It could soon be easier to borrow against your home after U.S. regulators approved a Freddie Mac pilot program for purchasing second mortgages.  The plan, announced Friday, is meant to help homeowners who secured low-interest mortgages and want to access their home’s equity for a loan. The Federal Housing Finance Agency (FHFA) said it granted “conditional […]

By Fergal McAlinden The Federal Reserve’s decision to leave interest rates unchanged yet again last week came as no surprise – but more significantly, the central bank signaled that just one rate cut is likely on the way in 2024, a dramatic dialing-back from expectations earlier in the year. In March, multiple rate cuts were anticipated […]

WASHINGTON, D.C. (June 13, 2024) – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2024 shows mortgage applications for new home purchases increased 13.8% compared from a year ago. Compared to April 2024, applications increased by 1%. This change does not include any adjustment for typical seasonal patterns. “There continues to be […]

The housing markets in Snohomish, Island, and Skagit counties are shifting gears in 2024. While home prices remain high, the breakneck pace of appreciation seen in recent years is starting to slow down. Here are some trends we are seeing: What’s Driving the Change? Rising mortgage rates are making homeownership more expensive, potentially impacting affordability […]

This homebuying season is expected to be extremely competitive, especially for first-time buyers who face the challenge of saving for a down payment. According to a 2024 Bankrate survey, nearly one-third of aspiring homeowners (30%) say it will take at least five years or longer to save enough money for a home, while 10% say it […]

The amount of money a homebuyer puts down to purchase a home hit a historic high at the end of 2023, but that sum is finally falling. A new report from Realtor.com® shows that the median down payment homebuyers laid on the closing table in the first three months of 2024 was an average of 13.6%—which translates […]

Navigating the intricacies of private mortgage insurance (MI) can be a daunting task for borrowers, but the benefits can really add up! They include: ·        Increased buying power: Because MI makes it possible to buy a home with less than 20% down, homebuyers can reach savings goals faster and become homeowners sooner than otherwise possible. ·        Expanded cash […]

Home prices continued their upward trend in February, defying high mortgage rates and low inventory of homes for sale. The S&P CoreLogic Case-Shiller national housing index rose 6.4% from February a year ago and up from the 6% annual increase registered in January.  San Diego led the way with an 11.4% annual increase, while Chicago and […]

A mortgage rate is highly subjective and can vary for a variety of reasons.  A news story that provides an outright level like 7.5% requires context and qualification.  Some online advertisements (especially among builders) could still be showing rates in the high 6’s.  Some borrowers will be seeing rates of 7.625 or higher.  Loans with less than 25% […]

While the rising cost of auto insurance is pushing up the official inflation rate, there is a stealth insurance cost that isn’t showing up in the consumer price index – homeowners insurance.  Along with high mortgage rates and record home prices, soaring insurance rates are just one more thing putting pressure on the cost of […]