This has been one of the most challenging markets for homebuyers that I have seen in my 20+ years as a mortgage professional in the greater Seattle area. The lack of inventory has created a frenzy allowing sellers to name their extraordinary price with bidding wars leaving many buyers exhausted and warn out from this highly competitive market. [Read more…]
A Hopeful Sign for Homebuyers
April 25, 2022 by Leave a Comment
Freddie Mac’s PMMS Report Illustrates Rising Mortgage Rates
April 7, 2022 by Leave a Comment
Every Thursday, Freddie Mac releases the Prime Mortgage Market Survey which shows average rates from last week (this data is not current for today since it’s an average of last week’s applications). The survey is based on purchase applications with at least 20% down payment with excellent credit. So if you’re doing a cash-out refi, have less than stellar credit or have a higher loan to value, your rates would most-likely be higher than what’s shown on the survey.
UPDATE: Rates shown below are not current. Please click here for a mortgage rate quote based on your personal financial scenario for your home located in Washington state. 
[Read more…]
Mortgage Rates Dramatically Increase
April 5, 2022 by Leave a Comment
Today mortgage rates jumped about 0.25-0.375 in interest rate or about a full point (1% of the loan amount) in fee. Mortgage rates have been trending higher since the beginning of this year. Today’s movement with mortgage rates is a pretty significant increase for one day.
The is largely due to Federal Reserve Governor Brainard stating today that they are going to start rapidly liquidating their balance sheets as well as being more aggressive with increasing the federal funds rate. Combine this with inflation and mortgage rates will continue to push higher. [Read more…]
Home Equity Loans and Second Mortgages
March 25, 2022 by 2 Comments
Home equity lines of credit (often referred to as HELOCs) and fixed rate second mortgages are available again at Mortgage Master Service Corporation.
You can use a home equity loan or fixed-rate second mortgage to access home equity without doing a cash-out refinance of your first mortgage. This may be really desirable considering the appreciation of homes and recent low mortgage rate environment. Click here for current mortgage rates for your Washington state home.
Here are some of the features: [Read more…]
Mortgage Rates Improve
March 3, 2022 by Leave a Comment
Freddie Mac’s PMMS report released today shows that the average mortgage rates improved last week. EDITORS NOTE: these rates are OLD NEWS! If you would like current mortgage interest rates for your home, please click here.
Refinancing to Cash Out your Ex-Spouse
January 14, 2022 by Leave a Comment
If you’re a homeowner who is going through a divorce or a dissolution of domestic partnership, there are some things to know about using the equity from your home to “cash out” your ex-spouse.
When someone uses a refinance to take equity out of home to provide to ex-spouse, lenders will make an exception and treat the transaction as a “limited cash-out” refinance instead of “cash out” refinance. This provides slightly better pricing with the interest rate and may allow for a higher loan amount, if needed. [Read more…]
Mortgage Rates on the Rise
January 13, 2022 by Leave a Comment
Mortgage interest rates have been pushing higher with the Fed pulling out of buying mortgage-backed securities and inflation. Check out Freddie Mac’s latest Prime Mortgage Market Survey that was published this morning. NOTE: Rates posted below are EXPIRED – for current mortgage rates based on your personal scenario for homes located in Washington state, please click here.
Mortgage Rates for Second Homes and High Balance Mortgages are Going UP
January 5, 2022 by Leave a Comment
The FHFA announced today that the pricing of mortgage interest rates for second homes or high balance mortgages will be more expensive. This impacts conventional mortgages (Fannie Mae and Freddie Mac) and is effective for loans that are delivered on or after April 1, 2022 – i.e. I expect to see the price increases to start happening soon. [Read more…]
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