All eyes and ears are on the Fed this week as we wait to see if they will raise rates on Thursday following the wrap up of their two day meeting. The Fed does not control mortgage interest rates, however, they do have a lot of influence on the direction of mortgage interest rates. Here are some of the economic indicators scheduled to be released this week:
What May Impact Mortgage Rates this week: September 14, 2015
September 14, 2015 by Leave a Comment
Establishing Credit Scores
September 9, 2015 by 1 Comment
If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.
What May Impact Mortgage Rates this Week: September 7, 2015
September 7, 2015 by Leave a Comment
Howdy 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).
Waiving your financing contingency?
September 4, 2015 by Leave a Comment
The 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.
What May Impact Mortgage Rates this Week: August 31, 2015
August 31, 2015 by Leave a Comment
Mortgage 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:
What is an escrow holdback?
August 25, 2015 by 2 Comments
Sometimes 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.
What May Impact Mortgage Rates this Week: August 24, 2015
August 24, 2015 by 1 Comment
Mortgage 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.
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.
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