Freddie Mac’s PMMS report was released today with commentary that it’s not reflecting the impact Janet Yellen’s comments had earlier this week, causing rates to drop. Remember, Freddie Mac’s PMMS report is an average of LAST WEEK’S mortgage rates…it’s old news if you’re using this for locking. However, it’s good data if you’re interested in trends.
Tomorrow morning we’ll have the Jobs Report which tends to impact rates for better or worse… stay tuned!
The bottom line is that mortgage rates continue to be at very low levels. If you are interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help you!
This week is packed with economic data that may impact the direction of already volatile mortgage rates. Mortgage rates are based on bonds (mortgage backed securities/MBS) and change throughout the day, similar to stocks. MBS may often move in the opposite direction of stocks as investors will seek the safety of bonds when stocks are being volatile.
Fannie Mae is introducing a new format for credit reports called “trending credit data”. Typically a credit report shows more of a snapshot of what someone’s credit looks like today with late payments as a summary, more or less. Fannie Mae’s “trending” report will actually show a detailed 24 month history of each payment and the balance of that account for every month for the last 24 months. 
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