I am going to attempt to write a “live post” today to illustrate how mortgage rates may change based on data that is released throughout the day and market reactions. Please keep in mind that despite my best efforts, sometimes a “live post” can be a bit challenging…we’ll give it a try!
Today around 11:00 am PST, the Fed minutes will be released from their last meeting. Let’s see if and how that impacts the pricing of mortgage interest rates today.
Rates quoted below, unless otherwise noted, are based on a sales price of $500,000 with a 20% down payment and conventional loan amount of $400,000 on a purchase in the greater Seattle area. The home buyer have excellent credit with scores of 740 or higher and the transaction is closing by November or sooner.
Rates are subject to credit approval and may change the moment they’re posted (in fact, illustrating how much rates can change is the point of this post!).
8:13 am: I’m quoting 4.125% (apr 4.211%) 30 year fixed conventional priced with 0.447 points. This is an improvement of 0.44 points compared to Monday’s rate post.
My plan is to check back in once the Fed has released the minutes – unless I see price changes…then I may pop back to update this post. PS: If you would like me to provide you with a mortgage rate quote for your purchase or refi for your home located anywhere in Washington state, click here.
10:08 am: I just rechecked pricing for a pre-Fed minutes comparison and the above quote is still valid.
11:06 am: Pricing is still unchanged, moments after the release of the Fed minutes.
12:56 am: I’m quoting 4.125% (apr 4.194%) 30 year fixed conventional priced with 0.242 points a slight improvement from before the Fed Minutes were released. I’m also quoting 4.000% (apr 4.146%) 30 year fixed conventional priced with 1.168 points. It’s been a while since 4.000% has been available for a “reasonable” price (ie close to a point).
1:00 pm the DOW closes up 274 points at 16,994… erasing yesterday’s loss of 273 points.
Stay tuned!
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