What May Impact Mortgage Rates this Week: May 20, 2013

May 20, 2013 by

There was no economic data released today or scheduled for Tuesday.

On Wednesday, we’ll have the minutes from the last Fed meeting which may cause rates to move based on the clues found in the minutes and how bond traders interpret them. 

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

Wednesday, May 22: Existing Home Sales; FOMC Minutes

Thursday, May 23: Initial Jobless Claims; New Home Sales

Friday, May 24: Durable Goods Orders

Don’t forget, Monday, May 27, 2013 is Memorial Day and most offices will be closed.

Mortgage rates are still historically very low… however over the past couple weeks, they have been trending higher.

Today I quoted 3.750% (apr 3.828) for a 30 year fixed rate priced at “par” (0.141% in discount points – no origination points) based on a sales price of $500,000 with a 20% down payment and credit scores of 740 or higher. The principal and interest payment for this Seattle area home buyer is $1,852.46.

If you would like me to provide you with a mortgage rate quote for a home located anywhere in Washington state, click here.

Filed Under: Economy

What May Impact Mortgage Rates this Week: May 13, 2013

May 13, 2013 by Leave a Comment

Mortgage rates, although still very low, are trending higher this morning following stronger than expected Retail Sales data and concerns over the Fed ceasing QE3 sooner than expected. In addition, the stock markets have been reaching new highs which typically translates to higher mortgage rates as investors trade the safety of bonds (like mortgage backed securities) for the potentially higher return found in stocks. Currently mortgage rates are about 0.125% higher in rate than where they were on Friday evening.

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

Monday, May 13: Retail Sales

Wednesday, May 15: Producer Price Index (PPI) and Empire State Index

Thursday, May 16: Consumer Price Index (CPI); Housing Starts; Initial Jobless Claims; Building Permits; and Philadelphia Fed Index

Friday, May 17: Consumer Sentiment (UoM)

When QE3 ends and the Fed discontinues their bond buying program which has been keeping mortgage rates artificially low, we will see mortgage rates trend higher. It’s estimated that rates will be closer to what non-conforming/jumbo rates currently are.

If you’re interested in a rate quote for your home located in Burien, Bothell, Bellingham or anywhere in Washington state, where I’m licensed, click here.

Filed Under: Economy Tagged With: , ,

Mortgage Rate Update for the Week of May 6, 2013

May 6, 2013 by Leave a Comment

This week’s calendar is looking a little light as far as scheduled economic indicators which may influence the direction of mortgage interest rates. 

Thursday, May 9: Initial Jobless Claims

Wow…. that was exciting! 🙂

On Tuesday, the Treasury will begin to sell $27 billion in notes and bonds which may impact mortgage rates as they are based on mortgage backed securities (bonds).

Remember, you can follow me on Twitter @mortgageporter or on Facebook to trending information about mortgages. Of course you can always subscribe to my blog too. You can unsubscribe at any time.

If you are interested in refinancing or buying a home (primary, second home or investment property) in LaConner, Langley, Lynnwood or anywhere in Washington state, where I’m licensed, I’m happy to help you. Click here for a mortgage rate quote.

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Why is the Jobs Report so important to mortgage rates?

May 3, 2013 by 1 Comment

MortgagePorter-JobsReportTypically on the first Friday of every month, the Bureau of Labor Statistics releases the Employment Situation Summary, otherwise known as The Jobs Report. This report details specific employment trends, including how many Americans are employed with “non-farm” jobs, trends in various fields of employment, income and hours worked. It also includes the “official” unemployment rate. The data contained in the Jobs Report carries a lot of weight and is considered one of  our country’s stronger economic indicators.

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Filed Under: Economy, Interest Rates Tagged With: , ,

S&P Case-Shiller reports homes prices up in Seattle

April 30, 2013 by Leave a Comment

The  S&P/Case-Shiller Home Price Index was released this morning showing that home prices across the country are up 9.3% year over year through February based on the 20-City Composite. All 20 cities in the composite have reported increases in home prices over the last two months.

Some cites are experiencing double digit increases. Seattle’s home prices are up 9.3% year over year per this report.

SP Case Shiller Apr30
 

From the report:

“Home prices continue to show solid increases across all 20 cities,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005….”

If you are considering buying a home in Seattle or anywhere in Washington state, I strongly recommend that you meet with a licensed mortgage originator and start the preapproval process early. I’ll often meet with home buyer six months to a year before they’re planning on buying a home. If I can help you, please let me know!

Filed Under: Economy, Residential Purchase Tagged With: , ,
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