What May Impact Mortgage Rates this week: June 1, 2015

Here I am again, writing my “Monday rate post” on a Wednesday. This week has been busier than usual…I think part of that is spill over from the short week and more activity with home buyers. As this is the first week of June, we will have the Jobs Report on Friday which tends to impact the direction of mortgage rates.

Here are some of the economic indicators scheduled to be released this week:

• Monday, June 1: Personal Consumption Expenditures and Core PCE; ISM Index
• Wednesday, June 3: ADP National Employment Report; ISM Services; Fed’s Beige Book
• Thursday, June 4: Initial Jobless Claims; Productivity
• Friday, June 5: The Jobs Report

Mortgage 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 chasing the lower rates from a few weeks or months ago, you may want to consider an adjustable rate mortgage, like a 10/1 ARM where the rate is fixed for 10 years, if that fits your financial goals.

As I write the post, Wednesday, June 3, 2015 at 7:20 am, I’m quoting:

EDITORS NOTE: Rates posted below are EXPIRED! For a current rate quote, please click here.

• 30 year fixed: 3.875% (apr 4.074%) priced with 1.775 points with  a principal and interest (p&i) payment (taxes and insurance not included) of $1,880.95.
• 30 year fixed: 4.000% (apr 4.111%) priced with 0.720 points with p&i of $1,909.66.
• 20 year fixed: 3.875% (apr 4.038%) priced with 0.809 points with p&i of $2,397.66.
• 15 year fixed: 3.125% (apr 3.392%) priced with 1.253 points with p&i of $2,786.44.
• 15 year fixed: 3.250% (apr 3.437%) priced with 0.700 points with p&i of $2,810.68.

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 10, 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.