Mortgage Rates trending higher

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…]

Big Expensive Changes for Second Homes and Investment Properties

Last night, Fannie Mae announced they are essentially going to be limiting how many second homes and investment properties they will provide mortgages for. This is largely due to the additional risk associated with second homes and investment properties. This goes into effect with loans delivered to Fannie Mae on April 1, 2021 – which pretty much means “immediately” as mortgage loans are delivered to Fannie Mae (or Freddie Mac) after they close…sometimes weeks after they close with the originating mortgage company. [Read more…]

Mortgage Rates Jump on Good News and Inflation

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. [Read more…]

Mortgage rates trending higher

It’s Thursday and that means that Freddie Mac has released their weekly mortgage rate survey: Prime Mortgage Market Survey (aka PMMS). The PMMS is based on an average of conforming rates during the last week…so as soon as the PMMS is released, the data is a week old. The data is good for showing where mortgage rates have been


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Gimme your Best Interest Rate with NO Closing Cost

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“. [Read more…]

2021 VA Loan Limit for Washington State

Veterans who have their full entitlement, do not have a loan limit. Mortgage Master Service Corporation works with investors who will lend up to $2,000,000 for VA loans with no down payment required.

If a Veteran has remaining entitlement (not full entitlement) the the loan amounts are based on conforming loan limits in the county the home is located in. Here are the conforming loan limits for single family dwellings for 2021: [Read more…]

Mortgage Rates at Record Lows

Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.


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2021 FHA Loan Limits for Washington State

FHA mortgages allow for minimum down payment and do not have income limits. FHA tends to have a little more flexible underwriting than conventional mortgages.

Here is a complete list of the 2021 FHA loan limits for homes located in Washington state: [Read more…]