The last week of 2014 is here. It’s another short week with the New Year holiday and so we may be dealing with traders on vacations, which can translate to lighter volumes and/or more volatility. Markets and financial offices (including ours) will be closed on Thursday, January 1, 2015 to celebrate the New Year.
What May Impact Mortgage Rates this Week: December 29, 2014
December 29, 2014 by 1 Comment
Mortgage Insurance Deductible through 2014
December 23, 2014 by Leave a Comment
You may have heard that last week, Congress passed and President Obama signed the 2014 Tax Increase Prevention Act. It has some good news for home owners who currently pay various forms of mortgage insurance. If you pay mortgage insurance, including private mortgage insurance (pmi), or VA, FHA or USDA forms of mortgage insurance during 2014, you may be able to deduct that on your 2014 income taxes.
Before you get too excited, this act does not extend the mortgage insurance deduction past 2014.
So if you are paying any form of mortgage insurance, especially if it’s private mortgage insurance or FHA mortgage insurance, it still makes sense to see if you can eliminate or reduce your payment with a refinance as you will not be able to deduct your mortgage insurance during 2015 (as things currently stand).
If I can help you with your refi or home purchase on property located anywhere in Washington state, please contact me!
What May Impact Mortgage Rates this Week: December 22, 2014
December 22, 2014 by 1 Comment
The last two weeks of this year are short ones due to the holidays. Many traders may be on vacation so you can anticipate the volatility to continue with stock and bond markets, which means we may see mortgage rates bump around a bit as well.
Bond markets will be closing early on Wednesday and will be closed on Thursday, as will Mortgage Master Service Corporation. Friday will be “back to normal” as far as work hours are concerned. 🙂 Next week will also be a shorter week with the New Year holiday.
Tips on how to save up for a down payment
December 19, 2014 by Leave a Comment
Get Rich Slowly recently posted How to Save Up for a Down Payment Fast. I’d like to respond to some of the ideas offered in GRS’s post from a Mortgage Professional’s viewpoint and offer my advice.
Here are some of the suggestions on How to Save Up for Down Payment Fast along with my 2 cents (in italics).
Freddie Mac report reveals lowest mortgage rates of 2014
December 18, 2014 by Leave a Comment
Every week, Freddie Mac releases their Prime Mortgage Market Survey (PMMS) based on a survey a mix of 125 lenders on what committed mortgage rates and points were during the previous week. Based on Freddie Mac’s report, the average rate for a 30 year fixed rate mortgage averaged 3.80 percent with an average 0.6 points. This is down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year averaged 4.47 percent.
Last FOMC Meeting of 2014 and how it impacts mortgage rates [LIVE POST]
December 17, 2014 by Leave a Comment
Today the Fed will wrap up their 2 day meeting around 11:00 am PST. All ears will be anxiously awaiting any clues as to what their policy will be in 2015.
It’s interesting to see how the markets react to “Fed Day” so I thought I’d do a “live post” today, updating this throughout the day with current mortgage rates.
Home Buyer Class in Lake Forest Park
December 16, 2014 by Leave a Comment
I will be teaching a home buyer class in Seattle with Jim Repppond of Coldwell Banker Danforth on Saturday, January 24, 2015 at the Lake Forest Park Library.
The class is sponsored by the Washington State Housing Finance Commission. Students who attend are eligible for programs like Home Advantage or House Key Opportunity (the Washington state bond program) or Freddie Mac Home Possible. Students are also eligible for various down payment assistance programs and MCC (mortgage credit certificates).
If you are considering buying a home with your spouse, partner or friend, they will need to attend the class with you to qualify for the programs. You do not need to be a first time home buyer to qualify for many of the mortgage programs. And of course, you’re welcome to attend if you’re not interested in down payment assistance programs and you just want to learn more about the home buying process.
Space is limited, so please RSVP today
When: Saturday, January 24, 2015 from 11:00 am – 4:00 pm. We do our best to wrap up the class by 4:00 pm. The WSHFC requires that the classes be at least five hours.
Where: Lake Forest Park Library is located at 17171 Bothell Way NE, Lake Forest Park, WA 98155. Click here for map and directions.
Cost: FREE and lunch is provided! Typically lunch is something like pizza. If you have any special dietary needs or preferences, please bring a sack lunch. We will be teaching through lunch in the interest of keeping the class time shorter.
RSVP for our Seattle Home Buyer Class by clicking here.
Click here to see all current home buyer classes that I’m teaching.
What May Impact Mortgage Rates this week: December 15, 2014 – Mortgage rates IMPROVED
December 15, 2014 by 2 Comments
Last week, rates bumped along 14 months lows. Those who were in position to lock with a mortgage application started, were able to secure low rates so they will be able to benefit from lower mortgage payments in the New Year. Before a lender locks in an interest rate, they need to have a complete application, including a credit report, so they know how to price the rate (low mid-credit scores are used) and if you actually qualify for the refi. It takes about 20 – 30 minutes to complete an on-line application, so if you are toying with refinancing right now, I highly recommend you contact your local lender (I can help you if your home is located in Washington state) so that you can be ready to lock in a very low mortgage rate.
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