What May Impact Mortgage Rates this Week: November 3, 2014

MortgagePorter-JobsReportBlack Knight Financial Services says at least 7.4 million mortgages should refinance, due to where rates are today and looking at borrowers with current notes at 4.5% and above. This may also be a good time to refi into a conventional mortgage if you have an FHA mortgage with a rate in 3% range with expensive FHA mortgage insurance.

Last week the Fed formally wrapped up their aggressive buying of mortgage backed securities (QE) which helped to keep mortgage rates at such a low level over the past couple of years. This was not a surprise to the markets as the Fed had continuously reiterated their plans to end QE in October. Mortgage rates seem to be slowly trending higher.

Here’s are some of the economic indicators scheduled to impact mortgage interest rates this week:

  • Monday, Nov. 3: ISM Index
  • Wednesday, Nov. 5: ADP National Employment Report; ISM Services Index
  • Thursday, Nov. 6: Initial Jobless Claims; Productivity
  • Friday, Nov. 7: The Jobs Report

Other events taking place this week:

Friday, Nov. 7: The 2014 Washington Association of Mortgage Professionals Business and Leadership Humanitarian Awards at the Renaissance Hotel in Seattle is taking place. I am honored to be a finalist in three categories. There may be a seat or two available – contact me if you’re interested.

Saturday, Nov. 8th: I will be teaching a home buyer class in Seattle – there are still a few seats available. If you’re interested, please rsvp today. Students who attend this WSHFC sponsored class are eligible for down payment assistance programs, mortgages (not limited to first time home buyers) and MCC.

As I write this post, 7:45 am on November, 3, 2014, I’m quoting: NOTE: THESE RATES ARE EXPIRED!!! For “fresh” mortgage rates, on homes located anywhere in Washington state, please click here.

30 year fixed: 4.000% (apr 4.143%) priced with 1.138 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,910. Pricing is higher by 0.184 in points/fee compared to last Monday’s rate post.

30 year fixed: 4.125% (apr 4.184%) priced with 0.129 points with p&i of $1939.

20 year fixed: 3.750% (apr 3.929%) priced with 0.979 points with p&i of $2,372. Pricing is higher by 0.370 points/fee compared to last Monday’s rate post.

15 year fixed: 3.125% (apr 3.372%) priced with 1.156 points with p&i of $2,786. Pricing is higher by 0.390 points/fee compared to last Monday’s rate post.

15 year fixed: 3.250% (apr 3.416%) priced with 0.607 points with p&i of $2,811.

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 8, 2014 or sooner.

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

Trackbacks

  1. […] This is a short week with Veterans Day on Tuesday (stock/bond markets closed) and a light economic calendar. Rates are improved compared to what I quoted last Monday. […]

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