fomc - The Mortgage Porter

Mortgage rate update for the week of February 18, 2013

February 18, 2013 by Rhonda Porter 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!

Filed Under: Economy Tagged With: economy, fomc, inflation, rates

Mortgage rate update for the week of January 28, 2013

January 28, 2013 by Rhonda Porter 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.

Filed Under: Economy Tagged With: economy, fomc, jobs report, mortgage rates

Mortgage rate update for the week of January 14, 2013

January 14, 2013 by Rhonda Porter Leave a Comment

This week is packed with economic reports that may impact the direction of mortgage interest rates. Mortgage rates are based on mortgage backed securities (bonds). When the Fed minutes revealed hints that the FOMC may stop purchasing mortgage backed securities last week, mortgage rates ticked slightly higher. However Japan is hinting of buying US bonds, which is helping rates trend lower this morning.

Signs of inflation or the economy recovering may also cause mortgage rates to trend higher. Here are some of the economic indicators scheduled to be released this week:

Mon, January 14: No scheduled data – however, Ben Bernanke is speaking this afternoon on monatary policy.
Tue, January 15: Producer Price Index (PPI), Retail Sales and Empire State Index
Wed, January 16: Consumer Price Index (CPI) and the Beige Book
Thurs, January 17: Initial Jobless Claims, Building Permits, Housing Starts and Philadelphia Fed Index
Fri, January 18: UoM Consumer Sentiment Index

NOTE: Monday, January 21, 2012 our office will be closed in observance of Martin Luther King Day.

As I write this post (8:24 am pst) the DOW is up 5 at 13493 and MBS for the FNMA 30 year is up slightly.

If you would like a mortgage rate quote for your Washington state home, please click here. I’m happy to help!

Filed Under: Economy, Interest Rates Tagged With: ben bernanke, economy, fomc, inflation, interest rates

The Fed says….Mortgage Rates to Remain Low

December 12, 2012 by Rhonda Porter 1 Comment

This morning FOMC announced no changes to the current Fed Funds rate (this is no surprise). The Fed has decided to keep the Fed Funds rate at 0 – 0.25% until the unemployment rate is under 6.5%. This may be some good news to home owners who have HELOCs as many of them have rates tied to the prime rate, which is based on the Fed Funds rate.

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Filed Under: Economy, Interest Rates, The Fed - FOMC Tagged With: fed, fomc, funds rate

Mortgage Update for the Week of December 12, 2010

December 10, 2012 by Rhonda Porter Leave a Comment

Mortgage rates continue to be very low levels. Freddie Mac has been reporting average interest rates for 30 year at under 4% for the last year with 15 year fixed rates being under 3% for the last six months.

While the Fed works at keeping rates at artificially low levels, Congress is considering increasing the guarantee fees to new conventional mortgages to help fund programs that have nothing to do with Fannie Mae, Freddie Mac or even the housing recovery. The guarantee fees (aka g-fees) are factored into the pricing of a mortgage rate. FHA mortgage loans are also becoming more expensive in 2013 with the increase of mortgage insurance premiums.

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Filed Under: Economy, Interest Rates Tagged With: cpi, fomc, g fees, ppi, rates, retail sales