Freddie Mac’s weekly survey of mortgage rates show that interest rates are still at extremely low levels although I have noticed rates bouncing around a bit more this past week.
From Freddie Mac’s press release:
“Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market,” said Sam Khater, Freddie Mac’s Chief Economist. “In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.”
Please remember, these rates are an average from last week, in other words, they are old news. Mortgage rates change throughout the day, sometimes several times as mortgage rates are based on bonds (mortgage backed securities). Click here for current rates for your Washington home.
If you are interested in refinancing or buying your first, move-up, move-down, investment or second home located anywhere in Washington state, please contact me! My team and I are happy to help you. Click here to start the preapproval process for your refi or home purchase.
This week Fannie Mae and Freddie Mac updated guidelines for how soon home owners can obtain a new mortgage if they have entered into a forbearance agreement with their current lender. Most of the focus with this program is that it’s not suppose to impact their credit score. Although the credit score may not be impacted, the credit report reflects that payments were not made on the mortgage. It seems that many home owners are not aware that taking advantage of not having to make mortgage payments will impact their ability to get a new mortgage for refinancing or buying a new home 
Politicians and the media have made it sound like entering into a forbearance with your mortgage because of the pandemic is something that many Americans are taking advantage…and maybe you should too, right? Well…maybe not. 
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