Freddie Mac released their weekly report on average mortgage rates for last week. From the PMMS Report:
“Mortgage rates rose this week to the highest level since the week of March 12 as a selloff in German bunds helped drive U.S. Treasury yields above 2.2 percent. The U.S. trade deficit reached $51.4 billion in March to the highest level since 2008. Also, the Institute for Supply Management’s manufacturing index was unchanged in April, but manufacturing employment contracted as the index fell below 50 for the first time since May 2013.”
It’s important to keep in mind that the PMMS Report is based on a survey of lenders from last week. Mortgage rates may change several times a day…this is something that we have witnessed lately with the extra volatility in the markets.
As I write this post, Thursday, May 7, 2015 at 8:25 am, I’m quoting:
30 year fixed: 3.875% (apr 4.013%) priced with 1.050 points. This quote is based on a sales price of $500,000 with a 20% down payment for a conventional loan amount of $400,000 with credit scores of 740 or higher. Purchase in greater Seattle closing by June 12, 2015 or before. Rates are subject to credit approval and may change at any time.
This quote is about 0.125% higher in rate than what I quoted on Monday and roughly 0.25% higher in rate than what I quoted 10 days ago.
UPDATE May 7, 2015 11:27 am: Of course pricing has improved since I published this post! Please contact me for a current rate quote.
It appears that the 30 year fixed conventional is heading towards the 4% range – which is still a very low rate…just not as sexy as a rate in the 3% range. 😉
Tomorrow morning, the Jobs Report will be released. This tends to move mortgage rates. If you want to stay informed, please subscribe to my blog in the upper right corner, follow me on Twitter or Facebook… you can unsubscribe or unfollow at anytime.
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