What May Impact Mortgage Rates this Week: July 7, 2014

I hope you and your family had a fabulous holiday weekend. We began our holiday on our boat at Liberty Bay in Poulsbo with a beautiful display of fireworks on July 3rd – it was a lot of fun.

Friday’s Jobs Report data came in better than expected causing mortgage rates to trend slightly higher.  Rates are roughly 0.125% higher than the rate quotes I posted two weeks ago on June 23, 2014.

This week, we just have a few scheduled reports/events that may impact the direction of mortgage interest rates. Remember, mortgage rates are based on bonds (mortgage backed securities) and pricing may change throughout the day.

Here’s whats scheduled for this week:

• Wednesday, July 9: FOMC Minutes
• Thursday, July 10: Initial Jobless Claims

As I write this post, 8:30 am on July 7, 2014, I’m quoting:

• 30 Year Fixed: 4.250% (apr 4.363%) priced with 0.601 points.
• 15 Year Fixed: 3.250% (apr 3.521%) priced with 1.146 points.

Rates quoted above are based on a conventional mortgage with a sales price of $500,000 and a loan amount of $400,000 (20% down payment) for a home buyer in the greater Seattle area with excellent credit with scores of 740 or higher. The purchase is for a primary residence closing by August 14th or sooner.

Mortgage rates are subject to credit approval and change constantly. In fact, by the time I publish this post or you are reading this post, rates may have already changed. This is just a very small sample of rates and I programs that I have available. I am happy to provide you with your personal mortgage rate quote for your home purchase or refinance for your home located in Renton, Ravensdale, Redmond or anywhere in Washington state where I’m licensed.

PS: I will be teaching a home buyers class this Saturday in North Seattle. We have just a few spots available. Click here to rsvp for classes that I’m teaching.