On average, 40% of builders’ single-family home sales so far in 2024 have been made to first-time home buyers, according to the most recent NAHB/Wells Fargo Housing Market Index survey (HMI).  That share has doubled since 2016, when only 19% of builders’ sales went to first-time buyers. Our limited time-series on this topic in the […]

Enjoy beer, cider, food pairings, and music at Skagit Farm to Pint Fest this Saturday, September 28th! This year’s fest features all of Skagit’s 13 breweries as well as plenty of local chefs and restaurants. IPAs, Doppelboch, Blondes, Lagers, Scotch Ales, ciders and more will be paired with cheeses, fresh oysters, pizza bites, brisket, tarts, […]

After months of anticipation, the Federal Reserve cut interest rates on Wednesday by half a percentage point. That will have an impact on the housing market — but it’s unlikely to make a huge difference for those struggling to afford a home. Mortgage rates might not actually drop much further right now Mortgage rates have been pretty […]

Housing sentiment was largely unchanged in August as consumers remained cautious despite some improvements in mortgage rates and home listings.  Fannie Mae’s Home Purchase Sentiment Index (HPSI) showed a modest rise of 0.6 points to 72.1, but overall homebuying sentiment saw little change. A notable 39% of consumers surveyed said they expect mortgage rates to decline […]

Inflation continues to make progress as the headline Consumer Price Index eased to 2.5% YoY in August from 2.9% in July, reaching its lowest level since February 2021. Core CPI (which removes food and energy prices) held steady at 3.2% YoY due in large part to shelter costs. These crucial readings keep the Fed on […]

Mortgage interest is the fee you pay for borrowing money to buy a home. It’s calculated as a percentage of the loan amount and is paid over the life of the mortgage. This interest rate can be fixed or adjustable and is added to your monthly payments throughout the loan term.  For example, with a […]

The housing market has been tough in 2024, with stubbornly high mortgage rates keeping many homebuyers on the sidelines. But in August, a light appeared at the end of this tunnel when rates dropped to yearlong lows—below 6.5% for a 30-year fixed home loan. And with the Federal Reserve signaling a much awaited interest rate cut in September that […]

While the Federal Reserve doesn’t directly set mortgage rates, it influences them by making changes to the federal funds rate, the interest rate that banks charge each other for short-term loans. The Fed’s decisions alter the price of credit, which has a domino effect on mortgage rates and the broader housing market.  “When the Fed […]

The City of Mount Vernon and the Mount Vernon Chamber of Commerce continue their free community Summer Concert Series this Thursday from 6pm to 8pm. This week’s featured band: Chris Eger and the Powerhouse Horns. Very few musicians are said to be extraordinary examples of excellence in any one genre of music. Even fewer can […]

Homeownership comes with its surprises — a flooded basement, a busted furnace or a fence damaged by a fallen tree. And when surprises strike, the first question often is: Will my home insurance cover it? But recently the cost of home insurance itself has shocked Washington homeowners.   With some seeing their premiums increase as much […]