April 2, 2013

Find Out What Rates Have Been Doing

We are lucky here at Team Troy to have such amazing partners in the lending field.  If you are considering buying a home, the first step is to contact a lender and get pre-qualified. This will help our buyer’s agents narrow down your home search. Contact one of Team Troy’s preferred lenders here, listed among the vendors we compiled as a part of our concierge service.

If you are in a hurry, we have this handy form for you to fill out right here, and you can get pre-qualified today:

Troy Anderson Fremont Homes for Sale

Troy Anderson will be available on Thursday May 16 from 6:00-8:00 pm alongside Seattle Bank Mortgage Loan Expert, Doug Mielitz for a real estate and mortgage financing seminar. See our classes list for more details on how you can sign up. You will get insider tips on buying or selling a home, learn how to refinance the smart way, find out how to get the best deal on financing, and get candid, honest answers to your refinancing and homebuying questions.

Curious about rates? See what has been happening from the trading floor:

Since previous business day: down

Since previous week: same

Since previous month: down

Monday’s bond market has opened fairly flat following the three plus day holiday weekend. This morning’s economic data was good news for the bond market, but weaker than expected reports that were posted Friday when the markets were closed. This may be limiting this morning’s improvements. The stock markets are uneventful, with the Dow up 6 points and the Nasdaq down 11 points. The bond market is currently up 1/32, which may lead to a very slight improvement to mortgage rates if comparing to Thursday’s pricing.

The Institute for Supply Management gave us today’s only relevant economic data with the release of their manufacturing index for March. They announced a reading of 51.3 late this morning that was noticeably lower than forecasts of 54.0 and February’s 54.2. This indicates that fewer surveyed manufacturers felt business improved during the month than did in February, hinting a manufacturing sector weakness. The reading remained above the benchmark growth indicator of 50.0, but is very close to falling below that level. Therefore, we should consider this data favorable for the bond market and mortgage rates.

Overall, Friday is the biggest day of the week due to the significance of the monthly employment report and its impact of most of the financial markets and mortgage rates. The middle part of the week should be relatively calm unless something unexpected happens overseas or in the stock movements. However, we can see the markets change quickly any day, so please proceed cautiously if still floating an interest rate and closing in the near future.

*source is mortgage market commentary, provided by Seattle Mortgage and realtor.com