Helping Washington State homeowners learn more about their mortgage options.
Effective July 29, 2017, Fannie Mae will release DU Version 10.1, packed full to changes to their underwriting guidelines. These changes apply to Fannie Mae conforming mortgages (Freddie Mac has different guidelines). Here are some of updates effective at the end of this month:
50% Debt-to-Income Ratios. [Read more…]
Last night, the Washington State Housing Finance Commission announced it is offering grants to help with down payment and closing cost for buyers when they use specific programs offered by WSHFC. This is very helpful in a “seller’s market” where sellers are very unlikely to contribute towards closing cost for a potential buyer. [Read more…]
It’s becoming more common for families to have multiple generations living under the same roof. Some families opt to commit to buying a “multi-generational” home together designed to accommodate their lifestyle, whether it’s a home with an attached or detached dwelling unit (aka mother-in-law apartment) or even a home built specifically for generations to live together, there are options available for living with your parents and/or grown children. [Read more…]
Mortgage Master Service Corporation has second mortgages (home equity lines of credit aka HELOC) available for homes located anywhere in Washington state. The second mortgage/HELOC is limited to owner occupied/primary residences and second homes. They are not currently available for investment property. [Read more…]
Freddie Mac’s weekly survey of mortgage rates (PMMS) were released this morning showing rates remaining at near record lows.
Click here for current rates for your home located in Washington state. [Read more…]
Today the FOMC increased the Fed Funds rate by a quarter point from 1 to 1.25%. This increase to the Funds Rate was highly anticipated by the markets. As long as the economy stays on it’s current path, the Fed anticipates it will begin to gradually reduce the Federal Reserve’s securities holdings by decreasing reinvestment of principal payments from agency debt and mortgage backed securites. The Fed has been manipulating mortgage rates for a very long time. As they begin to pull out of mortgage markets, this will most likely cause mortgage rates to trend higher. [Read more…]
Freddie Mac released the weekly PMMS (Prime Mortgage Market Survey) showing that mortgage rates continue to be at the lowest levels of 2017 with the 30 year fixed back under 4.000%.
The PMMS reports on average rates from the previous week based on a survey for conforming loans (loan amounts $422,950 and below). Last week, the 30 year fixed averaged 3.89 with 0.5 points. From the PMMS:
“The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
We are noticing an increase in refinances with the 30 year fixed being back below four percent.
If you’re considering refinancing or buying a home located anywhere in Washington state, I’m happy to help you. Click here for a no-hassle mortgage rate quote.
The income limits for USDA no-down payment mortgages has been recently updated…of course this took place soon after I posted income limits! 😉 Just goes to show you that you have to keep in mind that guidelines are constantly changing in the mortgage industry and just because it’s published on a blog (or any website), it may not be the most current or accurate information. What that said…here is the updated post. [Read more…]
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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