What May Impact Mortgage Rates this week: December 15, 2014 – Mortgage rates IMPROVED

Last week, rates bumped along 14 months lows. Those who were in position to lock with a mortgage application started, were able to secure low rates so they will be able to benefit from lower mortgage payments in the New Year. Before a lender locks in an interest rate, they need to have a complete application, including a credit report, so they know how to price the rate (low mid-credit scores are used) and if you actually qualify for the refi. It takes about 20 – 30 minutes to complete an on-line application, so if you are toying with refinancing right now, I highly recommend you contact your local lender (I can help you if your home is located in Washington state) so that you can be ready to lock in a very low mortgage rate.

Here are the economic indicators scheduled to be released this week, the last full work week of 2014:

• Monday, December 15: Empire State Index and Housing Market Index
• Tuesday, December 16: Housing Starts and Building Permits
• Wednesday, December 17: Consumer Price Index (CPI) and FOMC Meeting
• Thursday, December 18: Initial Jobless Claims and Philadelphia Fed Index

Mortgage rates are improved compared to what I quoted in last Monday’s rate post.  As I write this, December 15, 2014 at 9:00 am, I’m quoting:

EDITORS NOTE: The mortgage rates posted below are expired! For current mortgage rates on your Washington home (refi or purchase) click here.

30 year fixed: 3.750% (apr 3.865%) priced with 0.766 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,853.

30 year fixed: 3.875% (apr 3.942%) priced with 0.171 points with p&i of $1,881.

20 year fixed: 3.625% (apr 3.755%) priced with 0.507 points with p&i of $2,372.

15 year fixed: 3.125% (apr 3.317%) priced with 0.914 points with p& of $2787.

15 year fixed: 3.250% (apr 3.352%) priced with 0.090 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 January 22, 2015 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.