Helping Washington State homeowners learn more about their mortgage options.
Mortgage rates have been a little bouncy lately and remain very low. There has been a lot of “Fed speak” following last week’s Fed meeting with various flip flopping commentary on when the Fed Funds rates may be raised. This Friday we will have the Jobs Report, which tends to impact mortgage interest rates. Today, the Dow closed down 312 points today at 16,001.
Here are some of the economic indicators scheduled to be released this week:
In Seattle’s competitive real estate market, we’re seeing offers coming in with shorter closing times, appraisals waived or even financing waived. It’s not unusual for me to have a Real Estate Broker say “the offer has been accepted, you can order the appraisal now!” I recently had a Real Estate Broker from Seattle ask an excellent question:
Tomorrow is officially the last day of summer. [sigh]
Here are some of the economic indicators scheduled to be released this week:
In just a few weeks, the Good Faith Estimate that was created by HUD in 2010 will be replaced by CFPB’s Loan Estimate. The Loan Estimate will also replace the “Reg Z/Truth in Lending” document. When the samples of the “Loan Estimate” where first revealed, I was pretty excited. It appeared to be a significant improvement over the well intended but flawed 2010 Good Faith Estimate, which caused a lot of confusion for consumers. As I’m learning more and more about CFPB’s Loan Estimate, I can see that we are all in for a huge adjustment as we deal with not only implementing new documents and procedures, but also dealing with the flaws to the document and the procedures to the document.
I like writing a “live post” with updates throughout the day to attempt to illustrate how mortgage rates (or the pricing of mortgage rates) can fluctuate throughout the day.
Today the two day Fed meeting wraps up and we’ll learn if the Fed is going to raise the Fed Funds Rate. Following the announcement from the Fed (around 11:00 am PST), we will have commentary from Fed Chair Janet Yellen. While the Fed doesn’t directly dictate what mortgage rates will be, their actions certainly influences mortgage interest rates.
Click here for a mortgage rate quote for your home in Washington.
All eyes and ears are on the Fed this week as we wait to see if they will raise rates on Thursday following the wrap up of their two day meeting. The Fed does not control mortgage interest rates, however, they do have a lot of influence on the direction of mortgage interest rates. Here are some of the economic indicators scheduled to be released this week:
If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.
Howdy from Nashville! I’m in Music City to visit my son and check out his new home. I will be back to work on Wednesday morning. My team at Mortgage Master can take great care of you while I’m away. Right now, my son and I are taking a quick break from exploring the city so I thought I’d share what economic indicators may be impacting mortgage rates this week.
There’s not a lot of economic indicators on the dance card this week, so watch for mortgage rates to take their direction from the stock market. Remember, typically if the stock market is doing well, mortgage rates may be deteriorating. The reverse is also true. This is because investors will seek safety with bonds (like mortgage backed securities).
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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