Helping Washington State homeowners learn more about their mortgage options.
Yesterday morning, the Jobs Report was released with data for the month of October. The report gave an overall healthy picture of the economy and came in slightly stronger than expected with 161,000 jobs added in October and positive revisions made to August and September. [Read more…]
This morning the August Jobs Report came in with slightly weaker data than expected with only 151k non-farm payroll jobs added.
Yesterday, Freddie Mac released their PMMS report showing the 30 year fixed conventional rate still hanging around (just below) 3.500%.
If you’ve been contemplating refinancing, it could be time to get off your duff! If your home is located anywhere in Washington state, I’m happy to help you. Click here for a no-hassle mortgage rate quote.
PS: Our office will be closed on Monday for Labor Day. I hope you have a wonderful holiday weekend!
Freddie Mac’s PMMS report was released this morning showing that mortgage rates are trending higher from the 3 year lows.
The Prime Mortgage Market Survey is based on an average of last week’s conforming rates and reports that the 30 year fixed rate averaged 3.66 with 0.5 points for the week ending June 2, 2016. [Read more…]
Welcome to my first post of 2016! I hope you and yours had a wonderful New Year holiday.
This week may not seem like there is a lot in store for economic indicators that influence the direction of mortgage rates…however, Friday features this years first Jobs Report.
This morning’s Jobs Report came in much stronger than expected with 271,o00 new jobs added in October vs the 181,000 anticipated. Positive revisions were made for August and July. The unemployment rate remains at 5% and hourly wages saw their biggest year over year increase since 2009.
All this good news is not so good for mortgage interest rates. While it’s great for more jobs, less unemployment and higher wages, it translates to wage inflation. Inflation is the arch enemy of bonds and mortgage backed securities (bonds) are what mortgage rates are based on.
The strong Jobs Report also increases the odds of the Fed increasing the Fed Funds rate in December.
Mortgage backed securities are enjoying bump today with Greece back in the headlines. As I’m writing this post (9:25 am pst) the Dow is down 229. This is a case where a bad news for the stock market = good news for mortgage rates.
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.
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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