Helping Washington State homeowners learn more about their mortgage options.
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!
T
his 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.
This week’s calendar is looking a little light as far as economic indicators that are scheduled to be released. Mortgage rates have been improving following Ben Bernanke’s dovish comments to Congress last week.
This week, mortgage rates continue to be bumpy and with Ben Bernanke speaking tomorrow on Capital Hill, we may additional volatility. Here are some of the scheduled economic indicators to be released this week:
This is a short week packed full of economic data that may impact already turbulent mortgage rates. It may look like a light week – watch for Friday’s Jobs Report. The bond and stock markets will close early Wednesday and reopen on Friday following the 4th of July holiday.
Monday, July 1: ISM Index
Wednesday, July 3: Initial Jobless Class and ISM Services Index
Thursday, July 4th: HAPPY INDEPENDENCE DAY
Friday, July 5: The Jobs Report
If you would like me to provide you with a rate quote for your purchase or refinance of a home located anywhere in Washington state, where I’m licensed, please click here.
Mortgage rates are still marching higher this morning. As I’ve mentioned many times over the past couple years, mortgage rates rise much quicker than they come down, as we are experiencing that right now. As I begin to write this post on 7:00 am on June 24, 2013, the DOW is down 243. MBS are down over 100 bps as investors continue to sell mortgage backed securities as the end of the Fed’s manipulation of mortgage draws near.
Here are some of the scheduled economic indicators to be released this week:
Tuesday, June 25: Durable Goods Orders; S&P Case-Shiller Home Price Index; Consumer Confidence; New Home Sales
Wednesday, June 26: Gross Domestic Product (GDP); GDP Chain Deflator
Thursday, June 27: Personal Consumption Expenditures (PCE); Core PCE; Personal Income; Personal Spending; Initial Jobless Claims; Pending Home Sales
Friday, June 28: Chicago PMI; Consumer Sentiment Index (UoM)
I’m checking pricing for mortgage rates and we have long since left the 3’s for 30 year fixed… looks like if rates stay on this pace, it won’t be long before we are back to rates in the 5% range. Which historically speaking is still low…however, it doesn’t feel so low to those who have become accustomed to the artificially low rates we’ve enjoyed the past couple years.
As of 7:30 am, for a 30 year fixed rate based on a loan amount of $400,000 and an 80% loan to value with a 740 minimum credit score, I’m quoting (ready for this??):
Remember, mortgage rates change constantly, often several times a day – especially with how volatile the markets have been. If you would like a mortgage rate quote based on current pricing and your personal scenario for a home located anywhere in Washington state, where I’m licensed, click here.
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UPDATE 8:30 am: Check out the MBS chart from this week’s issue of Mortgage Market Guide Weekly to see how dramatically rates have recently gone up.
On Wednesday, we’ll have the results of the Fed Meeting which is sure to influence mortgage rates as traders wait for clues as to what the Fed plans to do with quantitative easing. It is not anticipated that the Fed will make any changes to the Fed Funds rate at this meeting. Ben Bernanke will be holding a press conference on Wednesday following the Fed Meeting.
Here are some of the economic indicators scheduled to be released this week:
Remember, mortgage rates are based on mortgage backed securities (bonds) and when the stock market is rallying, mortgage rates tend to deteriorate as investors will trade the safety of bonds for the potentially stronger return found with stocks. The reverse is also true.
Want more details? Check out this week’s issue of Mortgage Market Guide Weekly.
If you would like me to provide you with a mortgage rates quote for your refinance or purchase for a home located anywhere in Washington state, where I’m licensed, click here.
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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