Helping Washington State homeowners learn more about their mortgage options.
I received this comment from one of my readers on a post about occupancy and I thought it would make a good post all on it’s own.
What is the normal down payment on a second home? Our credit is in the “good” range and our debt to income is very good.
Mortgage rates are still at historically low levels. Mortgage rates are based on mortgage backed securities (bonds) and move much like the stock market does. In fact, rates often move in opposite direction of stocks as they are based on bonds and investors will seek the safety of bonds when the stock market is tanking… the reverse is also true.
Last night we went to bed thinking we would just have a dusting of snow in the morning… we woke up to about 3 inches of the white stuff in the Alki neighborhood in West Seattle. I thought I’d share a few photos from our morning walk with our puppy, Hitch.
Mortgage Master representing the 12th Man!
SEA – HAWKS!!! SEA – HAWKS!!! Yes, I’m still very excited and thrilled over our team’s incredible Super Bowl win. Although trouncing the Denver Bronco’s in the big game won’t impact mortgage interest rates, it certainly influences the mood here in Seattle and for all Seattle Seahawk fans. We did it!!
Yesterday wrapped up the Fed’s two day meeting and, as expected, there was no change to Fed Funds rate. They did announce in their statement they will ease off another cool $10 Billion per month starting in February of their mortgage backed security purchase program.
From the press release:
Home owners who acquired their home after 2006 and who have mortgage insurance may be able to treat the mortgage insurance premiums as they would their mortgage interest deduction when they file their 2013 income taxes. This is per IRS Publication 936.
Here are some basic requirements:
What does this grainy picture of me and Coach Knox have to do with mortgage rates? Nothing… but this week has everything to do with the Seattle Seahawks as we count the minutes down to the Super Bowl!! This photo was taken in 1986 for a calendar back when I worked in a title unit at Chicago Title… I’m wearing Kenny Easley’s uniform and yes, that is really Chuck!
This week is packed full of economic indicators that my impact the direction of mortgage interest rates. Also, mortgage rates are based on bonds (mortgage backed securities) and when there is a sell off in the stock market, we tend to see mortgage rates improve. This is because investors will seek the safety of bonds over the volatility sometimes found with stocks. We’re seeing a bit of that now with mortgage rates trending lower.
In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss recent changes to mortgages with “qualified mortgage” and “ability to repay” which rolled out earlier this month.
Seattle RE Chat is a weekly live show that Jim Reppond and I co-host every Tuesday morning at 10:00 am PST at www.seattlerechat.com via a Google Hangout. Join us next Tuesday!
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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