I've been waiting on this video for a little while now. Business has slowed down as far as showings. Interest in purchasing a home is still alive. Really, no one knows what's going to happen here in Seattle. We have two different ways of looking at this, and it's through the eyes of the home buyer and the home seller. Matthew Gardner, Windermere's Chief Economics Officer offers his insights here:
After you've had a chance to watch the video above, take a moment to review the precautions you can take while touring homes with me. Let's all stay safe!
Ah, yes! There's also a recent email from our preferred lender here in Seattle. I thought you might enjoy the read and the possibility of getting lower rates.
Well this past two weeks has been quite a ride. Last Friday we had the rates drop to near 3% and then Monday morning the wheels came off and every day brought more rate increases from the day before. We are now around 1% higher than where we were last week. Next week the rumor is that Fed is expected to lower the rate to Zero. How much impact this has on the mortgage rates is anybody’s guess but I am hoping for some lower rates. Below is some comments from The National Mortgage News I find useful to help me understand what we have seen this past week:
This week the 30 yr. mortgage rate increased 7 bps according to Freddie Mac’s data; other reports suggest mortgage rates have been up more than a percentage point from record-lows last week. That marks the largest upward week-to-week change in the average survey rate seen in the past month. Some lenders raised rates because they can't handle the business coming through the door in response to the initial rate drop and priced defensively. Capacity has been an issue in the secondary market as well. Bid/ask spreads have…started to widen, as dealers struggle managing the deluge of new origination and market volatility,” according to Mortgage Capital Trading’s daily market report on mortgage-backed securities. Not only are lenders concerned about the strain on their internal operations, but they also might have to address the limits of the credit lines they get from banks and other providers, and uncertainty related to whether those limits can be raised.
I am working from home like the rest of the city and am always available by phone or email seven days a week.
Thanks in advance,
Leanne Yanda | NMLS ID# 126412 Mortgage Consultant Penrith Home Loans LLC 8401 35th Ave NE | Seattle, WA 98114 Cell 206.849 2369| Fax 855 838 5999