What May Impact Mortgage Interest Rates this Week: November 2, 2015

MortgagePorter-JobsReportCan you believe November is here already? With this being the first week of the month, we have the Jobs Report scheduled to be released on Friday. The Jobs Report tends to influence the direction of mortgage rates because it may show signs of inflation, with rising incomes, which is the enemy of bonds. Mortgage rates are based on mortgage backed securities (bonds). So a Jobs Report that reveals the economy is doing great and wages are going up may cause mortgage rates to trend higher.

Mortgage rates did trend higher last week following the FOMC Meeting wrap up and commentary on Wednesday. A few days ago, Fannie Mae announced they anticipate mortgage rates to trend higher towards year end. Although rates will still be “historically” low, they may not be as low as we have become accustomed to.

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

  • Monday, November 2: ISM Index
  • Wednesday, November 4: ADP National Employment Report; ISM Services Index
  • Thursday, November 5: Initial Jobless Claims; Productivity
  • Friday, November 6: The Jobs Report

Mortgage rates are higher compared to last week’s rate post. As I write this, 9:00 am on November 2, 2015, I am quoting:

EDITORS NOTE: Rates posted below are EXPIRED! For current rates on your Washington state home, click here.

  • 30 year fixed: 3.750% (apr 3.934%) priced with 1.498 points with p&i (principal and interest) of $1,852.42. Up 0.966 in fee/points compared to last week.
  • 30 year fixed: 3.875% (apr 4.007%) priced with 0.862 points with p&i of $1,880.95.
  • 20 year fixed: 3.750% (apr 3.807%) priced with 0.469 points with p&i of $2,319.84.
  • 15 year fixed: 3.000% (apr 3.302%) priced with 1.382 points with p&i of $2,762.33. Up 0.525 in fee/points compared to last week.
  • 15 year fixed: 3.125% (apr 3.343%) priced with 0.803 points.

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 December 10, 2015 or sooner.

Rates quoted are subject to credit approval and may change at any time. Payments quoted above do not include property taxes or insurance and are principal and interest only. 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.


  1. […] 30 year fixed: 3.875% (apr 4.047%) priced with 1.324 points. This is 0.467 higher in points compared to what I quoted on Monday’s rate post. […]

  2. […] rates are up by about 0.125% in rate compared to last Monday’s rate post. As I write this, 9:25 am on November 9, 2015, I am […]

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