Mortgage rates are slightly improved this morning as the stock market is taking a bit of a hit. As I write this (8:45 am) the DOW is down about 200 points. It’s not unusual to see mortgage rates improve when the stock markets are selling off as investors will seek the safety of bonds. Mortgage rates are based on bonds (mortgage backed securities) and will often react opposite to the stock market.
What may impact mortgage rates this week: March 3, 2014
March 3, 2014 by Leave a Comment
What May Impact Mortgage Rates this Week: January 6, 2014
January 6, 2014 by 1 Comment
This week we’ ll be watching for the minutes from the last FOMC meeting and the Jobs Report as they may impact the direction of mortgage interest rates. It’s anticipated that employers added 197k jobs in December. Here are the economic indicators scheduled to be released this week:
What May Impact Mortgage Rates this Week: December 2, 2013
December 2, 2013 by Leave a Comment
This week is packed with economic data that may impact mortgage the direction of mortgage interest rates including the Jobs Report on Friday. Here are some of the economic indicators scheduled to be released:
What May Impact Mortgage Rates this Week: November 4, 2013
November 4, 2013 by 1 Comment
Mortgage rates continue to be at very low levels. Although they’re not at the lows from May, Freddie Mac’s Mortgage Market Survey reports that mortgage rates have been trending lower for the last four months. If you missed the refi-boat a few months ago, this may be your second chance. You may want to contact a local licensed mortgage professional for an updated mortgage rate quote (if your home is located anywhere in Washington state, I’m happy to help you).
What May Impact Mortgage Interest Rates this Week: September 2, 2013
September 3, 2013 by Leave a Comment
It’s not only economic indicators that may impact the direction of mortgage rates, world events, such as what’s going on in Syria, may also cause rates to go down or up. This is because mortgage interest rates are based on mortgage backed securities (bonds) and when their is uncertainty in the world, investors may seek the safety of bonds, which tends to cause mortgage rates to improve. Remember, as the stock market improves, investors will trade the safety of bonds (like mortgage backed securities) for the potentially quicker returns found in stocks.
What may impact mortgage rates this week: July 29, 2013
July 29, 2013 by Leave a Comment
T
his week is packed full of economic data that may dramatically impact mortgage rates. Not only do we have the results of the Fed meeting on Wednesday, we wind up the week with the Jobs Report on Friday. I anticipate this will be another volatile week for mortgage interest rates.
What May Impact Mortgage Rates this Week: July 1, 2013
July 1, 2013 by Leave a Comment
This is a short week packed full of economic data that may impact already turbulent mortgage rates. It may look like a light week – watch for Friday’s Jobs Report. The bond and stock markets will close early Wednesday and reopen on Friday following the 4th of July holiday.
Monday, July 1: ISM Index
Wednesday, July 3: Initial Jobless Class and ISM Services Index
Thursday, July 4th: HAPPY INDEPENDENCE DAY
Friday, July 5: The Jobs Report
If you would like me to provide you with a rate quote for your purchase or refinance of a home located anywhere in Washington state, where I’m licensed, please click here.
What may impact mortgage rates this week: June 3, 2013
June 3, 2013 by Leave a Comment
Mortgage rates have been trending higher, catching some home buyers and home owners waiting for a much lower rate off guard. Will that trend continue? We have the Jobs Report being released this Friday and if it comes in significantly weaker than expected, we may see rates improve. Historically speaking, mortgage rates are still very low…however, those who are set on the artificially sweet rates we’ve been experiencing, may be disappointed. You may be interested the graph in MMG Weekly ilustrating how rough May was on mortgage rates.
Here are a few of the economic indicators scheduled to be released this week:
- Mon., June 3: ISM Index
- Wed., June 5: ADP National Jobs Report; Productivity; ISM Service Index; and the Fed’s Beige Book
- Thur., June 6: Initial Jobless Claims
- Fri., June 7: The Jobs Report
The Jobs Report is the “big daddy” this week with expectations of employers adding 159k new jobs last month. If the jobs report reveals robust employment and figures better than anticipated, we may see rates spike higher. If the report surprises with weaker employment data and less jobs added than expected, we could see an improvement in rates.
As I write this post (June 3, 2013 at 8:50 am) mortgage rates are improving a bit from earlier this morning due to ISM Index coming in worse than expected. Mortgage rates change constantly. If you are interested in a mortgage rate quote based on your scenario and *current* rates, please click here. NOTE: I can only provide rates for homes located in Washington state, where I am licensed to originate mortgages.
30 year fixed: 3.875% (apr 4.046) priced with 1.232 discount points with closing cost (including points) of $8488. Principal and interest payment = $1,880.05
30 year fixed: 4.000% (apr 4.121) priced with 0.616 discount points bringing estimated closing cost to $6,024 with a principal and interest payment of $1,909.66
15 year fixed: 3.125% (apr 3.332) priced with 0.630 discount points bringing estimated closing cost to $6,080 with a principal and interest payment of $2,786.44.
Rates quoted above are based on a 740 or higher mid-credit score with a loan amount of $400,000 and a sales price of $500,000 for an 80% loan to value for a purchase in Seattle closing by July 11, 2013 using conventional financing.
If you are a pre-approved home buyer, you may want to contact your mortgage professional to make sure the rise in mortgage rates has not impacted your approval status. Especially if your approval letter was prepared over a week ago or your pushing your qualifying limits with higher debt to income ratios.
If I can help you with your refinance or purchase with your home located anywhere in Washington state, please contact me.
Recent Comments