Mortgage Rates Jump on Good News and Inflation

Mortgage rates jumped roughly 0.25% today in rate (or about 1% in discount points) today because of strong economic data and possibly signs of inflation.  Costco announced it will be raising their minimum pay to $16 per hour – which is great news for Costco employees – however, it’s wage inflation (which we will probably see more of). When wages go up, the cost of goods will follow. Inflation drives mortgage rates higher because of the impact to bonds, like mortgage backed securities.

Although mortgage rates are still extremely low, they have been trending higher since mid-January and I anticipate will continue to move higher… especially if we have more good news, like getting covid-19 under control, continued improvement to jobs and the economy….or more signs of inflation.

Mortgage rates will probably continue to bounce around and you can still get a super low rate — if you act quickly.

If you are buying a home and your ratios are “tight” you may want to check in with your Loan Officer to see if the increased rates impact your loan pre-approval.

If you have been considering refinancing and/or have not locked your rate in yet… you may want to reach out to your Loan Officer as well.

If you are buying or refinancing a home located anywhere in Washington state, I am happy to help you!

2020 FHA Loan Limits for homes in Washington State

Here is a complete list of FHA loan limits for all counties in Washington for 2020. The new loan limits go into effect on FHA case numbers issued January 1, 2020 and after. [Read more…]

Breaking News: 2020 Loan Limits Announced from HUD

HUD has released the FHA loan limits for 2020.

Seattle – King County, Tacoma – Pierce County and Everett – Snohomish County all have higher loan limits at $741,750 for a single family home.  Homes located in King, Snohomish and Pierce Counties qualify for a higher loan amount as the counties are considered “high cost”. 

FHA mortgage loans are not limited to first time home buyers and do not have income limits. Loan limits do vary by the county the home is located in. Here is a complete list of 2020 FHA loan limits for in Washington State.

If you’re interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help!

 

 

Conforming Loan Limits for 2020 for Washington State

Conforming loan limits are increasing for 2020 to $510,400 for a single family dwelling. Counties that are considered “high cost” such as King County, Pierce County and Snohomish County qualify to have a “high balance conforming” loan limit of $741,750. [Read more…]

My Seattle Kitchen Remodel: Flooring

Probably one of the toughest decisions we had to make, next to the counter-tops, was what to do with our flooring. We had a wood floor with a beautiful painted surface. Unfortunately, it was a real challenge to keep it clean and the paint was wearing off. Plus the lighter blond finish didn’t really go with our cabinets.

[Read more…]

Major recording issues in King County

If you are closing on a refinance or home purchase in King County, you need to be aware of an issue going on with the recorders office. It’s my understanding that on Tuesday, title companies received this message:

“Hello Everyone,

I wanted to update you and keep you aware of a technical issue we are experiencing in the King County Recorder’s Office. We are having substantial problems with our recording system which is causing slow downs and interruptions to service in all aspects of the recording process. Our software vendor and our IT department are working together to resolve this issue as quickly as possible. While the problem persists we may not be able to meet our commitment to providing same day service even for those packages received before cutoff. We will work hard to ensure that all items are recorded either after hours or first thing the next day.

My apologies for the inconvenience on this. I know that this is a busy time for everyone and we are doing all we can to resolve it quickly.

Today, I’m told that King County’s recorders office closed at 5pm stranding hundreds of transactions from recording.”

If your transaction, refinance or purchase, does not “record” then it’s not of public record. Hopefully people can be flexible and nobody is seriously financially damaged by what’s going on with King County.

Hat tip to Lorie Cantu Wiest of Fidelity National Title Insurance Company.

 

Freddie Mac Home Possible reduces income limits

Freddie Mac has announced changes to their Home Possible mortgage program. Freddie Mac’s Home Possible and Fannie Mae’s Home Ready mortgage programs offers competitive pricing with interest rates and reduced private mortgage insurance premiums for home buyers. [Read more…]

It could be time to refi!

Mwordswag_1559588346141ortgage rates for a 30 year fixed conventional mortgage are back to very low levels. This is largely due to current global concerns which may create a opportunity of opportunity for those who may benefit from a refinance.

It may make sense for you to refi if: [Read more…]