Mortgage Rates at Record Lows

Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.

The PMMS is based on data from loan applications from the last week and is based on conforming mortgages for home buyers with excellent credit who have a down payment of 20 percent or more.

Mortgage rates are still at record low levels, however if you want to have current rates based on your financial scenario, you need to obtain a mortgage rate quote – hopefully from a local, licensed mortgage professional.

I have been helping clients currently have rates in the 3’s and some have had their existing mortgage for less than a year. It really helps to compare your mortgage to present rates to see if refinancing makes sense for you. Added bonus: many refi and purchase mortgages have not been requiring an appraisal! It really is a great opportunity to lower your payment, use equity to make home improvements or restructure debt. If your home is located anywhere in Washington state, I’m happy to help you! Click here if you would like a mortgage rate quote or here if you would like to start a loan application to begin the process.

We don’t know how long rates will remain this low…we do know that there is not a lot of room to go much lower. As the pandemic gets under control, I anticipate that mortgage rates will return to a more “normal” level. Rates in the 2s and 3s is not historically normal. Mortgage rates also tend to rise much faster than they fall. Please don’t miss out on this opportunity to improve your finances!

PS: Happy Holidays and Merry Christmas to you and yours.

Mortgage Rates following the Election

Mortgage rates were slightly higher today from Friday. The Dow soared this morning after news from Pfizer of a successful vaccine for Covid-19. The Dow closed up a whopping 834 points on this good news. The markets also seemed to respond favorably to Biden winning the election and becoming our 46th President. [Read more…]

Mortgage Rates Still at Extreme Lows

Freddie Mac’s weekly survey of mortgage rates show that interest rates are still at extremely low levels although I have noticed rates bouncing around a bit more this past week.

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Extremely Low Mortgage Rates trending higher

Freddie Mac released their PMMS (Prime Mortgage Market Survey) this morning stating “Mortgage Rates Inch Up“.  Even if mortgage rates have bounced slightly higher, they are still ridiculously low. PLEASE REMEMBER: the PMMS data shown in the picture is old news! This is from an average of rates from last week. If you would like current rates for your scenario on your home located in Washington, click here.

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Surprise! It’s a strong Jobs Report

May’s Jobs Report came in much better than expected this morning with 2.51 million jobs ADDED vs the anticipated the 8.5 million jobs lost. Personally, this sounds too good to be true to me and I’m thinking that we’ll see corrections in the months to come…of course, I hope I’m wrong and that an economic (and health) recovery is here. [Read more…]

Mortgage Rates at an All Time Low

Freddie Mac’s weekly mortgage rate survey, Prime Mortgage Market Survey (aka PMMS) revealed the lowest mortgage rates since Freddie Mac started tracking interest rates in 1971.

“The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April,” said Sam Khater, Freddie Mac’s Chief Economist.

Remember, Freddie Mac’s PMMS report is based on mortgage rates from last week. Last week’s rates are old news and no longer available…although with that said, mortgage rates are still extremely low right now

We are open for business and here to help you with your refinance or home buying needs for homes located in Washington state. Please contact me if I can help you! Click here for a no-hassle mortgage rate quote or here to start a loan application.

Mortgage Rates at Extremely Low Levels

Freddie Mac’s PMMS report was released this morning showing just how low mortgage interest rates have dropped during the pandemic. Remember, the Prime Mortgage Market Survey’s rates are last week’s news as they are based on an average of mortgage rates from last week.

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Getting a Mortgage During the Coronavirus

What strange times we’re in! Last night, Governor Inslee declared we are in a minimum two week “shelter in place” with only essential businesses allowed to operate, unless you can work from home.

Mortgage companies are currently considered essential and Mortgage Master Service Corporation is open to help you with your mortgage needs. I am currently working from my home office as I navigate mortgage rates that are off the charts! We are still helping people with their refinances and home purchases. [Read more…]