Helping Washington State homeowners learn more about their mortgage options.
If you are considering buying a home and want to learn more about the process, I invite you to attend one of upcoming seminars I have scheduled. Both classes are sponsored by the Washington State Housing Finance Commission (WSHFC) and attendees are eligible for down payment assistance programs offered through WSHFC.
I’ve just scheduled the following seminars:
We don’t have any economic indicators scheduled to be released today…however, the rest of this week is loaded with data that could impact mortgage rates. If the reports reveal inflation heating up, mortgage rates may trend higher. Here’s a list of what’s scheduled for this week:
I thought it would be interesting to share a historic snapshot of where rates have have been based on a national annual average back to when I began my mortgage career in 2000.
The chart below is based on a 30 year fixed conventional as reported by Freddie Mac. NOTE: 2013 is not on the chart below because this is based on “annual” averages.
Mortgage rates are currently hanging around back to 2011 levels. As you can see, mortgage rates are still historically very low.
In fact, back when I bought my first home in 1988, the average annual mortgage rate was 10.34 with 2.1 points!
My point is, rates are still historically low and won’t stay this low forever.
If you would like me to provide you a rate quote for your home purchase or refinance on property located anywhere in Washington state, please click here.
Today President Obama answered questions submitted by social media savvy Americans which was moderated by Zillow CEO, Spencer Rascoff. It seemed to me the most common questions were concerning HARP 3.0. HARP 3.0 (Home Affordable Refinance Program) is currently a hypothetical expanded version of HARP 2.0 and would allow for more home owners, including those in Washington state, to refinance their homes at present low rates.
Here’s your opportunity to ask President Obama your question related to housing, including mortgages. Are you wondering why we don’t have HARP 3.0 yet? Or perhaps why HUD does not allow an FHA streamline refi to a shorter term if it increases the payment (even if the borrowers qualify for the increased payment)? Maybe you’re wondering why would bank and credit union loan officers only be registered and held to the same standards as a licensed loan officer?
We have a very light calendar this week with only two scheduled economic indicators being released.
Don’t let this light calendar lull you into thinking it’s going to be a calm week for mortgage rates. With summer time in full swing and lighter volumes due to traders enjoying a summer vacation, we may see volatility with the direction of mortgage rates.
This morning the S&P/Case Shiller Home Prices Index was released revealing gains across the board for the 20 city index.
The report states that Seattle had their largest monthly gain to home prices since April 1990 of 3.15% from April to May.
Year over year, Seattle boasted double digit gains of 11.9% for May.
This can be good news for people in the greater Seattle area who are considering selling their home and for those who have been waiting for home values to improve so they can refinance.
Mortgage interest rates are off their record lows. However, they are still what would be considered historically low.
If you’re interested in getting preapproved to buy a home or refinancing your existing home located in Washington State, I’m happy to help you!
This week is packed full of economic data that may dramatically impact mortgage rates. Not only do we have the results of the Fed meeting on Wednesday, we wind up the week with the Jobs Report on Friday. I anticipate this will be another volatile week for mortgage interest rates.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
Recent Comments