Seattle PI reports Surging Home Prices in King County

December 8, 2012 by Leave a Comment

This week Aubrey Cohen from the Seattle PI reported that sales prices in King Count jumped up just shy of 20% last month:

The median price of a King County house that sold in November was $385,000, up 19.7 percent from a year earlier and 4.1 percent from this October, the Northwest Multiple Listing Service reported Wednesday. The median price in Seattle was $425,000, up 18.1 percent from last November and 1.2 from October.

Some non-distressed homes continue to experience bidding wars as inventory remains low. Here are some tips on what you can do to prepare for a “bidding war”.

Experts speculate that part of the jump in sales price could be from home buyers taking advantage of extremely low mortgage rates to buy a higher priced home.

If you are interested in buying a home, whether it’s your primary home, a vacation home or an investment property, I strongly recommend getting preapproved first. Being preapproved will help give you an advantage over unprepared buyers. 

If you are considering buying a home anywhere in Washington, I’m happy to help you with your mortgage needs. I have helping people buy and refinance homes in Washington at Mortgage Master Service Corporation since April 2000.

Filed Under: Economy, Residential Purchase Tagged With: , , ,

Mortgage Rate Update for the week of December 3, 2012

December 3, 2012 by Leave a Comment

mortgageporter-economyNot everything that impacts mortgage rates are scheduled economic indicators, like what I’m sharing with you below in this post. Sometimes Congress tacks on fees that are priced into interest interest rates too. For example, the House of Representatives just passed a new “G-Fee” to help fund an Immigration Bill, HR 1629. This “G-Fee” will impact new Fannie Mae and Freddie Mac mortgages. Why new home buyers and people refinancing have to pay for this bill which does not relate to mortgages during a time housing is trying to recover puzzles me. Click here to see how your House Rep voted on this bill.

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Filed Under: Economy, Interest Rates Tagged With: , , ,

Mortgage Rate Update for the week of November 26, 2012

November 26, 2012 by Leave a Comment

Happy Cyber Monday! I hope you had a wonderful holiday weekend with family and friends. 

Here are some of the scheduled economic indicators that may impact mortgage rates for this week:

Tuesday, Nov. 27: Durable Goods Orders; Auto Sales; Consumer Confidence

Wednesday, Nov. 28: New Home Sales; the Fed’s Beige Book

Thursday, Nov. 29: Initial Jobless Claims; Gross Domestic Product (GDP); GDP Chain Deflator; Pending Home Sales

Friday, Nov. 30: Personal Consumption Expenditures and Core PCE; Personal Income; Personal Spending; Chicago PMI

It’s hard to believe that next week is December. As usual, the first Friday of the month will bring us the Jobs Report.

Remember, mortgage rates are based on mortgage backed securities (bonds). Investors will seek the safety of bonds when the stock market is not providing desired returns. Currently, the DOW is down 72 as I write this post (9:56 am). Concerns about Greece and the “Fiscal Cliff” seem to be helping all ready low mortgage rates remain at very low levels.

If you are interested in a mortgage rate quote for your home in Bellevue, Bellingham, Bainbridge Island or anywhere in Washington State, I’m happy to help you: click here.

You can see my live mortgage rate quote and other mortgage tidbits by following me on Twitter @mortgageporter or on Facebook.

Filed Under: Economy Tagged With: , , , ,

Mortgage Rate update for the Week of November 19, 2012

November 19, 2012 by Leave a Comment

mortgageporter-economyCan you believe Thanksgiving is this week? I’m in a bit of shock that the holiday season is upon us. Mortgage Master Service Corporation will close on Thursday, November 22, 2012 and reopen on Monday, November 26, 2012.

Here are a few of the scheduled economic indicators that may impact mortgage rates this week:

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Filed Under: Economy, Interest Rates Tagged With: , ,

Mortgage Rate update for the week of November 13, 2012

November 13, 2012 by Leave a Comment

mortgageporter-economyMortgage rates continue to provide many the opportunity to reduce their mortgage payments or to qualify to a home at extremely low rates. With the re-election of President Obama, it’s also likely we will see expansion of the Home Affordable Refinance Program to HARP 3.0 as well as the governments prolonged purchasing of mortgage backed securities, manipulating mortgage rates at these historic low levels.

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Filed Under: Economy, Interest Rates Tagged With: , , , ,

Mortgage rate update for the week of November 5, 2012

November 5, 2012 by Leave a Comment

Tomorrow is election day. Have you voted yet?

Here are a few of the economic indicators scheduled to be released this week:

Monday, November 5: ISM Services Index

Tuesday, November 6: ELECTION DAY!

Wednesday, November 7: Crude Inventories

Thursday, November 8: Initial Jobless Claims

Friday, November 9: Consumer Sentiment

On Monday, November 12, 2012, Mortgage Master Service Corporation will be closed in observance of Veterans Day. 

Filed Under: Economy

Mortgage rate update for the week of October 29, 2012

October 29, 2012 by 1 Comment

This week is packed with economic indicators that may move mortgage rates with the grand finale being the Jobs Report on Friday.

Hurricane Sandy is also impacting the industry with the bond markets closing this afternoon and Tuesday. This is the first time in 19 years that the NYSE has closed due to a storm. Some lenders are closing their lock desk due to Hurricane Sandy. My thoughts and prayers to those who are in the path of this storm.

Here are some of the economic indicators scheduled to be released this week:

Monday, October 29: Personal Spending; Personal Consumption Expenditures and Core PCE; Personal Income

Tuesday, October 30: Auto Sales and Consumer Confidence

Wednesday, October 31: ADP National Employment Report; Employment Cost Index and Chicago PMI – Happy Halloween!

Thursday, November 1: Initial Jobless Claims; Productivity and ISM Index

Friday, November 2: The Jobs Report. NOTE: it’s expected that around 125,000 non-farm payroll jobs were added in September.

Remember mortgage rates are based on mortgage backed securities (bonds). Mortgage rates tend to improve when the stock market is doing poorly as investors will trade the potentially higher returns from stocks for the safety of bonds. The reverse is also true. Mortgage rates may change several times throughout the day.

Next week we have our elections. Please be sure to vote!

If you’re interested in refinancing or buying a home in Seattle, Redmond, Renton or anywhere in Washington State, where I’m licensed, I’m happy to help you.

Filed Under: Economy Tagged With: , ,

Mortgage rate update the week of October 22, 2012

October 23, 2012 by Leave a Comment

Although it may appear that this week doesn’t have a lot going on when you review the scheduled economic reports to be released, don’t that trick you. Tomorrow we’ll hear from the Fed and while we do not expect any changes to the Fed Funds interest rate, investors will be paying close attention to the Fed’s announcement.

Mortgage rates are not only impacted by scheduled economic indicators and the Fed’s continued purchase of mortgage backed securities. This morning, as I write this post (8:00 am pst), the DOW is down 235, due to poor corporate earnings and renewed worries about Spain. When stock markets are taking a hit, traders will often seek the safety of bonds, like mortgage backed securities. 

Here are some of the economic indicators scheduled to be released this week:

Wednesday, October 24: FOMC Meeting and New Home Sales

Thursday, October 25: Initial Jobless Claims; Durable Goods Orders and Pending Home Sales

Friday, October 26: Gross Domestic Product (GDP); GDP Chain Deflator and Consumer Sentiment (UoM)

Next week, just before the election, we’ll have the Jobs Report.

Mortgage rates remain at very low levels. If you’ve been considering buying a home or an investment property, you may be surprised how affordable today’s mortgage payment may be. If you’re interested buying a home or refinancing your mortgage on your home located anywhere in Washington state, I’m happy to help you. Click here for a free mortgage rate quote for your Washington home.

Filed Under: Economy Tagged With: , ,
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