This is a short week, thanks to the Memorial Day weekend. Mortgage rates continue to be volatile following the Fed’s commentary that they may start hiking rates soon. Remember, the Fed does not directly control mortgage rates – the Fed does control the Fed funds rate. Mortgage rates react to the Fed’s actions as mortgage rates are based on bonds (mortgage backed securities) and are bought and sold, like stocks. Speaking of stocks, yesterday the Dow had it’s biggest loss in three weeks closing down 190 points.
Here are some of the economic indicators scheduled to be released this week:
- Tuesday, May 26: Consumer Confidence; Durable Goods Orders; S&P/Case Shiller Home Price Index; New Home Sales
- Thursday, May 28: Initial Jobless Claims; Pending Home Sales
- Friday, May 29: Gross Domestic Product; Chicago PMI; Consumer Sentiment Index (UoM)
Although mortgage rates are still very low, rates are trending higher compared to what I quoted on last week’s mortgage rate commentary. As I write the post, Wednesday, May 27, 2015 at 7:20 am, I’m quoting:
EDITORS NOTE: Rates posted below are EXPIRED. If you would like current rates for your personal scenario on a home located in Washington state, please click here.
- 30 year fixed: 3.750% (apr 3.908%) priced with 1.304 points with a principal and interest (p&i) payment (taxes and insurance not included) of $1,852.46.
- 30 year fixed: 3.875% (apr 3.980%) priced with 0.661 points with p&i of $1,880.95.
- 20 year fixed: 3.625% (apr 3.823%) priced with 1.126 points with p&i of $2,345.61.
- 15 year fixed: 3.000% (apr 3.258%) priced with 1.209 points with p&i of $2,762.33.
- 15 year fixed: 3.125% (apr 3.226%) priced with 0.126 points with p&i of $2,786.44.
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 conventional loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by July 3, 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.
[…] rates are continuing to trend higher compared to what I quoted on last week’s mortgage rate post. As of this morning, you’ll pay dearly for a 30 year fixed rate under 4%. If you’re […]