Subscribe to my blog in the upper right corner, follow me on Twitter and/or “like” me on Facebook.

UPDATE 8:30 am:  Check out the MBS chart from this week’s issue of Mortgage Market Guide Weekly to see how dramatically rates have recently gone up.

What may impact mortgage rates this week: June 10, 2013

Mortgage rates have been moving higher over the past few weeks. The better than expected data from last Friday’s Jobs Report helped that trend.

There’s not a lot of scheduled economic indicators on calendar for this week so you can expect rates to be impacted by the stock market. If the stock market does well, mortgage rates may move higher. Why? Mortgage rates are based on mortgage backed securities (bonds) and investors will trade the safety of bonds for the potentially better return found with stocks.

Here’s how this week is looking with economic indicators:

  • Thursday, June 13th: Retail Sales and Initial Jobless Claims
  • Friday, June 14th: Producer Price Index (PPI) and Consumer Sentiment (UoM)

This morning, Standard and Poor’s revised the United States credit rating from negative to stable. Remember “good news” tends to cause mortgage rates to deteriorate.

The Treasury will be selling $66B in notes and bonds this week starting tomorrow.

Even though rates are higher than they were last month, they are still very low. If you’re interested in locking in what is still considered a historically low rate on a home located anywhere in Washington state, please contact me.

Are mortgage rates in the 3’s gone?

Mortgage rates have been moving higher causing some home buyers and rate shoppers a bit of surprise. Mortgage rates have been trending up with hints of QE3 and the Fed’s bond buying program, which has kept mortgage rates at artificial lows, may be wrapping up soon.  Freddie Mac reports that the 30 year fixed is at 3.91% when paying 0.7 points and if not points are paid, the rate is 4.09%.  Keep in mind that the rates Freddie has posted today are from last week and rates have continued to nudge higher.

[Read more…]