Mortgage Rates Improve

Freddie Mac’s PMMS report released today shows that the average mortgage rates improved last week. EDITORS NOTE: these rates are OLD NEWS! If you would like current mortgage interest rates for your home, please click here.

From the Prime Mortgage Market Survey:

“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.”

The green chart illustrates how volatile rates have been over the past month or so. The green candlesticks indicate mortgage rates improving and the red shows rates rising. The higher the number on the number along the left reflects lower interest rates.

If you haven’t refinanced yet, you might have an opportunity to do so now.

Hopefully the crisis in Ukraine can be resolved soon. When that happens, I anticipate we will see mortgage rates on the rise again.

If you are considering buying or refinancing a home located anywhere in Washington state, I’m happy to help you!