Mortgage interest rates still near historic lows

In a recent blog post, “Mortgage Rates: Still the Deal of the Century”, Freddie Mac shares this graphic illustrating just how low mortgage rates currently are. Obviously I thought this was too good not to share with my readers too.

Freddie_Mac_Deal_of_the_Century

Freddie Mac has been keeping track of conforming mortgage rates for the last 44 years…not quite a “century” as their blog post sort of implies ;)  From Freddie’s blog post:

Over the past few years, we’ve enjoyed a long run of historically low mortgage rates. While no one expects them to change dramatically overnight, they are expected to head up. Most experts agree that mortgage rates will drift up in the coming months to end the year approaching 4.50%.

Bottom line, if you’ve been considering refinancing your home or buying a new one, this is a good time to obtain a mortgage and lock in a very low interest rate. If you are buying or refinancing a home located anywhere in Washington state, I am happy to help you! Click here if I can provide you with a detailed mortgage rate quote for your personal scenario.

What Sales Price do you qualify for with $100,000 for Down Payment and Closing Costs in Seattle?

2015-04-16_0945If you have $100,000 available for funds for closing, you may be surprised to learn that, assuming you have the income and credit to qualify, you can buy a home with a sales price of around $800,000.

Here’s one example of how you can buy a “jumbo” priced home with less than 20% down payment.

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How will Fannie Mae’s Collateral Underwriter (CU) impact appraisals?

detctiveOver this weekend (April 18, 2015), Fannie Mae will be releasing the highly anticipated “Collateral Underwriter” (aka CU) to lenders. CU is intended to be a tool for lenders to use to help ensure the quality of appraisals on loans that originated as conventional/Fannie Mae. Fannie Mae’s tagline for CU is “Taking appraisal review to the next level”…many in the industry, from lenders, real estate brokers and appraisers, are a bit anxious over this new “tool”.

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USDA Income Limits – Updated!

USDA has released new income limits effective April 1, 2015. USDA offers a no-down payment mortgage program which is available in rural areas (typically a town with population of 10,000 or less). USDA does not have loan limits, the program is limited by household income and if the property is in a USDA designated location.

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What May Impact Mortgage Rates this Week: April 13, 2015

mortgageporter-economyMortgage rates have been bouncing in a fairly tight range. Although we don’t have any economic indicators scheduled to be released today, the rest of this week is packed:

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Condos not so hot? Neither is bad data!

Recently Travis Pittman of King 5 news shared his personal story about how he is unable to sell his condo in Kent. He sites part of the reason that he is unable to sell the condo is because of FHA requirements. I do agree, it’s important to keep your condo on FHA’s approved list, however the data that was provided in the article is not entirely correct.

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Freddie Mac Reports Rates Improved Last Week

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Yesterday, Freddie Mac released their weekly mortgage rate survey revealing that mortgage rates trended lower last week following the weaker than expected March Jobs Report.

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What May Impact Mortgage Rates this Week: April 6, 2015 – MORTGAGE RATES IMPROVED

mortgageporter-economyFriday’s weaker than expected Jobs Report surprised the market, causing mortgage rates to improve. This week appears to be a little light on economic calender for indicators scheduled to be released. Watch for the FOMC minutes to be released on Wednesday. You may also want to watch the Seattle Mariners first game of the season this afternoon against the Angels. For the record, I will not be at the game today…it’s a typical work day for me, helping my clients buy and refinance homes around the greater Seattle area.  ;)

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