What May Move Mortgage Rates the week of April 23, 2012

April 23, 2012 by Leave a Comment

Here are some scheduled economic indicators that are scheduled to be released the week of April 23, 2012:

Tuesday, April 24: Consumer Confidence and New Home Sales

Wednesday, April 25: Durable Goods Orders and FOMC Meeting

Thursday, April 26: Initial Jobless Claims and Pending Home Sales

Friday, April 27: Consumer Sentiment Index (UoM); GDP – Gross Domestic Product and ECI – Employment Cost Index

Remember, when the stock market is getting pummeled, bonds (like mortgage backed securities) tend to improve as investors will seek the safety of bonds. The reverse is also true – when the DOW is having a great day, we tend to see mortgage interest rates rise.  As I write this post (10:11 am) the DOW is down about 141 and mortgage backed securities are in the "green".

It is highly unlikely that the Fed will make any changes to the Fed Funds Rate on Wednesday. Investors will be all ears to hear what the Fed has to say including signs of inflation or if the economy is improving (both of which may cause mortgage rates to trend higher).

For your personal mortgage rate quote for homes located anywere in Washington state, please click here.  You can also see mortgage rates that I'm quoting "live" by following me on Twitter.

Filed Under: Economy

What may impact mortgage rates this week: April 2 – April 7, 2012

April 2, 2012 by Leave a Comment

2015-04-01_0922If you’re one of my long time readers, you probably know that April Fools is an extra special day for me. Not only is it the day I my husband and I married six years ago, it also marks the day that I began my mortgage career at Mortgage Master Service Corporation back in 2000. Yesterday we celebrated our happy anniversaries with a walk through Sculpture Park in Seattle, lunch at Latona Pub (seriously the best hamburgers in Seattle) and a stop at Daniel Smith’s to pick up some more paint and supplies during their clearance sale…and wrote a preapproval letter for a couple who are getting ready to buy their first home using an FHA insured mortgage.

[Read more…]

Filed Under: Economy, Interest Rates

Mortgage Rate Movers for the Week of March 12, 2012 and the FOMC Rate Decision

March 13, 2012 by Leave a Comment

Mortgage rates are based on mortgage backed securities (bonds) and may change throughout out the day. Investors will seek the safety of bonds when stock markets are deteriorating.  The reverse is true: good news for the economy (as well as inflation) tend to cause mortgage rates to rise.

[Read more…]

Filed Under: Economy, Interest Rates

What May Move Mortgage Rates the week of March 5, 2012

March 5, 2012 by Leave a Comment

mortgageporter-economyThis week ends with probably one of the most important scheduled economic indicators: The Jobs Report. Not only does the Jobs Report reveal whether or not more Americans are going back to work, it also indicates signs of inflation (wage inflation). Both good news and inflation may cause mortgage rates to trend higher. Numbers that are weaker than expected may cause rates to improve. This is because mortgage rates are based on mortgage backed securities (bonds) and investors will either seek the safety of bonds or possible improved returned with stocks depending on data.

[Read more…]

Filed Under: Economy, Interest Rates

Mortgage Rate Market Movers for the Week of February 13, 2012

February 13, 2012 by Leave a Comment

We have plenty of economic indicators on the plate for this week not to mention to continued Euro-story. Remember, positive information, when the stock market is doing well or data that indicates positive inflation tends to cause mortgage rates to rise. Mortgage rates are based on bonds (mortgage backed securities) and investors tend to trade the safety of bonds for better return found with stocks when possible.

There are no economic indicators scheduled for today and the DOW is currently up 34 at 12,836 as I publish this post on 7:45 am PST on February 13, 2012.

Here's are a few reports that are scheduled for this week:

  • Tuesday, February 14, 2012: Retail Sales.  HAPPY VALENTINES DAY!

  • Wednesday, February 15, 2012: Empire State Index, Industrial Production, Capacity Utilization and FOMC Minutes

  • Thursday, February 16, 2012: Building Permits, Housing Starts, Producer Price Index (PPI), Initial Jobless Claims and Philadelphia Fed Index

  • Friday, February 17, 2012:  Consumer Price Index (CPI)

    • Today's my first day back from a couple days off at Mortgage Tech Summit in Scottsdale so I won't have time to update this post with live rate quotes. I will share live rate quotes on Twitter AND I'm happy to provide YOU with a no obligation mortgage rate quote for your home located anywhere in Washington state.  For your personal mortgage rate quote, click here.

    Filed Under: Economy, Interest Rates

    Mortgage Update for the first week of 2012

    January 3, 2012 by Leave a Comment

    Even though this week is another short one from yesterday's holiday, it's packed full of economic indicators that may impact mortgage rates:

    Tuesday, January 3: ISM Index and FOMC Minutes released.  

    Thursday, January 5: Initial Jobless Claims and ISM Services Index

    Friday, January 6: THE JOBS REPORT 

    Positive economic data tends to cause mortgage rates to trend higher.  This is because investors will pull money from the safety of bonds (like mortgage backed securities) for a possibly better return with stocks. The reverse is also true.  Also remember that mortgage rates can and do change often, sometimes several times a day.

    As I write this post, the ISM Index has already been released this morning revealing stronger manufacturing data than anticipated. The DOW is up around 240 and MBS (mortgage backed securities) are "in the red".

    For your personal mortgage rate quote for your home located in greater Seattle, Bellevue, Walla Walla or anywhere in Washington State, please contact me.

    Happy New Year! 

    Filed Under: Economy

    Risk and Reward: the Trade-offs of Buying a Distressed Home

    September 16, 2011 by Leave a Comment

    Foreclosure Many home buyers are interested in taking advantage of the lower prices offered on distressed homes.  Distressed homes are those that are short sales or foreclosures (REO) and in the Seattle area, the sales price of distressed homes were discounted about 37.4% in August over a "non-distressed" home.

    Something to keep in mind before you buy a "discounted" distressed home is that these transactions are not as "easy" as a traditional, non-distressed sale.  For starters, you're most likely dealing with a bank (and/or one of their representatives) as one of the selling parties. As much as you would think they really want to sell the property to get it off their books, they can leave you wondering where their heads are at throughout the transaction.  

    This may be especially true with a short-sale if there are two mortgages on the property.  Sometimes the second mortgage/lien holder will take their sweet time approving the transaction and just prior to closing, only to demand that "someone" pay them thousands of dollars to close.  By the way, this extortion money payment must be disclosed on the HUD-1 Settlement Statement or it's fraud.  Even if the first and second mortgage are with the same bank/lender, please do not assume they won't play games with you or each other…it happens.

    Something else that I've recently seen happen with distressed property is vandalism…just days before closing, someone steals the appliances or even takes plants from the garden. Vandalism could happen to non-distressed home as well but since most of these properties are vacant, they seem to be getting targeted.

    Tums These transactions tend to take longer to close and may have more drama. Be prepared to have your rate lock extended, perhaps a few times!  If you're patient and can keep in mind that you're probably getting a discounted price, the rewards may be worth it if you can tolerate the risk and all that goes with it.

    In my experience, I've found that Fannie Mae Homepath properties have had the least amount of issues especially when you factor in the attractive financing programs that are available for owner occupied and investment property.  

    If you're considering buying a short sale or foreclosed home anywhere in Washington state, I'm happy to help you with the financing.

    Filed Under: Economy, Residential Purchase

    Plenty of Economic Reports On-Deck this Week

    August 1, 2011 by Leave a Comment

    mortgageporter-economyAs if waiting to see whether or not our elected officials in Congress can agree on a plan addressing our debt issues, we have several economic indicators scheduled to be released this week that have historically impacted the direction of mortgage interest rates.  The DOW started off very positive (up 139) anticipating a deal had been reached, only to dramatically tank when the lowest ISM Manufacturing figures in two years were released this morning.  The market has been very volatile and remember, “typically” when the stock market is tanking, mortgage rates tend to improve as investors will trade stocks for the safety of bonds (like mortgage backed securities). The reverse is also true.

    [Read more…]

    Filed Under: Economy, Interest Rates
    « Previous Page
    Next Page »