Helping Washington State homeowners learn more about their mortgage options.
Mortgage rates have been seen more volatility over the last few weeks than what we’ve experienced in quite a while. Mortgage rates have been trying to trend higher.
Here are some of the economic indicators that are scheduled to be released this week:
It’s no secret that rents, along with home prices, in the greater Seattle area have been trending higher. Rent Jungle reports that as of March 2015, the average rent for a 2 bedroom apartment within a 10 mile radius of Seattle is $1907. This is up 4% in the last six months.
Earlier this week, Director of the FHFA, Mel Watts announced that HARP (the Home Affordable Refinance Program) will be extended for one more year. From his prepared remarks:
“The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.
I hope all you Mom’s had a wonderful Mother’s Day yesterday. I was lucky to be able to spend all day Saturday with my mom, who helped me during the West Seattle Community Garage Sale and to have lunch with her and my family on Sunday. My son and hubby made me a delish dinner last night… I can’t think of a better Mother’s Day. 🙂 This photo is a pic of my mom with her daughters at Disneyland.
Freddie Mac released their weekly report on average mortgage rates for last week. From the PMMS Report:
Mortgage interest rates have been trending higher over the last week. Rates are still very low in the 3’s, however it wouldn’t take much to see the 30 year move into the 4% range. This Friday, we’ll have the Jobs Report which tends to impact mortgage rates for better or worse.
Here are some of the economic indicators scheduled for this week:
The Puget Sound Business Journal recently posted an article about a 1,100 square foot home in Ballard that sold $158,000 over list price. There is no denying that Seattle’s real estate market is hot largely due to lack of inventory and rising rents. (A’ hem…if you have been considering selling your Seattle area home, now could be the time).
Today at around 11:00 am PST, the FOMC will wrap up their two day meeting and announce any changes to the Fed funds rate. Markets will react to the Fed statements regarding their views of our economy impacting their decisions on whether or not to raise the Fed funds rate. It is widely anticipated that there will be no change to the Fed funds rate today.
It’s not unusual to have the Fed meeting impact the direction of mortgage rates…so I thought I’d attempt a “live rate post” to illustrate how mortgage rates can change in a day. Mortgage rates have been trending higher this week. As of 7:52 am this morning, the 30 year fixed rate is higher by about 0.125% in rate or 0.752 in fee compared to what I quoted two days ago on Monday’s post.
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…
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