What May Impact Mortgage Rates this Week: September 7, 2015

September 7, 2015 by Leave a Comment

2015-09-05 20.03.02Howdy from Nashville! I’m in Music City to visit my son and check out his new home. I will be back to work on Wednesday morning. My team at Mortgage Master can take great care of you while I’m away.  Right now, my son and I are taking a quick break from exploring the city so I thought I’d share what economic indicators may be impacting mortgage rates this week.

There’s not a lot of economic indicators on the dance card this week, so watch for mortgage rates to take their direction from the stock market. Remember, typically if the stock market is doing well, mortgage rates may be deteriorating. The reverse is also true. This is because investors will seek safety with bonds (like mortgage backed securities).

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Filed Under: Economy Tagged With:

Waiving your financing contingency?

September 4, 2015 by Leave a Comment

mortgageporter-thinkingThe greater Seattle real estate market is hot. With the lack of inventory, some home buyers have found themselves in a position where they feel they need to waive their financing contingency or the appraisal. I see this strategy happen when home buyers have been competing with multiple and/or cash offers.

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Filed Under: Appraisals, Real Estate Agents, Residential Purchase

What May Impact Mortgage Rates this Week: August 31, 2015

August 31, 2015 by Leave a Comment

MortgagePorter-JobsReportMortgage rates have been bouncing around following the volatile stock market. This week watch for the Jobs Report to be released on Friday.

Here are some of the economic indicators scheduled to be released this week:

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Filed Under: Interest Rates

What is an escrow holdback?

August 25, 2015 by 2 Comments

mortgageporterhouseSometimes an appraiser may call for repairs to be done on a home typically for safety reasons. In a seller’s market, like the greater Seattle area is experiencing, it’s not likely that the seller will agree to make the repairs. If the buyer has enough funds, they may be able to do an “escrow holdback”.  An “escrow holdback” is when funds are heldback at closing to cover the estimated cost of the repairs. The buyer brings the amount of the holdback to escrow (or sometimes the lender) and the funds are held until after closing, when the work has been finished.

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Filed Under: Appraisals Tagged With: ,

What May Impact Mortgage Rates this Week: August 24, 2015

August 24, 2015 by 1 Comment

mortgageporter-economyMortgage rates are bouncing around this morning with the volatility in the markets largely due to an 8% drop in China’s market and dropping oil prices.  This morning, the Dow was down over 1,000 points and is now (8:53 am) down about 247. It’s been quite a wild day and it’s far from over. Remember, mortgage rates are based on bonds and may change several times a day.

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Freddie Mac reports Mortgage Rates remain under 4

August 21, 2015 by 1 Comment

Yesterday, Freddie Mac’s PMMS shared that last weeks average conforming rates continue to be under 4.000%.  Last week, according to Freddie Mac’s survey, the average rate for a 30 year fixed conforming (FRM) mortgage was 3.93% priced with 0.6 points.

2015-08-20_1041

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Filed Under: Fannie, Freddie and FHFA

What May Impact Mortgage Rates this Week: August 10, 2015 – Mortgage Rates trend LOWER

August 12, 2015 by 1 Comment

seatac_airportMy apologies for not getting this post published on Monday, as I typically do. On Monday, I dropped my son off at the airport for him to begin the next chapter of his life with his first “real job” in a new city (to him), Nashville. As I know I’ve mentioned before, I am so very proud of him.

This week the economic calendar is fairly light. Mortgage rates have been getting a boost from China revolving from the issues with their currency. When there are world issues, investors will trade the faster profits (hopefully) found in stocks for the safety with bonds, like mortgage backed securities.

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Filed Under: Economy, Interest Rates

What May Impact Mortgage Interest Rates this Week: August 3, 2015

August 3, 2015 by 1 Comment

MortgagePorter-JobsReportIt’s the first week of the month and that typically brings us the Jobs Report on Friday morning. It is anticipated that 227,000 new jobs were added last month…we’ll see Friday if the numbers come in as anticipated. The Jobs Report is not just about how many jobs were added to the economy, it also reflects wages. Data that indicates potential inflation may cause mortgage rates to deteriorate.

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Filed Under: Economy, Interest Rates
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