Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
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.
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…]
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.
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.
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…]
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…]
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…]
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. ”
