Helping Washington State homeowners learn more about their mortgage options.
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:
My apologies for being a day late on my “Monday Rate Post”…I’ve been busy working on transactions in process and new refi and purchase loans. Biz has to come before blog. However, I have a few moments now to share with you the economic indicators scheduled to be released this week, which is on the lighter side.
This being the first week of the month, means that Friday, we will have the Jobs Report. Last month, the better than expected Jobs Report sent mortgage rates trending higher.
Here are some of the economic indicators scheduled to be released this week:
It feels like a “Blue Monday” following yesterday’s disappointing loss at SB49. With that said, one thing I am NOT disappointed with is our Seattle Seahawks. What a great season. Thank you Seahawks and thank you fellow 12s! I am looking forward to the Seattle Mariners…and then SB50! I know this has nothing to do with mortgage rates. 🙂
Back to work…
Happy 2015! Mortgage rates are kicking off the new year trending lower with more troubles from the Euro-zone. This week is packed with economic indicators which may impact the direction of mortgage interest rates. If one of your New Year resolutions is to save money, now is a great time to look at refinancing to reduce your monthly mortgage payment and create more cash flow to pay off debts or help fund your retirement. Click here if your home is in Washington state and you would like me to help review your current scenario.
Mortgage rates trended higher on Friday following the much stronger than expected Jobs Report which even included positive revisions for the two previous months. Weak economic news coming from Europe and China are helping bonds (like mortgage backed securities) improve this morning. Mortgage rates continue to be around 18 month lows so this could be a good time to review your current mortgage to see if refinancing makes sense. You can start the new year off with a lower mortgage payment and more money in your pockets!
Black Knight Financial Services says at least 7.4 million mortgages should refinance, due to where rates are today and looking at borrowers with current notes at 4.5% and above. This may also be a good time to refi into a conventional mortgage if you have an FHA mortgage with a rate in 3% range with expensive FHA mortgage insurance.
Last week the Fed formally wrapped up their aggressive buying of mortgage backed securities (QE) which helped to keep mortgage rates at such a low level over the past couple of years. This was not a surprise to the markets as the Fed had continuously reiterated their plans to end QE in October. Mortgage rates seem to be slowly trending higher.
This week is packed with economic data that may influence the direction of mortgage rates wrapping up with the Jobs Report on Friday. Mortgage rates will also react to world tensions, such as what’s taking place in the Middle East. This is because mortgage rates are based on bonds (mortgage backed securities) and investors often seek the safety of bonds over the potentially higher return found with stocks. Stocks are taking a hit this morning and mortgage backed securities are improved.Here are some of the economic indicators that are scheduled to be released 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…
Recent Comments