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.”
It’s important to remember that the survey is based on an average from applications last week – so the rates posted here are a basically a week old. The The survey is most useful for showing how rates are trending as it shows where rates have been vs. where they are now.
For a more “fresh perspective” on current mortgage rates, I like to rely on watching the trends with mortgage backed securities (bonds) which mortgage rates are based on. Basically, the higher the green stick moves, the lower mortgage rates “should” be.
If you missed out on the last refi-boom, this is could be your opportunity! Many refinances do not require an appraisal, which helps to make the process easier and less costly.
If you are considering refinancing your home located anywhere in Washington state, I am happy to help you!
PS: I help home buyers with their mortgage needs too!
Click here for a no hassle rate quote or here to apply for a refi or preapproval for a home purchase.
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. 
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. 
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“. 
Recent Comments