Mortgage rate update for the week of February 18, 2013

February 18, 2013 by Leave a Comment

The stock and bond markets are closed today in observance of President’s Day. Here are a few of the economic indicators scheduled to be released this week.

Wed. February 20: Building Permits; Producer Price Index (PPI); Housing Starts; FOMC Minutes released

Thurs. February 21: Consumer Price Index (CPI); Initial Jobless Claims; Philadelphia Fed Index; Existing Home Sales

Watch for signs of inflation from the PPI or CPI, which tends to drive mortgage rates higher. Wall Street will also be paying close attention to the FOMC minutes.

Happy President’s Day!

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Mortgage rate update for the week of February 11, 2013

February 11, 2013 by Leave a Comment

mortgageporter-economyAlthough still very low, mortgage rates have been trending higher. This morning I’m updating a quote for a Seattle home owner who is considering refinancing. The same rate I quoted her a month ago today at “par” (no discount points) will now cost a full discount point or is 0.125 – 0.25% higher in interest rate with similar pricing. I have more on current mortgage rates below.

As the economy improves and the stock market rallies, mortgage rates tend to rise. This is because investors will trade the safety of bonds (like mortgage backed securities) for the potential better return with stocks.

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What may impact mortgage rates the week of February 4, 2013

February 4, 2013 by Leave a Comment

As I write this post (8:10 am) the DOW is down 114 points. Political issues in Europe are giving a boost to mortgage backed securities (bonds) this morning. Remember, when the stock market is getting beat up, traders will seek the safety of bonds. 

Here are some of the scheduled economic indicators for this week:

Tuesday, February 5: ISM Services Index

Thursday, February 7: Initial Jobless Claims and Productivity 

Did you watch Superbowl XLVIII? Did you know that in 34 minutes the lights were out, you could have taken the first steps to either reduce your mortgage rate or start the preapproval process to buy a home? It takes about a half hour to fill out the on-line loan application that I have available on line at Mortgage Porter. My commercial’s over!

Seriously, if I can help you with your mortgage needs on a home located anywhere in Washington, please contact me. I have been helping with refinances and purchase mortgages at Mortgage Master Service Corporation since April 2000.

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Mortgage rate update for the week of January 28, 2013

January 28, 2013 by Leave a Comment

Mortgage backed securities are in the red this morning. Although rates are still very low, those who have not locked in their mortgage rates may be surprised to see the rate or cost for the rate is now higher.  As the economy continues to show signs of improvement, investors will trade the safety of bonds (like mortgage backed securities) for stocks. 

As of 8:30 am this morning, 3.625% is priced near “par” (with as little rebate credit or discount points) for a 30 year fixed rate-term refinance (apr 3.690).  As you can see, mortgage rates are still very low however, they have been slowly trending higher. Rates change constantly and there are at least 10 factors that impact the pricing of mortgage rates. For your personal mortgage rate quote for your refi or home purchase anywhere in Washington state, click here.

This week is loaded with the FOMC rate decision on Wednesday and Friday’s Jobs Report. Here are some of the scheduled economic indicators and events that may impact mortgage rates this week.

Monday, January 28: Durable Goods Orders and Pending Home Sales

Tuesday, January 29: S&P Case Shiller Home Price Index and Consumer Confidence

Wednesday, January 30: GDP Chain Deflator, ADP National Employment Report, Gross Domestic Product (GDP) and FOMC Meeting

Thursday, January 31: Employment Cost Index (ECI), Personal Consumption Expenditures (PCE), Initial Jobless Claims and Chicago PMI

Friday, February 1: THE JOBS REPORT, ISM Services Index and Consumer Sentiment (UoM)

You can follow me on Twitter for live mortgage rate quotes at @mortgageporter and/or “like me” on Facebook.

If your home is located anywhere in Washington state, where I’m licensed to originate, I’m happy to help you with your mortgage. 

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Mortgage Update for the week of January 21, 2013

January 21, 2013 by Leave a Comment

It’s another short week with the Martin Luther King Holiday observed today.

President Obama is also being sworn in for his second term. Many home owners are hopeful that President Obama is successful in getting HARP 3.0 and the “Obama Refi” aka #MyRefi programs that he pushed for in his first term, approved and available for those who need to refinance and do not qualify for HARP 2.0 or streamlined refinances, such as FHA, VA or USDA.

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

Tuesday, January 22: Existing Home Sales

Thursday, January 24: Initial Jobless Claims

Friday, January 25: New Home Sales

If you are considering buying a home or refinancing a home located in Seattle, Sammamish, Gig Harbor or anywhere in Washington state, I’m happy to help you! Click here if I can provide you with a no-hassle mortgage rate quote.

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Mortgage rate update for the week of January 14, 2013

January 14, 2013 by Leave a Comment

This week is packed with economic reports that may impact the direction of mortgage interest rates. Mortgage rates are based on mortgage backed securities (bonds). When the Fed minutes revealed hints that the FOMC may stop purchasing mortgage backed securities last week, mortgage rates ticked slightly higher. However Japan is hinting of buying US bonds, which is helping rates trend lower this morning.

Signs of inflation or the economy recovering may also cause mortgage rates to trend higher. Here are some of the economic indicators scheduled to be released this week:

  • Mon, January 14: No scheduled data – however, Ben Bernanke is speaking this afternoon on monatary policy.
  • Tue, January 15: Producer Price Index (PPI), Retail Sales and Empire State Index
  • Wed, January 16: Consumer Price Index (CPI) and the Beige Book
  • Thurs, January 17: Initial Jobless Claims, Building Permits, Housing Starts and Philadelphia Fed Index
  • Fri, January 18: UoM Consumer Sentiment Index

NOTE: Monday, January 21, 2012 our office will be closed in observance of Martin Luther King Day.

As I write this post (8:24 am pst) the DOW is up 5 at 13493 and MBS for the FNMA 30 year is up slightly.

If you would like a mortgage rate quote for your Washington state home, please click here. I’m happy to help!

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Mortgage update for the week of January 7, 2013

January 7, 2013 by 2 Comments

This week may seem like a real yawn with only the initial Jobless Claims being released on Thursday, January 10, 2013.  

On Thursday we may hear from the Consumer Protection Financial Bureau’s about what defines a “qualified mortgage” (QM). From Bloomberg:

The qualified mortgage rule, mandated by Congress as part of the 2010 Dodd-Frank Act, is aimed at tightening lax underwriting that fueled the housing bubble. The regulations aim to protect consumers from mortgages they cannot afford by requiring lenders to take steps such as verifying income and assets. In return, lenders gain some protection from lawsuits.

Although having a “qualified mortgage” may sound like a does of common sense, we won’t know what we are dealing with until we learn about what constitutes a “qualified mortgage”. For example, currently an industry standard for a debt-to-income ratio is 45%, should the government decide that a DTI of 43% is required in order to be deemed a “qualified mortgage”, many Americans will find themselves not able to obtain a mortgage OR possibly paying a higher rate or fee for a “non-qualified” mortgage. I’m anxiously awaiting Thursday’s news from the CFPB.

If you are interested in refinancing or buying a home in Bellingham, Bellevue, Bainbridge Island or anywhere in Washington, I’m happy to help you!

Filed Under: CFPB, Economy Tagged With: , ,

Mortgage rate update for the week of December 31, 2012

December 31, 2012 by Leave a Comment

Happy last day of 2012! Although this is a short week due to the New Year holiday, it’s packed with economic data that may impact mortgage rates, including The Jobs Report on Friday. Here are a few of the scheduled events for this week:

Monday, December 31, 2012: Last day for Congress to avoid the “fiscal cliff”.

Tuesday, January 1, 2013: HAPPY NEW YEAR! 

Wednesday, January 2, 2013: ISM Index and FOMC Minutes

Thursday, January 3, 2013: ADP National Employment Report

Friday, January 4, 2013: The Jobs Report

Just a quick reminder, I am on a short vacation and will be returning to work on January 3, 2013.

PS: Go HAWKS!!

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