Seattle Mortgage Loan and Real Estate Blog

Greetings all, have not blogged for sometime as the feedback to the blog has been minimal but I will continue on as I feel it is a great way to get some current information out to my site viewers.

My impression of the past few weeks is the market has finally "stabilized" in regards to massive rate swings. Rates have stayed steady now for nearly a month and we are finally seeing better rates on the new Fannie/Freddie Agency Jumbo loans. These are the "new" temporary loan limit increases approved earlier this year. The rates on these loans were out of the market and they were not that popular but now these same loans up to $700k+ in some areas are nearly as good as the rates on a $100k loan.

FHA is now the new "subprime" loan of choice. Two reasons: 1) they PERMANENTLY increased their loan limits to 500k+ in the Seattle area and 2) they allow nearly 100% financing for people with credit scores below 620 which does not exist anywhere else.

The home purchase market is in full swing in Puget Sound as this is the traditional peak of home purchasing. Buyers still have MANY homes to choose from and they are picky so if you are listing your home for sale make sure it shows VERY well and it is priced correctly. Ill be back in a week or so...cheers!