Mortgage markets have been relatively flat for the past two weeks as Europe continues to drag the world down economically keeping interest rates near record low levels. Domestic economic data released today is also helping rates maintain historic lows as the April ADP report disappointed the market showing an increase of just 119k jobs vs. the 186k jobs Wall Street was expecting. Seattle mortgage rates saw some improvement on the news erasing yesterdays slight rate increase.
Conforming mortgage rates across the board remain low including the 30-year fixed rate mortgage, the 20 year fixed rate mortgage, the 15-year fixed rate mortgage, the 10 year fixed rate mortgage; and the 5,7,10-year ARM rates.
Freddie Mac’s weekly mortgage rate survey reflecting last week’s mortgage rates from an average of over 120 banks across the country showed the following:
- 30-year fixed rate mortgage : 3.88% with 0.7 discount points
- 15-year fixed rate mortgage : 3.12% with 0.6 discount points
- 5-year adjustable rate mortgage : 2.85% with 0.6 discount points
A discount point is a one-time closing cost and is equal to one percent of your overall loan amount.
For closing costs specific to your situation and below the national averages visit the Sammamish Mortgage Interest Rate Quote tool for an accurate rate quote in seconds.
All eyes now shift to the all important government employment report on Friday. Interest rates will likely be relatively calm in anticipation Friday’s report.
Currently Seattle mortgage rates sit at strong resistance levels which to this point have proven difficult to push below. While a really bad employment report on Friday could help break the recent trend, and push rates lower there remains a significant risk rates will creep higher from these levels although although a dramatic increase is unlikely.
For more information visit or website at www.sammamishmortgage.com or call Michael Shane at 425-401-8787.