What May Impact Mortgage Rates this Week: October 27, 2014

Will this week bring tricks or treats with mortgage rates? The stage is set to be another volatile week for mortgage rates with scheduled economic events/indicators. The Fed is expected to retire QE3 this week, in which they were buying bonds and treasuries to keep mortgage interest rates at artificial low levels.  In addition, the economic issues taking place in Europe and other uncertainties in the world, just adds to the drama we may see play out with mortgage rates.

Here are some of the scheduled economic indicators that may impact the direction of mortgage rates this week:

• Monday, October 27: Pending Home Sales
• Tuesday, October 28: Durable Goods Orders; S&P/Case-Shiller Home Price Index; Consumer Confidence
• Wednesday, October 29: FOMC Meeting
• Thursday, October 30: Initial Jobless Claims; Gross Domestic Product (GDP)
• HAPPY HALLOWEEN! Friday, October 31: Chicago PMI; Consumer Sentiment (UoM)

As I write this post, Monday, October 27, 2014 at 8:45 am, I am quoting:

30 year fixed conventional: 4.000% (apr 4.128%) priced with 0.954 points with principal and interest (P&I) payment (taxes and insurance not included) of $1,910.  Pricing is 0.370 higher in fee (points) than what I quoted in last Monday’s rate post.

20 year fixed conventional: 3.750% (apr 3.884%) priced with 0.609 points with P&I of $2,372.

15 year fixed conventional:  3.125% (apr 3.314%) priced with 0.766 points with P&I of $2,786. Pricing is 0.375 higher in fee (points) than what I quoted on last Monday’s rate 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 December 4, 2014 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 Kalama, Ollala, Port Townsend or anywhere in Washington state, please click here.