Helping Washington State homeowners learn more about their mortgage options.
Freddie Mac’s Prime Mortgage Market Survey (PMMS) released this morning states: “The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history“…”30-year fixed-rate mortgage averaged 3.29 percent with an average 0.7 point for the week ending March 5, 2020, down from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. ”
Freddie Mac’s headline today from their PMMS (Primary Mortgage Market Survey) announced the mortgage rates are near two year lows.
The low rates are largely due to the ongoing trade wars. Should things simmer down, we could see mortgage rates return to a more “normal” range… in the meantime, savvy home owners are taking advantage of this opportunity to refinance into a lower mortgage rate.
It’s not just home owners who are benefiting from the current low mortgage rates. Home buyers are able to lock in a lower mortgage payment or qualify for a higher loan amount thanks to the the historically low mortgage interest rates.
If you are considering or considering refinancing a home in Renton, Redmond, Ravensdale or anywhere in Washington state, where I am licensed, I am happy to help you! Click here for a no hassle mortgage rate quote for your personal scenario for your Washington home.
Freddie Mac’s Prime Mortgage Market Survey released today shows that mortgage rates improved based on average conforming rates last week.
This morning, Freddie Mac released their weekly report on the direction of conforming mortgage rates. The graph from the Prime Mortgage Market Survey is quite telling. Mortgage rates have been pushing higher for the last 6 months. As the economy improves, it would be likely to see rates continue in this direction. The 30 year fixed is up 0.44 in rate from the low of 3.78 recorded in September 2017 and has not been reported this high since last March. Click here for quote with current mortgage rates.
Freddie Mac just released their weekly survey of mortgage rates showing that rates have hit the lowest point so far this year with the 30 year fixed averging 3.95% with 0.5 points.
So if you’ve been waiting to refinance, my suggestion is to jump on it as rates can change quickly. If your home is located anywhere in the state of Washington, where I’m licensed, I’m happy to help you with your refi or purchase. Click here for a mortgage rate quote.
I was going to do a cheesy post on New Years exclaiming that mortgage rates are the lowest in 2017…although technically speaking, you could also say they are the highest of 2017! Obviously I opted to not do that post and to instead, share Freddie Mac’s Primary Mortgage Market Survey which shows that rates have improved a bit.
The DOW is getting hit hard again today. As I write this (10:16 am PST), the Dow is down 446! Bad news for the stock market equals good news for mortgage interest rates. Investors are seeking safety by pulling funds from stocks and investing in bonds, like mortgage backed securities.
Mortgage interest rates have been trending higher over the last week. Rates are still very low in the 3’s, however it wouldn’t take much to see the 30 year move into the 4% range. This Friday, we’ll have the Jobs Report which tends to impact mortgage rates for better or worse.
Here are some of the economic indicators scheduled for this week:
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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