Mortgage Rates Lumbering Low

Freddie Mac’s PMMS shows mortgage rates remaining at low levels.

From Freddie Mac’s Chief Economist, Sam Khater:
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence. Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances…”

The rates posted above are an average from last week and, as you know if you’re a long time reader of The Mortgage Porter, mortgage rates change constantly as they are based on bonds. The PMMS report shows you where mortgage rates have been and is a good indicator for past trends. It does not necessarily show you where mortgage rates are now.

If you have been considering refinancing or buying a new home located anywhere in Washington state, I am happy to help you! Click here for a no-hassle mortgage rate quote for your personal scenario.

Mortgage rates move lower

Mortgage rates have moved lower as reflected in Freddie Mac’s Prime Market Survey released this morning.
From Freddie Mac: “Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent.” [Read more…]

Reduce your mortgage payment AND improve your your home with a refi

Recently I helped some clients refinance their mortgage on their home in Tacoma. Not only did we dramatically reduce their monthly mortgage mortgage payment, they were able to make some improvements to their home. [Read more…]

Mortgage Rates Move Lower

Freddie Mac released the Prime Mortgage Market Survey this morning showing mortgage interest rates have been trending lower.


[Read more…]

Mortgage Rates trending higher

It feels kind of funny to write about mortgage rates trending higher when they’re still in the three percent range…which historically, is an extremely low interest rate. However, we have all become accustomed to the pandemic-era rates below 3%. Check out how much rates have moved since February for the 30 year fixed (blue line) as illustrated with the PMMS report released today. EDITORS NOTE: Rates posted below are EXPIRED! Please click here for current mortgage rates.


A year ago, at this time, the PMMS reported the 30 year fixed rate averaged at 3.65%. A rate that is still far below what is a historically “normal” mortgage rate. [Read more…]

Mortgage Rates Jump on Good News and Inflation

Mortgage rates jumped roughly 0.25% today in rate (or about 1% in discount points) today because of strong economic data and possibly signs of inflation.  Costco announced it will be raising their minimum pay to $16 per hour – which is great news for Costco employees – however, it’s wage inflation (which we will probably see more of). When wages go up, the cost of goods will follow. Inflation drives mortgage rates higher because of the impact to bonds, like mortgage backed securities. [Read more…]

Mortgage rates trending higher

It’s Thursday and that means that Freddie Mac has released their weekly mortgage rate survey: Prime Mortgage Market Survey (aka PMMS). The PMMS is based on an average of conforming rates during the last week…so as soon as the PMMS is released, the data is a week old. The data is good for showing where mortgage rates have been


[Read more…]

Gimme your Best Interest Rate with NO Closing Cost

The other day, a Redmond home owner contacted me for a quote to refinance their home. They specifically requested scenarios for “lowest possible interest rate without paying any points or closing costs“. [Read more…]