Helping Washington State homeowners learn more about their mortgage options.
We have a short week packed with economic data with Independence Day on Wednesday and the Jobs Report on Friday. Here are some of the economic indicators that are scheduled to be released this week:
This past weekend, we made an addition to our family, a flat coated retriever pup who we call Scupper.
While this has nothing to do with mortgages or how low rates are right now, I just wanted to share this cute fella with you.
Mortgage rates continue to be a very low levels. Many home owners are taking advantage of this and refinancing now – especially if they qualify for FHA streamline or HARP 2.0.
As I write this morning’s post (7:45 am) the DOW continues to slide down 125 points to 12695. When the markets are getting beat up, investors tend to seek the safety of bonds (like mortgage backed securities) which is what we happening right now. Mortgage rates continue to be very low.
If you would like me to provide you with a mortgage rate quote for your home located anywhere in Washington, please click here. [Read more…]
This week is packed with economic indicators that tend to impact mortgage rates. Remember, mortgage rates are based on mortgage backed securities (bonds) and may change throughout the day. Signs of inflation tend to cause mortgage rates to rise higher. The release of economic data is not the only thing that impact rates – unplanned (and planned) world events may also impact mortgage rates. Typically, investors will seek the safety of bonds when the stock market is deteriorating and the reverse is true. When the DOW is tanking, mortgage rates tend to improve. During a volatile day, it’s not unusual to have 3 – 5 rate changes.
This morning, mortgage rates are trending lower from Friday’s Jobs Report coming in with weaker than expected data. As I write this post (10:15 am) the DOW is down about 115.
Watch for possible signs of inflation this week, which may reverse the downward trend in rates, with the scheduled economic indicators referenced below:
Wednesday, April 11: Fed’s Beige Book
Thursday, April 12: Producer Price Index (PPI) and Initial Jobless Claims
Friday, April 13: Consumer Price Index (CPI) and Consumer Sentiment (UoM)
If you would like your personal rate quote for your Washington State home, click here.
If you’re one of my long time readers, you probably know that April Fools is an extra special day for me. Not only is it the day I my husband and I married six years ago, it also marks the day that I began my mortgage career at Mortgage Master Service Corporation back in 2000. Yesterday we celebrated our happy anniversaries with a walk through Sculpture Park in Seattle, lunch at Latona Pub (seriously the best hamburgers in Seattle) and a stop at Daniel Smith’s to pick up some more paint and supplies during their clearance sale…and wrote a preapproval letter for a couple who are getting ready to buy their first home using an FHA insured mortgage.
As an established Mortgage Originator in the greater Seattle area, I’m often asked, “what are the current rates” and that’s often answered with “that depends on pricing a mortgage rate”.
Mortgage rates have layers of risk factored into them. Fannie Mae refers to them as LLPAs (Loan Level Price Adjustments).
Mortgage rates are based on mortgage backed securities (bonds) and may change throughout out the day. Investors will seek the safety of bonds when stock markets are deteriorating. The reverse is true: good news for the economy (as well as inflation) tend to cause mortgage rates to rise.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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