Mortgage update for the week of April 1, 2013

April 1, 2013 by Leave a Comment

Happy April Fools Day! 13 years ago today, I began my mortgage career at Mortgage Master Service Corporation…time flies when you’re having fun! April Fools is also the day I married my husband, Rob, seven years ago. Neither of these events impact mortgage interest rates – here are some scheduled economic indicators for this week that may:

Monday, April 1: ISM Index

Wednesday, April 3: ADP National Employment Report and ISM Services Index

Thursday, April 4: Initial Jobless Claims

Friday, April 5: THE JOBS REPORT

We’ll see on Friday if the unemployment rate continues to trend lower. Remember, positive data or signs of inflation tends to drive mortgage rates higher as investors will trade the safety of bonds (like mortgage backed securities) for the potential higher return of stocks. The reverse is also true.

Mortgage rates are still very low. You can see what rates I’m quoting as well as tid-bits about mortgages if you follow me on Twitter or Facebook. If you would like me to provide you with a mortgage rate quote for your purchase or refi on a home located anywhere in Washington state, click here.

dadog
Rhonda and Rob Porter
Filed Under: Economy Tagged With: ,

Mortgage Rate Update for the Week of March 18, 2013

March 18, 2013 by Leave a Comment

mortgageporter-economyThis morning, mortgage rates are improving largely due to drama that’s taking place in Europe with the IMF and the island of Cypress. The IMF is taxing (some say stealing) from depositors causing a run on the banks.

Remember, mortgage rates are based on mortgage backed securities (bonds). And when investors will seek the safety of bonds over the potential higher return found with stocks, causing mortgage rates to improve.

[Read more…]

Filed Under: Economy, Interest Rates Tagged With: ,

Mortgage rate update for the week of February 25, 2013

February 25, 2013 by Leave a Comment

This week is packed with economic indicators that may impact the direction of mortgage interest rates. Mortgage rates have been slowly inching higher since the end of last year. Rates are still very low and you can still get a 30 year in the 3’s – the rate just cost more than it did a month ago.

Here are a few of the economic indicators scheduled to be released this week:

Tuesday, February 26: S&P/Case-Shiller Home Price Index, New Home Sales and Consumer Confidence

Wednesday, February 27: Durable Goods Orders and Pending Home Sales

Thursday, February 28: Initial Jobless Claims, GDP – Gross Domestic Product and Chicago PMI

Friday, March 1: Personal Consumption Expenditures and Core PCE, ISM Index and Consumer Sentiment Index (UoM)

Tomorrow, Fed Chairman Ben Bernanke will be in front of Congress to begin his two day testimony on monetary policy. In addition, $85 billion in automatic budget cuts are set to go into effect on Friday unless Congress takes action.

Remember, mortgage rates are based on mortgage backed securities (bonds) and when stocks are performing, mortgage rates tend to rise. This is because investors will trade the safety of bonds for the possible higher return available from stocks.

The only way to secure today’s mortgage rate is by locking it! You can see examples of “live” mortgage rates I’m quoting by following me on Twitter @mortgageporter or Facebook/WashingtonMortgagePro.

If I can help you with your refinance or home purchase on property located anywhere in Washington state, please contact me.

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Mortgage rate update for the week of February 18, 2013

February 18, 2013 by Leave a Comment

The stock and bond markets are closed today in observance of President’s Day. Here are a few of the economic indicators scheduled to be released this week.

Wed. February 20: Building Permits; Producer Price Index (PPI); Housing Starts; FOMC Minutes released

Thurs. February 21: Consumer Price Index (CPI); Initial Jobless Claims; Philadelphia Fed Index; Existing Home Sales

Watch for signs of inflation from the PPI or CPI, which tends to drive mortgage rates higher. Wall Street will also be paying close attention to the FOMC minutes.

Happy President’s Day!

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Mortgage rate update for the week of February 11, 2013

February 11, 2013 by Leave a Comment

mortgageporter-economyAlthough still very low, mortgage rates have been trending higher. This morning I’m updating a quote for a Seattle home owner who is considering refinancing. The same rate I quoted her a month ago today at “par” (no discount points) will now cost a full discount point or is 0.125 – 0.25% higher in interest rate with similar pricing. I have more on current mortgage rates below.

As the economy improves and the stock market rallies, mortgage rates tend to rise. This is because investors will trade the safety of bonds (like mortgage backed securities) for the potential better return with stocks.

[Read more…]

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What may impact mortgage rates the week of February 4, 2013

February 4, 2013 by Leave a Comment

As I write this post (8:10 am) the DOW is down 114 points. Political issues in Europe are giving a boost to mortgage backed securities (bonds) this morning. Remember, when the stock market is getting beat up, traders will seek the safety of bonds. 

Here are some of the scheduled economic indicators for this week:

Tuesday, February 5: ISM Services Index

Thursday, February 7: Initial Jobless Claims and Productivity 

Did you watch Superbowl XLVIII? Did you know that in 34 minutes the lights were out, you could have taken the first steps to either reduce your mortgage rate or start the preapproval process to buy a home? It takes about a half hour to fill out the on-line loan application that I have available on line at Mortgage Porter. My commercial’s over!

Seriously, if I can help you with your mortgage needs on a home located anywhere in Washington, please contact me. I have been helping with refinances and purchase mortgages at Mortgage Master Service Corporation since April 2000.

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Mortgage rate update for the week of January 28, 2013

January 28, 2013 by Leave a Comment

Mortgage backed securities are in the red this morning. Although rates are still very low, those who have not locked in their mortgage rates may be surprised to see the rate or cost for the rate is now higher.  As the economy continues to show signs of improvement, investors will trade the safety of bonds (like mortgage backed securities) for stocks. 

As of 8:30 am this morning, 3.625% is priced near “par” (with as little rebate credit or discount points) for a 30 year fixed rate-term refinance (apr 3.690).  As you can see, mortgage rates are still very low however, they have been slowly trending higher. Rates change constantly and there are at least 10 factors that impact the pricing of mortgage rates. For your personal mortgage rate quote for your refi or home purchase anywhere in Washington state, click here.

This week is loaded with the FOMC rate decision on Wednesday and Friday’s Jobs Report. Here are some of the scheduled economic indicators and events that may impact mortgage rates this week.

Monday, January 28: Durable Goods Orders and Pending Home Sales

Tuesday, January 29: S&P Case Shiller Home Price Index and Consumer Confidence

Wednesday, January 30: GDP Chain Deflator, ADP National Employment Report, Gross Domestic Product (GDP) and FOMC Meeting

Thursday, January 31: Employment Cost Index (ECI), Personal Consumption Expenditures (PCE), Initial Jobless Claims and Chicago PMI

Friday, February 1: THE JOBS REPORT, ISM Services Index and Consumer Sentiment (UoM)

You can follow me on Twitter for live mortgage rate quotes at @mortgageporter and/or “like me” on Facebook.

If your home is located anywhere in Washington state, where I’m licensed to originate, I’m happy to help you with your mortgage. 

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Mortgage Update for the week of January 21, 2013

January 21, 2013 by Leave a Comment

It’s another short week with the Martin Luther King Holiday observed today.

President Obama is also being sworn in for his second term. Many home owners are hopeful that President Obama is successful in getting HARP 3.0 and the “Obama Refi” aka #MyRefi programs that he pushed for in his first term, approved and available for those who need to refinance and do not qualify for HARP 2.0 or streamlined refinances, such as FHA, VA or USDA.

Here are some of the economic indicators scheduled to be released this week:

Tuesday, January 22: Existing Home Sales

Thursday, January 24: Initial Jobless Claims

Friday, January 25: New Home Sales

If you are considering buying a home or refinancing a home located in Seattle, Sammamish, Gig Harbor or anywhere in Washington state, I’m happy to help you! Click here if I can provide you with a no-hassle mortgage rate quote.

Filed Under: Economy, Interest Rates Tagged With: , , , ,
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