Freddie Mac’s Prime Mortgage Market Survey illustrates how mortgage interest rates have continued to push higher. The graph below is based on an average from last week so the rates are “expired”. This graph is to just give you an idea of how mortgage rates are trending.
From Freddie Mac’s Chief Economist, Sam Khater:
“The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range.”
This is another reason why working with a correspondent lender/mortgage broker may be an advantage since we work with several lenders and are able to shop their interest rates for you. I think it’s also very important to select a mortgage professional who has the experience to see your loan application through to closing with how quickly mortgage rates have been rising. Having to switch lenders once the process has started can be very costly should mortgage rates continue to climb.
I have been helping people with their mortgage needs at Mortgage Master Service Corporation for over twenty years. We are a correspondent lender and can shop mortgage rates for you with the various banks, lenders and investors we work with. We take care of your mortgage from application to closing with in-house underwriting and processing at our corporate office located in King County.
If you are buying, refinancing or need a second mortgage/home equity loan anywhere in Washington state, I am happy to help you!