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Mortgage rate update for the week of October 29, 2012
October 29, 2012 by 1 Comment
This week is packed with economic indicators that may move mortgage rates with the grand finale being the Jobs Report on Friday.
Hurricane Sandy is also impacting the industry with the bond markets closing this afternoon and Tuesday. This is the first time in 19 years that the NYSE has closed due to a storm. Some lenders are closing their lock desk due to Hurricane Sandy. My thoughts and prayers to those who are in the path of this storm.
Here are some of the economic indicators scheduled to be released this week:
Monday, October 29: Personal Spending; Personal Consumption Expenditures and Core PCE; Personal Income
Tuesday, October 30: Auto Sales and Consumer Confidence
Wednesday, October 31: ADP National Employment Report; Employment Cost Index and Chicago PMI – Happy Halloween!
Thursday, November 1: Initial Jobless Claims; Productivity and ISM Index
Friday, November 2: The Jobs Report. NOTE: it’s expected that around 125,000 non-farm payroll jobs were added in September.
Remember mortgage rates are based on mortgage backed securities (bonds). Mortgage rates tend to improve when the stock market is doing poorly as investors will trade the potentially higher returns from stocks for the safety of bonds. The reverse is also true. Mortgage rates may change several times throughout the day.
Next week we have our elections. Please be sure to vote!
If you’re interested in refinancing or buying a home in Seattle, Redmond, Renton or anywhere in Washington State, where I’m licensed, I’m happy to help you.
Search for foreclosed homes on Zillow
October 26, 2012 by 2 Comments
⚠ HomePath Program Ended October 2014
This post references the Fannie Mae HomePath Mortgage, which was retired in October 2014. Foreclosed homes — including Fannie Mae-owned properties — can still be purchased today using conventional, FHA, VA, or USDA financing. See today’s low-down-payment options for buying a home in Washington State →
Zillow has added a “foreclosure center” where you can search for foreclosed homes in your neighborhood. The search includes bank owned homes (REO) and pre-foreclosures (a home that is getting to auction).
Here’s a snap shot of what Zillow is showing as current foreclosures in West Seattle. The red houses are foreclosures and the blue houses are pre-foreclosures.
Mortgage rate update the week of October 22, 2012
October 23, 2012 by Leave a Comment
Although it may appear that this week doesn’t have a lot going on when you review the scheduled economic reports to be released, don’t that trick you. Tomorrow we’ll hear from the Fed and while we do not expect any changes to the Fed Funds interest rate, investors will be paying close attention to the Fed’s announcement.
Mortgage rates are not only impacted by scheduled economic indicators and the Fed’s continued purchase of mortgage backed securities. This morning, as I write this post (8:00 am pst), the DOW is down 235, due to poor corporate earnings and renewed worries about Spain. When stock markets are taking a hit, traders will often seek the safety of bonds, like mortgage backed securities.
Here are some of the economic indicators scheduled to be released this week:
Wednesday, October 24: FOMC Meeting and New Home Sales
Thursday, October 25: Initial Jobless Claims; Durable Goods Orders and Pending Home Sales
Friday, October 26: Gross Domestic Product (GDP); GDP Chain Deflator and Consumer Sentiment (UoM)
Next week, just before the election, we’ll have the Jobs Report.
Mortgage rates remain at very low levels. If you’ve been considering buying a home or an investment property, you may be surprised how affordable today’s mortgage payment may be. If you’re interested buying a home or refinancing your mortgage on your home located anywhere in Washington state, I’m happy to help you. Click here for a free mortgage rate quote for your Washington home.
