Mortgage rates are continuing to eek down in an effort to stimulate the housing market. A conforming 30 year fixed mortgage rates at 3.79%, a 15 year fixed mortgage rates at 3.05% and 5/1 adjustable mortgage rates at 2.95%, a 30 year jumbo rate at 4.44%, all available with 0.7 to 1% origination fee to the borrower.
An FYI for my fellow realtors: I had an instance this last week where a large bank informed me that they were unable to process the loan in time for closing for one of my clients; 15 days before the scheduled closing date. It was a short sale, and the closing date could not be extended. It’s moments like these that a realtor pulls their hair out, but Homestreet Mortgage came to the rescue, and guaranteed they could process the mortgage and close in the 15 day time frame.
Interestingly, negative equity is now increasing home values. In a report from CoreLogic, negative equity is driving up home prices, because it is keeping homeowners from listing their properties, which keeps the inventory low. Out of the largest 100 markets, in the five markets where prices are accelerating the fastest, they also have the highest share of negative equity, and highest demand for distressed properties.
HARP accounted for 20% of the mortgages this last May, and it is expected in the Bellevue area that home prices will continue to increase due to the low inventory.
The link below is to a beautiful Cape Cod Rambler (starter) Mercer Island home that Libby and I are holding a brokers’ open house tomorrow the 18th, and holding a public open house Saturday the 21st, and Sunday the 22nd.
Now, if I can ever help you, or someone you know with any of your real estate needs in the Bellevue/Eastside area, please call me at 425-761-2772, or CLICK on my Facebook page, and send me a message. I’m happy to help, and will give you the very best representation.
CLICK HERE to find out what your home is worth in today’s market!
You can also CLICK on any of the links below to begin your search of Eastside real estate: