New programs recently came out where if the customer is worried about having enough equity to refinance, there are some options.  There are options if you originally put down 20% and if you put down less than 20%.   You need to call me with questions because there are many options.  My phone number is 425-466-4207. 

Rates have been very steady…..staying at what they were last week.

Rates are currently at 4.5% at 1.125 points for amounts up to $417,000.

For loans between $417,000 and $506,000 they’re at 4.625 at .75%.

Above $506,000 to $600,000 are at 5.75%.

Rates are at 4.5% now.  My suggestion to people is that if you’re at 6% or above, you should just refinance. Don’t gamble.  For everybody else, it’s up to them to go by their gut and decide when to do it.

In the next week (sorry I keep saying it and it hasn’t happened yet), rates will be getting better for loans above $506k. The new conforming rate will be $567,500. (It’s been passed by congress; everybody is just waiting for the banks).

Rates have been very steady…..staying at what they were last week.

Rates are currently at 4.5% at 1.125 points for amounts up to $417,000.

For loans between $417,000 and $506,000 they’re at 4.625 at .75%.

Above $506,000 to $600,000 are at 5.75%.

Rates are at 4.5% now.  My suggestion to people is that if you’re at 6% or above, you should just refinance. Don’t gamble.  For everybody else, it’s up to them to go by their gut and decide when to do it.

In the next week (sorry I keep saying it and it hasn’t happened yet), rates will be getting better for loans above $506k. The new conforming rate will be $567,500. (It’s been passed by congress; everybody is just waiting for the banks).

There will be new programs where appraisals will not be necessary and where the second mortgage automatically get subordinated (subordinated means that it goes back into second lien position if you get a new first mortgage).  I don’t have all the details on these programs but will know more when they are in place, probably in the next two weeks.

Seattle Metropolitan Magazine just posted a fascinating and fun online resource called “Neighborhoods by the Numbers”. For each neighborhood in Seattle and some surrounding cities, it lists important information such as median home prices (including increase or decrease since 2007 and 2005), crime rates, percent of owner-occupied homes, and average commute times. It even has interesting demographic tidbits such as median age, household income, and ratio of Gregoire to Rossi contributors.  And if you’re wondering how many dogs and cats, or supermarkets, or acres of parks are in a particular neighborhood, this is where to search.

If you find a particular community meets your needs, you can click on it and get a list of all the current real estate listings from the up-to-date Windermere database.   It’s fun for real estate geeks and novices alike!