Mortgage Rates at Extremely Low Levels

Freddie Mac’s PMMS report was released this morning showing just how low mortgage interest rates have dropped during the pandemic. Remember, the Prime Mortgage Market Survey’s rates are last week’s news as they are based on an average of mortgage rates from last week.

I’ve highlighted the lowest PMMS reported rate for the 30 year fixed, which was on March 5. That was an extremely busy week for lenders who were able to lock in rates for people who had already submitted their loan application and were in position to lock.

If you are interested in obtaining an extremely low mortgage rate, you need to:

  1. Start a loan application. (Note: I can help you if the home is located in Washington state).
  2. Authorize your mortgage professional to pull your credit report.
  3. Be prepared to provide supporting documentation to show your income and assets. For starters, having your last two years W2s and most recent paystubs ready is a great help!
  4. Have an idea of what your goals are. Do you want to reduce your mortgage payment by a certain amount? Do you want to pay off debt? Do you want to reduce the term of your mortgage?

I have clients that have done the above steps. They have told me what rate they want and I’m keeping an eye on the market for them so I can lock when/if rates hit their desired rate.

Rates are still very volatile and will continue to be for a while. YOU can have a low rate too IF you’re ready to lock it in. I stress this because when rates are this volatile, should you decide to lock after reviewing a rate quote, in the roughly 20 minutes it takes for the loan application, rates may have already jumped up. Rates move much faster up than down.

If you are considering refinancing or buying a home in Washington state, I’m happy to help! Our business has been deemed “essential” and we are open to serve  your mortgage needs.

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