What May Impact Mortgage Rates this week: January 12, 2015 [RATES TREND LOWER]

Mortgage rates continue to bounce along very low levels. Last Friday’s Jobs Report was a bit of a mixed bag with then number of employed increasing and hourly wages slightly lower. We don’t have any economic indicators scheduled to be released today. Watch mortgage rates take their cue from the stock market and world events.

Here are some of the economic indicators scheduled to be released this week that may impact the direction of mortgage interest rates.

• Wednesday, January 14: Retail Sales
• Thursday, January 15: Initial Jobless Claims; Empire State Index; Producer Price Index (PPI); Philadelphia Fed Index
• Friday, January 16: Consumer Price Index (CPI); Consumer Sentiment (UoM)

The following dates/events are not economic indicators and are important to note:

• Sunday, January 18th: SEAHAWKS vs Greenbay
• Monday, January 19th is Martin Luther King Day. Our office and markets will be closed to observe this national holiday.
• Saturday, January 24th: I will be teaching a Home Buyer Education Class at the Lake Forest Park Library. Click here to rsvp and to see a complete schedule of classes I am currently teaching.

Compared to last Monday’s rate post, mortgage rates are lower. As I write this post, 9:15 am on January 12, 2015, I am quoting:

30 year fixed: 3.625% (apr 3.757%) priced with 1.107 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,825.

30 year fixed: 3.750% (apr 3.817%) priced with 0.218 points with p&i of $1,853.

20 year fixed: 3.500% (apr 3.657%) priced with 0.807 points with p&i of $2,320.

20 year fixed: 3.625% (apr 3.693%) priced with 0.007 points with p&i of $2,346.

15 year fixed: 2.875% (apr 3.131%) priced with 1.201 points with p&i of $2,739.

15 year fixed: 3.000% (apr 3.128%) priced with 0.316 points with p&i of $2,763. An improvement of 0.532 in points/fee compared to last Monday.

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 February 19, 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.