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

Happy 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:

• Wednesday, October 15: Beige Book; Producer Price Index; Retail Sales; and Empire State Index
• Thursday, October 16: Initial Jobless Claims; Philadelphia Fed Index; and Housing Market Index
• Friday, October 17: Housing Starts; Building Permits; Consumer Sentiment (UoM)

As this is a Federal holiday, some lenders are closed and therefore, I don’t have as many lenders to chose from for pricing rates. Some lenders close their lock desks on Federal holidays while others remain open and hedge the market. Regardless, mortgage rates have improved by about a half point in fee compared since last Monday’s rate post.

Here’s what I’m quoting as of October 13, 2014 at 7:45 am:

NOTE: These rates are expired and no longer valid. If I can provide you with current mortgage interest rates for your Washington state home, click here.

• 30 year fixed conventional: 4.000% (apr 4.149%) priced with 1.201 points; AND/OR
• 30 year fixed conventional 4.125% (apr 4.224%) priced with 0.282 points. This is an improvement in rate by 0.595 points compared to last Monday’s rate post.
• 15 year fixed conventional: 3.125% (apr 3.340%) priced with 0.944 points; AND/OR
• 15 year fixed conventional: 3.250% (apr 3.389%) priced with 0.416 points. This is an improvement by 0.638% in points compared to what I quoted in last Monday’s post.

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 loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by November 13 or sooner.

Rates quoted are subject to credit approval and may change at any time. This is just a small sample of the 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 in Puyallup, Sammamish, Yakima or anywhere in Washington state, please click here.