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.
Mortgage Rates at Extremely Low Levels
March 26, 2020 by Leave a Comment
Getting a Mortgage During the Coronavirus
March 24, 2020 by 2 Comments
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…]
Fed Drops Funds Rate to Zero to 0.25% – how does this impact mortgage rates?
March 15, 2020 by Leave a Comment
In an unprecedented move, the Fed dropped the Fed Funds rate to 0-0.25% today…it’s Sunday! This is a coordinated effort with several other central banks around the world. This move does NOT mean that mortgage interest rates are 0 – 0.25%. The Fed does NOT directly control mortgage interest rates – however, actions taken by the Fed may impact the direction of mortgage interest rates. [Read more…]
How to Grab a Low Mortgage Rate in a Volatile Market
March 11, 2020 by Leave a Comment
Lately I’ve felt like I’m sitting in the front row of a roller coaster with the wild swings in mortgage interest rates. Mortgage rates have been at 50 year lows this past week – the lowest levels since Freddie Mac started keeping track with their weekly mortgage survey. This is largely due to fears in the market caused by the coronavirus. The Dow has been taking wild plunges, then will rally only to dip again. Mortgage rates are based on bonds (mortgage backed securities) and when investors are pulling funds from stocks, they will often seek the safety of bonds. We’ve seen that this past week when rates dropped to the lowest levels I have seen in my 20 year career as a Mortgage Professional. We are in uncharted territory. [Read more…]
Lowest Mortgage Rates in History!
March 5, 2020 by Leave a Comment
Freddie Mac’s Prime Mortgage Market Survey (PMMS) released this morning states: “The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history“…”30-year fixed-rate mortgage averaged 3.29 percent with an average 0.7 point for the week ending March 5, 2020, down from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. ”
FOMC drops the Fed Funds Rate by 0.50
March 3, 2020 by Leave a Comment
This morning the Fed lowered the Fed Funds rate by 0.50 to 1-1.25% due to the global financial impacts of the coronavirus. The markets were anticipating the Feds to make a move and reacted favorably…however we’re still seeing plenty of volatility.
What does this mean with regards to mortgage interest rates? They are still very very LOW making this a great time to look at refinancing. [Read more…]
Mortgage Rates Remain at Historic Lows
February 20, 2020 by Leave a Comment
Freddie Mac released their weekly Prime Mortgage Market Survey this morning showing that mortgage rates continue to be extremely low.
There are many factors that are causing mortgage rates to remain this low, including increased concern over the coronavirus. Hopefully the virus is contained soon…once that happens, we may see rates return to a more normal level. Also, with this being an election year, if a Democrat is elected to be our next President, we may see mortgage rates move higher.
Mortgage rates are subject to change…in fact, the mortgage rates posted from Freddie Mac’s PMMS report are an average from last week. Please click here for current mortgage rates based on your personal scenario.
Bottom line, rates are at three year lows making it a great time to refinance or if you’re in the market, buy a home. Most of my clients are dropping their monthly payments significantly which helps them pay off debts or build up savings. If your home is located anywhere in Washington state, where I’m licensed, I would love to help you with your mortgage!
Mortgage Rates continue to DROP
January 30, 2020 by Leave a Comment
Freddie Mac released their weekly mortgage rate survey showing that mortgage rates have continued to drop are at record lows. [Read more…]
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