Market Volatility and Lower Mortgage Rates

Freddie Mac’s PMMS report shows that mortgage interest rates have dropped this week largely due to the market volatility with the on again off again trade war with China.

Freddie Mac’s Prime Mortgage Market Survey shows that last week, the 30 year fixed conforming interest rate averaged 4.75% with 0.5 discount points. It’s been two months since the 30 year has been this low according to the PMMS. The rates posted above are an average from last week and are “old news”. However the good news is that with the market volatility we’re experiencing today, mortgage interest rates are at this moment, still low. Tomorrow morning, the Jobs Report will be released which may dramatically impact mortgage rates for better or worse depending on if the data surprises the markets.

If you want to lock in a low mortgage interest rate for your home, it’s important that you contact your local, licensed Loan Officer now. Mortgage rates are based on bonds and influenced by the stock market and therefore, change constantly. If you want “today’s rates” then you need to be able to actually lock in the rate “today”. Please keep in mind, mortgage rates can change throughout the day when markets are this volatile. Locking in an interest rate means that you will need to submit a full loan application and allow the Loan Officer to run your credit and provide supporting documentation for a refinance. If you’re buying a home and want to lock in an interest rate, you’ll need the same for a refinance plus a complete, mutually accepted purchase and sales agreement for your new home.

Of course if you are considering buying or refinancing a home located anywhere in Washington state, where I’m licensed, I am more than happy to help you!

2019 Conforming Loan Limits for Washington

Conforming loan limits are increasing again this year with the “base” loan limit for a single family home raised to $484,350.

Conforming high balance areas for King, Snohomish and Pierce counties have have higher limits for 2019 as well.  San Juan County will no longer has a high balance limit effective 2019.

King County, Snohomish County and Pierce County: [Read more…]

BREAKING NEWS: Conforming Loan Limits are HIGHER for 2019

Conforming loan limits effective 2019 will be increased from $453,100 to $484,350 for a single family dwelling. Homes located in “high balance areas” such as King County, Pierce County or Snohomish County, will have a conforming high balance loan limit of $726,525 from $667,000.

Stay tuned for a complete list of the 2019 conforming loan limits for homes located in Washington state.

PS: If you are considering refinancing or buying a home and want the higher loan limits with today’s interest rates, you may not have to wait! Contact me for more information if your home is located any where in Washington state, where I’m licensed.

Our Veterans DESERVE to use a VA Mortgage Loan

I’ve been trying to think about how to title this post without “shaming” real estate agents or home sellers… but I do feel that it’s really unfortunate that some still have a low view of VA mortgages. Men and women who have dedicated their lives to serve our country and protect our freedom have EARNED the privilege to have a VA mortgage loan. Those of us who have not committed to serve do not have this benefit… and it is a benefit. [Read more…]

Greater Seattle’s Shifting Real Estate Market

You’ve probably heard that the Seattle’s sizzling real estate market has cooled a bit with home prices starting to come down. This is great news for folks who have grown weary battling in bidding wars only to have their offers rejected time after time. It looks like, at least right now, things may be returning to be more “normal”. [Read more…]

What is a mortgage “buy down”?

With rising mortgage interest rates, “buy-downs” are the new buzz word. A “buy down” either temporarily or permanently reduces the interest rate on a mortgage loan. With the local real estate market cooling down, it’s not unusual to see a Seller agree to actually pay for a buy-down to help sweeten the deal for a potential home buyer. It can actually be a “win-win” for both buyer and seller as the buyer receives a lower mortgage payment and the contribution paid by the seller may be less than what a price reduction might be. [Read more…]

Amazon Raises and How Changes to Pay Structure Impacts Qualifying for a Mortgage

Amazon recently announced that it’s increasing it’s minimum wage to $15 for all employees, including part-time, seasonal employees and temps effective November 1, 2018. Amazon states this will benefit more than 250,000 employees and over 100,000 people who will be hired for the upcoming holiday season. Even Operations and Customer Service employees who are already making $15 per hour will receive an increase to their hourly wage. [Read more…]

Mortgage interest rates continue to trend higher

This morning Freddie Mac released their weekly Prime Mortgage Market Survey (PMMS) showing that mortgage interest rates are continuing to trend higher. Click here for current mortgage interest rates in greater Seattle and beyond.

[Read more…]