Freddie Mac’s PMMS report shows that mortgage interest rates have dropped this week largely due to the market volatility with the on again off again trade war with China.
Freddie Mac’s Prime Mortgage Market Survey shows that last week, the 30 year fixed conforming interest rate averaged 4.75% with 0.5 discount points. It’s been two months since the 30 year has been this low according to the PMMS. The rates posted above are an average from last week and are “old news”. However the good news is that with the market volatility we’re experiencing today, mortgage interest rates are at this moment, still low. Tomorrow morning, the Jobs Report will be released which may dramatically impact mortgage rates for better or worse depending on if the data surprises the markets.
If you want to lock in a low mortgage interest rate for your home, it’s important that you contact your local, licensed Loan Officer now. Mortgage rates are based on bonds and influenced by the stock market and therefore, change constantly. If you want “today’s rates” then you need to be able to actually lock in the rate “today”. Please keep in mind, mortgage rates can change throughout the day when markets are this volatile. Locking in an interest rate means that you will need to submit a full loan application and allow the Loan Officer to run your credit and provide supporting documentation for a refinance. If you’re buying a home and want to lock in an interest rate, you’ll need the same for a refinance plus a complete, mutually accepted purchase and sales agreement for your new home.
Of course if you are considering buying or refinancing a home located anywhere in Washington state, where I’m licensed, I am more than happy to help you!
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