Mortgage Rates trending Lower

Freddie Mac’s PMMS (Prime Mortgage Market Survey) was released this morning showing that mortgage rates have been trending lower.


Please remember, the rates posted above from the PMMS are based on a survey from LAST WEEK… so these interest rates are expired and really just show where interest rates are trending. Please contact me for current mortgage rates for your personal scenario.

From Freddie Mac’s Chief Economist, Sam Khater:

“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market”.

The Mortgage Bankers Association released their Mortgage Application data for last week showing that applications for mortgages (purchases and refinances) has continued to increase week over week.

As I mentioned in a couple of my recent posts, if you’re even toying with the idea of buying a home or refinancing, please start the preapproval process as soon as possible. It’s okay if you’re a year or more out from making a move – the earlier you start, the more time you’ll have to make improvements to your financial scenario. This is especially important since debt-to-income ratios will soon be a factor in what your interest rate may be. And if your “perfect home” is finally listed, you will be ready to make a competitive offer as inventory is still very low.

As always, I’m happy to help you with your mortgage needs whether you are buying or refinancing your dream home, second home, investment property, reconstructing debt or remodeling. 🙂

Price Adjustments coming soon to Conforming Mortgages

Last week, the FHFA (Federal Housing Finance Agency) announced changes to how conforming mortgages are priced with loan-level price adjustments (LLPAs). Some borrowers will find improved pricing where others will have to pay more in fees. The fees are typically incorporated into the interest rate for the mortgage.

From Fannie Mae’s Lender Letter dated January 19, 2023:

“We are implementing additional changes to our LLPA framework that represent the next step in our effort to increase support for borrowers historically underserved by the housing finance market…”.

[Read more…]

You may not want to wait too long on home prices coming down

If you’re waiting for home prices to come down or interest rates to improve a bit more; I hope you’ll read an article recently penned by David Stevens: A Reminder: Home Prices Always Rise Over Time | LinkedIn

David has an extensive background in the mortgage industry, including serving as the Assistant Secretary of Housing and Federal Housing Commissioner for the United States Department of Housing and Urban Development (HUD). [Read more…]

Qualify for Investment Property based on Cash Flow

If you are looking at adding to your real estate investment portfolio, I may have some good news for you! We have a new program that allows investors to qualify for a mortgage based on the property’s cash flow. [Read more…]

How to prepare for buying a Home this Spring

If you have been thinking about buying a home this spring, you’re not alone. Experts predict there is quite a bit of pent-up demand following the recent sellers’ market and higher interest rates. Many homebuyers have been waiting patiently for a cooler market with lower interest rates…the key word here is MANY. It’s not anticipated that we will see a flood of new listings as homeowners who currently have extremely low mortgage interest rates seem to be less likely to want to sell and lose the rate. As people start to list their homes in the new year, and more buyers get off the fence, we could see housing prices push higher or at the very least, stay the same as the demand for homes is still strong. [Read more…]

How to compete with Cash Buyers? Become a Cash Buyer!

If you tried buying a home over the last few years, you probably lost out to buyers who made cash offers. Sellers tend to prefer cash offers because they can close faster and there are less uncertainties when they are not relying on a mortgage approval from a lender they don’t know. Even in a buyers’ market, a seller will most likely prefer a cash offer over one that is dependent on financing or the sale of another property.

We have a solution! You can also enjoy the convenience of an all-cash buyer with New American Funding’s Buyer Accepted program. This works for first time home buyers and for clients who want to buy before they sell their existing property. [Read more…]

LIVE: It’s FED Day! Fed increases rates by a half point.

6:49 a.m. Well… it’s kind of a live post – I will be updating this post throughout the day. This morning, all eyes are on the FOMC (aka “the Fed”) as we wait to learn how much the Fed funds rate will be adjusted. It is anticipated that the Fed will push the rate 0.500% higher today. This will directly impact loans that are attached to the Prime interest rate, such as home equity loans and many credit cards with variable rates. [Read more…]

2023 FHA Loan Limits for homes in Washington State

HUD has just announced the 2023 loan limits for FHA mortgages. FHA loan limits vary by the county the home is located in. In Washington state, every county except for San Juan County, has higher loan limits.

Here are the 2023 FHA loan limits for homes located in Washington state: [Read more…]