The Northwest Multiple Listing Service issued a press release indicating that we are finally seeing an increase in new listings being added to the market. The 14,524 new listings that came on during May, in the 23 counties that the NWMLS serves, are the most listings added in one month in 10 years. In King County, there were almost 1000 homes added to the market creating just over one month of inventory – the first time since September of last year. Here’s a link to the NWMLS market snapshot for May 2018. [Read more…]
Possible Relief for Seattle – King County Home Buyers
June 15, 2018 by Leave a Comment
S&P Case Shiller: Seattle home prices on the rise
July 30, 2013 by Leave a Comment
This morning the S&P/Case Shiller Home Prices Index was released revealing gains across the board for the 20 city index.
The report states that Seattle had their largest monthly gain to home prices since April 1990 of 3.15% from April to May.
Year over year, Seattle boasted double digit gains of 11.9% for May.
This can be good news for people in the greater Seattle area who are considering selling their home and for those who have been waiting for home values to improve so they can refinance.
Mortgage interest rates are off their record lows. However, they are still what would be considered historically low.
If you’re interested in getting preapproved to buy a home or refinancing your existing home located in Washington State, I’m happy to help you!
What May Impact Mortgage Rates the Week of May 27, 2013
May 28, 2013 by
We are back to work following the Memorial Day holiday and mortgage rates are trending higher this morning. Mortgage interest rates are still at historically low levels, however they are off their extreme lows.
Yesterday, markets were closed in observance of Memorial Day. Here are some of the scheduled economic indicators that may impact mortgage rates this week:
- Monday, May 27: Memorial Day
- Tuesday, May 28: S&P/Case Shiller Home Price Index and Consumer Confidence
- Thursday, May 30: Initial Jobless Claims, Gross Domestic Product (GDP), GDP Chain Deflator and Pending Home Sales
- Friday, May 31: Personal Consumption Expenditures (PCE), Personal Income, Personal Spending, Chicago PMI and Consumer Sentiment (UoM)
This morning, the S&P/Case-Shiller Home Price Index for March revealed that year over year, home prices went up 10.9% based on the 20 City Composite. This is the largest increase to home prices since 2006. Seattle’s home prices, according to this report, were up 10.6% year over year.
As I write this post (6:52 am), the DOW is up 171 points and, as I mentioned earlier, mortgage backed securities (bonds) are getting beat up. Remember, investors will trade the safety of bonds for the potentially quicker return found with stocks. As the stock market continues to rally, you can anticipate mortgage rates to continue to trend higher.
You can still have a 30 year fixed rate in the “3’s” as of this morning…you’ll just have to pay more for it. As of 7:00 am, I’m quoting:
3.875% priced with 0.719% in discount points based on a loan amount of $400,000 with a sales price of $500,000 (80% loan to value) and 740+credit scores (apr 4.005%). Based on a 30 year fixed rate for a purchase in greater Seattle closing July 5, 2013 or sooner.
DON’T FORGET: this is your last week to start an FHA loan and still have mortgage insurance that will terminate. FHA case numbers issued after this will have mortgage insurance on the life of the loan.
If you would like me to provide you with a mortgage rate quote for your home located anywhere in Washington state, where I’m licensed, click here.
S&P Case-Shiller reports homes prices up in Seattle
April 30, 2013 by Leave a Comment
The S&P/Case-Shiller Home Price Index was released this morning showing that home prices across the country are up 9.3% year over year through February based on the 20-City Composite. All 20 cities in the composite have reported increases in home prices over the last two months.
Some cites are experiencing double digit increases. Seattle’s home prices are up 9.3% year over year per this report.
From the report:
“Home prices continue to show solid increases across all 20 cities,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005….”
If you are considering buying a home in Seattle or anywhere in Washington state, I strongly recommend that you meet with a licensed mortgage originator and start the preapproval process early. I’ll often meet with home buyer six months to a year before they’re planning on buying a home. If I can help you, please let me know!
Mortgage rate update for the week of April 8, 2013
April 8, 2013 by Leave a Comment
Mortgage rates continue to remain at historically low levels. Homeowners who have not recently refinanced may want to contact their mortgage professional to see if they can reduce how much they’re paying on interest.
Something that’s not staying low in the Seattle/King County area is home prices. The Seattle Times reports that in March, home prices are up 20% year over year. The median price for a home sold last month in Seattle jumped to $462,375. This is largely due to a lack of inventory. If you’ve been considering selling your home, now may be a good time.
Here are some of the economic indicators scheduled to be released this week:
Wednesday, April 10: FOMC Minutes
Thursday, April 11: Initial Jobless Claims
Friday, April 12: Retail Sales; Producer Price Index (PPI); Consumer Sentiment Index (UoM)
Also important to note: there has been some confusion as to the recent changes to mortgage insurance premiums on FHA loans regarding when the coverage terminates. FHA mortgage insurance will not become permanent until June 2013 and impacts newly originated FHA loans only with case numbers issued after May 31, 2013.
If I can help you with your home purchase or refinance for your home located anywhere in Washington state, please contact me. Have a great week!
