What may impact mortgage rates the week of April 29, 2013

April 29, 2013 by Leave a Comment

This week is jam packed with economic data that may move mortgage rates, including the Fed meeting wrapping up on Wednesday and Friday’s Jobs Report.

This morning’s PCE came in with inflation continuing to be tame (good news for bonds, like mortgage backed securities). And more good news for housing, Pending Home Sales for March came in much stronger than expected.

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

Monday, April 29: Personal Consumption Expenditures and Core PCE; Pending Home Sales

Tuesday, April 30: Employment Cost Index (ECI); S&P/Case-Shiller Home Price Index; Chicago PMI; Consumer Confidence

Wednesday, May 1: ADP National Employment Report; ISM Index; FOMC Meeting

Thursday, May 2: Productivity and Initial Jobless Claims

Friday: The Jobs Report; ISM Services Index

As I get ready to publish this post (9:30 am) the DOW is up 94 points at 14,806 and mortgage backed securities are up 12 bps (FNMA 30 year 3.0%).

If you want to keep current with the results from the economic indicators for the rest of this week, you can follow me on Twitter @mortgageporter or Facebook.

Of course if you are considering buying or refinancing a home located in Everett, Edmonds, Enumclaw or anywhere in Washington state, where I’m licensed, I’m happy to help you – click here for a mortgage rate quote.

 

 

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What May Impact Mortgage Rates the week of April 22, 2013

April 22, 2013 by Leave a Comment

Mortgage rates continue to be very low, helping to spur on greater Seattle area home buyers and home owners wanting to refinance. If you’ve been considering locking in a low mortgage interest rate, now could be a good time to do so!

Here are some of the economic indicators scheduled to be released this week that may impact mortgage interest rates.

  • Monday, April 22: Existing Home Sales
  • Tuesday, April 23: New Home Sales
  • Wednesday, April 24: Durable Goods Orders
  • Thursday, April 25: Initial Jobless Claims
  • Friday, April 26: Gross Domestic Product (GDP) and Consumer Sentiment Index (UoM)

Don’t forget, we have just over one month left to get FHA case numbers in order to avoid having FHA mortgage insurance on the life of the loan. This will impact FHA case numbers issued June 3, 2013 and later. FHA case numbers are typically issued after full application.

If you are considering buying or refinancing a home in Sammamish, Sumner, Sultan or anywhere in Washington State, where I’m licensed to be a Loan Officer, please contact me I’m happy to help you!

You can also follow me on Twitter @mortgageporter or “like me” on Facebook.

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What may impact mortgage rates the week of April 15, 2013

April 15, 2013 by Leave a Comment

Here are some of the economic indicators scheduled to be released this week which may impact mortgage rates:

Monday, April 15: Empire State Index

Tuesday, April 16: Building Permits; Consumer Price Index (CPI); Housing Starts; Industrial Production and Capacity Utilization

Wednesday, April 17: Fed’s Beige Book

Thursday, April 18: Initial Jobless Claims and Philadelphia Fed Index

Remember, mortgage rates are based on mortgage backed securities. When the stock market is deteriorating, mortgage rates tend to improve (or not decline) as investors will seek the safety of bonds over the quicker profits potentially found in stocks. And when the stock market is rallying, mortgage rates tend to trend higher as investors seek a higher return from stocks.

What also impacts mortgage rates is the Fed’s buying of mortgage backed securities to keep rates lower while unemployment is higher. By keeping mortgage rates low, the housing market has improved by making mortgages more affordable (and tempting with extremely low rates) to buy homes and also by helping Americans reduce their mortgage payments by hundreds of dollars each month, which puts more cash back into the economy.

Speaking of refi’s, last week, HARP 2.0 was extended through 2015. 

Another important date to remember is May 31, 2013. If you’re considering an FHA refinance or streamline refi or are in the process of buying a home using FHA financing, you’ll want to start soon. FHA case numbers issued June 3 or later will have mortgage insurance for the life of the FHA loan (until it is refinanced or paid off).

If you are interested in buying or refinancing a home located in Bellingham, Bainbridge Island, Bellevue or anywhere in Washington state, I’m happy to help you. Click here for a mortgage rate quote.

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Mortgage rate update for the week of April 8, 2013

April 8, 2013 by Leave a Comment

Mortgage rates continue to remain at historically low levels. Homeowners who have not recently refinanced may want to contact their mortgage professional to see if they can reduce how much they’re paying on interest.

Something that’s not staying low in the Seattle/King County area is home prices. The Seattle Times reports that in March, home prices are up 20% year over year. The median price for a home sold last month in Seattle jumped to $462,375. This is largely due to a lack of inventory. If you’ve been considering selling your home, now may be a good time.

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

Wednesday, April 10: FOMC Minutes

Thursday, April 11: Initial Jobless Claims

Friday, April 12: Retail Sales; Producer Price Index (PPI); Consumer Sentiment Index (UoM)

Also important to note: there has been some confusion as to the recent changes to mortgage insurance premiums on FHA loans regarding when the coverage terminates. FHA mortgage insurance will not become permanent until June 2013 and impacts newly originated FHA loans only with case numbers issued after May 31, 2013.

If I can help you with your home purchase or refinance for your home located anywhere in Washington state, please contact me. Have a great week!

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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
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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.

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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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