Last week mortgage interest rates improved thanks to Janet Yellen indicating at her confirmation hearing that as our next Fed head, she will continue on with QE and support the Fed’s actions of buying mortgage backed securities to keep mortgage interest rates artificially low. This was sweet news to the markets and we’re still seeing lower mortgage rates this morning.
What may impact mortgage rates this week: November 18, 2013
November 18, 2013 by Leave a Comment
How much income do you need to buy a home in Seattle?
November 17, 2013 by 3 Comments
An article (hat tip to Julie Hall) caught my eye in my Facebook stream regarding how much income a household needs in order to be able to buy a home in various metropolitan cities. According to New York Smash, if you’re going to buy a home in Seattle, you’re going to need an annual income of at least $63,145.41. There’s more to just how much income one makes when it comes to determining “how much” home someone can qualify for. The article does not mention how much down payment a person will need. Let’s run some figures to see just how much income one needs to buy a home in Seattle.
Seattle Real Estate Chat: Mold, Asbestos and Lead – Oh My! [Video]
November 16, 2013 by 1 Comment
This week’s episode of Seattle RE Chat featured a special guest, James Mallory, President of Environix. James shared a lot of important information about mold, asbestos and lead, all of which can be potentially be found in Seattle area homes.
Fannie Mae HomePath Minimum Down increased to 5%
November 14, 2013 by 2 Comments
This weekend, Fannie Mae will be updating DU (Desktop Underwriter) to reflect the new higher minimum down payment requirements. I’ve written about that here.
This new underwriting guideline will also impact Fannie Mae HomePath mortgages, bringing the minimum down payment from 3% for owner occupied purchases to 5% down.
What May Move Mortgage Rates this Week: November 11, 2013
November 11, 2013 by Leave a Comment
On Friday, markets were surprised by the strong Jobs Report, adding 204,000 jobs vs the 100,000 expected. This caused mortgage rates to tick higher (although they are still at historically very low levels) catching borrowers who had not locked prior to Friday a bit of a surprise as well. Bond markets are closed today in observance of Veterans Day.
