It feels kind of funny to write about mortgage rates trending higher when they’re still in the three percent range…which historically, is an extremely low interest rate. However, we have all become accustomed to the pandemic-era rates below 3%. Check out how much rates have moved since February for the 30 year fixed (blue line) as illustrated with the PMMS report released today. EDITORS NOTE: Rates posted below are EXPIRED! Please click here for current mortgage rates.
A year ago, at this time, the PMMS reported the 30 year fixed rate averaged at 3.65%. A rate that is still far below what is a historically “normal” mortgage rate. [Read more…]
Mortgage rates jumped roughly 0.25% today in rate (or about 1% in discount points) today because of strong economic data and possibly signs of inflation. Costco announced it will be raising their minimum pay to $16 per hour – which is great news for Costco employees – however, it’s wage inflation (which we will probably see more of). When wages go up, the cost of goods will follow. Inflation drives mortgage rates higher because of the impact to bonds, like mortgage backed securities. 
The other day, a Redmond home owner contacted me for a quote to refinance their home. They specifically requested scenarios for “lowest possible interest rate without paying any points or closing costs“. 
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