Helping Washington State homeowners learn more about their mortgage options.
Conforming loan limits are increasing again this year with the “base” loan limit for a single family home raised to $453,100.
Conforming high balance areas for King, Snohomish and Pierce counties have have higher limits for 2018 as well.
San Juan County’s high balance loan limits are unchanged from 2017. [Read more…]
Conforming loan limits for 2018 have been announced. From FHFA’s News Release:
Earlier today, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage. [Read more…]
Every Thursday morning, Freddie Mac publishes the Prime Mortgage Market Survey, a weekly report based on conventional rates from the previous week. It’s an average and it’s also “old news” as a borrower cannot lock in last week’s rates… they can only lock in what’s available “now”. Last week’s survey shows that rates are remaining at historically low levels.
With that said, I don’t anticipate that rates will remain at these low levels forever. It will be interesting to see how having a new Fed Chair, assuming President Trump retires Janet Yellen as he’s indicating, will impact the direction of mortgage interest rates.
What we do know is rates are low “now” and that many home owners are appreciating increased equity… so if you’ve been considering refinancing, you may want to get the ball rolling.
I’m happy to help you with your purchase or refi of homes located anywhere in Washington state, where I’m licensed. Click here for a no-hassle mortgage rate quote.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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