Not everything that impacts mortgage rates are scheduled economic indicators, like what I’m sharing with you below in this post. Sometimes Congress tacks on fees that are priced into interest interest rates too. For example, the House of Representatives just passed a new “G-Fee” to help fund an Immigration Bill, HR 1629. This “G-Fee” will impact new Fannie Mae and Freddie Mac mortgages. Why new home buyers and people refinancing have to pay for this bill which does not relate to mortgages during a time housing is trying to recover puzzles me. Click here to see how your House Rep voted on this bill.
Mortgage Rate Update for the week of December 3, 2012
December 3, 2012 by Leave a Comment
Mortgage rate update for the week of October 29, 2012
October 29, 2012 by 1 Comment
This week is packed with economic indicators that may move mortgage rates with the grand finale being the Jobs Report on Friday.
Hurricane Sandy is also impacting the industry with the bond markets closing this afternoon and Tuesday. This is the first time in 19 years that the NYSE has closed due to a storm. Some lenders are closing their lock desk due to Hurricane Sandy. My thoughts and prayers to those who are in the path of this storm.
Here are some of the economic indicators scheduled to be released this week:
Monday, October 29: Personal Spending; Personal Consumption Expenditures and Core PCE; Personal Income
Tuesday, October 30: Auto Sales and Consumer Confidence
Wednesday, October 31: ADP National Employment Report; Employment Cost Index and Chicago PMI – Happy Halloween!
Thursday, November 1: Initial Jobless Claims; Productivity and ISM Index
Friday, November 2: The Jobs Report. NOTE: it’s expected that around 125,000 non-farm payroll jobs were added in September.
Remember mortgage rates are based on mortgage backed securities (bonds). Mortgage rates tend to improve when the stock market is doing poorly as investors will trade the potentially higher returns from stocks for the safety of bonds. The reverse is also true. Mortgage rates may change several times throughout the day.
Next week we have our elections. Please be sure to vote!
If you’re interested in refinancing or buying a home in Seattle, Redmond, Renton or anywhere in Washington State, where I’m licensed, I’m happy to help you.
Mortgage rate update for the week of October 1, 2012
October 1, 2012 by Leave a Comment
I cannot believe it’s October, can you? Perhaps it’s our extended summery weather we are experiencing in Seattle. This being the first week of a month means that we have the Jobs Report being released this Friday. The Jobs Report tends to impact mortgage rates as it indicates how the economy is doing and the potential for wage inflation. It is anticipated that 120k jobs were added last month – we’ll see how the numbers pencil out on Friday when September’s Jobs Report is released. Wednesday is loaded with both the ADP National Employment Report and the release of the FOMC minutes.
What May Impact Mortgage Rates the Week of September 3, 2012
September 3, 2012 by Leave a Comment
Happy Labor Day! Our office is closed today and will reopen for business as usual on tomorrow, September 4, 2012. Here are a few economic indicators scheduled to be released this week which may impact mortgage rates, including Friday’s Jobs Report.
Tuesday, Sept. 4: ISM Index
Wednesday, Sept. 5: Productivity
Thursday, Sept. 6: ADP National Employment Report, Initial Jobless Claims and ISM Services Index
Friday, Sept. 7: The Jobs Report
On Thursday, we may see mortgage rates impacted by Europe following the Central Bank meeting lead by Mario Draghi. Remember, mortgage rates are based on bonds (mortgage backed securities) and when investors seek the safety of bonds over the potential higher return with stocks, mortgage rates tend to improve and vice versa.
If you are interested in a mortgage rate quote for a purchase or refinance for a home located anywhere in Washington state, please contact me. You can also see live mortgage rates I’m quoting on Twitter.
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