Do you plan to buy a home in Oregon or Washington State in the near future? Would you like to keep track of mortgage rates with either daily or weekly updates? Now you can.
As a service to borrowers across the Pacific Northwest, Sammamish Mortgage offers an easy way to track mortgage rates in Washington or Oregon, with updates delivered daily or weekly.
Use the link provided above to get started. Just fill out the short form, and we’ll keep you up to speed on rate changes.
Mortgage Rates Change Daily
The major news outlets typically report on mortgage rate changes once a week. That’s because most of them follow Freddie Mac’s Primary Mortgage Market Survey (PMMS), which is updated every Thursday. The PMMS is definitely a good way to monitor trends over time. But the truth is mortgage rates change all the time. In fact, they are constantly in flux.
Home loan rates are partly based on the prices assigned to mortgage-backed securities (MBS), a type of bond that is traded on the stock market. Like stocks, MBS prices can fluctuate throughout the day. So mortgage rates can also change throughout the day.
Another problem with Freddie Mac’s survey, from a borrower’s perspective, is that it reports averages across all loan types. But the actual rates assigned to home loans can vary based on a variety of factors, including the borrower’s credit score and the type of home loan being used. So the rates reported through the PMMS and similar surveys might not apply to your particular situation.
Two Ways to Track Rates in Washington or Oregon
Our tracking tool gives you options in how you want to track mortgage rates in Washington or Oregon. When you sign up, you’ll have the option to track loan rates by a target range, or by update frequency.
Here’s the difference between these tracking options:
- Target range: You can enter a target mortgage rate into our tracker tool, and we will notify you when rates hit your target level.
- Update frequency: In lieu of the target range option above, you can also choose to receive updates on a daily or weekly basis. This is a great way to keep up with the constant fluctuation mentioned earlier, with very little effort on your part.
How you choose to track mortgage rates will depend on your situation and your timeline. If you’re ready to apply for a loan, you might choose the daily update option to keep a closer eye on the market. If you are weeks or months away from applying, you might want to track mortgage rates on a weekly basis. The point is, you have options.
Trends and Forecast for 2017
At the end of 2016, average mortgage rates rose sharply to end the year above 4% (for a 30-year home loan). This got the attention of industry professionals and borrowers alike. Thankfully, rates have settled down since then, and they’ve even dipped a few times since the end-of-the-year spike.
As of March 16, 2017, the average rate for a 30-year fixed mortgage loan was around 4.3%. A year earlier, 30-year home loan rates were averaging 3.73% nationwide. So they’ve come up a bit since last year.
As for the rest of 2017, some economists are predicting that mortgage rates will rise gradually. Analysts from the Mortgage Bankers Association, for example, recently projected that the average rate for a 30-year fixed home loan would rise to 4.7% by the fourth quarter of 2017.