Mortgage rates have improved for the past 48 hours gaining ground. The House of Representatives approved the tax cuts BUT please pay attention what may happen. The tax cuts include unemployment benefits, cuts Social Security for 1 year, tax cuts for working families and college students. The money to fund these cuts increases the current US Debt.
To offset the US growing debt, bonds are issued. Right now looking at a simple fact of supply and demand, what happens when too much supply is on the market? You will need to increase the yields on this supply to attract the demand. When yields are increased, consumer mortgage rates also increase. Seattle and Bellevue home mortgage rates will fluctuate daily and sometimes hourly depending on the volatility and economic news. A simple way to follow the trends of impacting news is to review the "Events" calendar on We will provide the daily impacting news in advance to help advise.
We will continue to post updates with current trends. Depending on your goals for locking your rate. If you are on the short term, play close attention to the market. If you are on the long term and have more time, make sure you secure on the best day.
Currently Seattle and Bellevue real estate is greatly impacted with the historically low mortgage rates. Did you know that a % change in interest rates is equal to a 5% change in the sales price of a home? That means the recent dramatic drop in interest rates is equal to at least a 10% reduction in home sales prices.
With recent mortgage rates sitting at historically low rates, you are receiving even a better opportunity for purchasing local real estate.
If you are considering refinancing your home, please follow the break-even point to make sure you will receive a financial benefit!
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