Mortgage Rates Just Hit a 4-Month Low, but Do Homebuyers Even Notice—or Care?

Recognize that media outlets and social media influencers are competing for scoops and eyeballs. As a result, their reports sometimes exaggerate issues, don’t tell the whole story, or get it wrong…. And the same thing can be said about the local housing market.

Mortgage rates are down again this week, which means things are looking up for homebuyers.

The average rate for a 30-year fixed-rate mortgage ticked down 2 basis points to 6.13%, according to Freddie Mac, continuing a pattern of rates seesawing lower since topping 7% in the fall. In fact, mortgage rates are at their lowest levels since mid-September 2022.

Yet, while lower borrowing costs are a boon for…

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Weekly Review
Newsletter - 1/30/2023

Week of January 23, 2023 in Review

Housing activity moved higher in December, inflation continues to cool, and more recession signals are flashing:

  • Inflation Turning the Corner
  • Pending Home Sales Rise for First Time in Six Months
  • New Home Sales Ticked Higher in December
  • Caveats to Positive Fourth Quarter GDP
  • Initial Jobless Claims Decline for Second Consecutive Week
  • Economic Slowdown and Recession Signs Continue

Inflation Turning the Corner

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation rose 0.1% in December, while the year-over-year reading declined from 5.5% to 5%. Core PCE, which strips out volatile food and energy…

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NOW is ABSOLUTELY the best time!

We all know that home sellers have had the upper hand for several years, but those days are behind us, and though the market has slowed, there are still buyers out there. The difference now is that higher mortgage rates and lower affordability are limiting how much buyers can pay for a home.

Because of this, I expect listing prices to pull back further in the coming year, which will make accurate pricing more important than ever when selling a home. 

In Seattle I expect somewhere between 9 and 15% continued drop. (That’s around 1% per month but still much less than we saw in many cases last year.)

“As a side note remember we saw some areas literally increase by 100% in a single year…

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Weekly Review
Newsletter - 1/23/2023

Week of January 16, 2023 in Review

Recent housing data brought some better than expected news, while wholesale inflation cooled in December. The contraction in manufacturing continued this month. Here are the details:

  • Sales of Existing Homes Higher Than Expectations
  • Two Sides to Housing Starts Data
  • Is the Uptick in Builder Confidence a Turning Point for Housing?
  • Wholesale Inflation Much Cooler Than Estimates
  • Jobless Claims Continue to Reflect Slower Pace of Hiring
  • Manufacturing and Retail Sales Data Point to Economic Slowdown

Sales of Existing Homes Higher Than Expectations


Existing Home Sales fell 1.5% from November to December to a 4.02 million unit annualized pace, per…

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35.4 percent: Home sales plummet

Sales of existing homes dropped 35.4 percent between November 2021 and November 2022, when the most recent data from the National Association of Realtors was available.

The rapid rise in mortgage rates has slowed homebuying activity dramatically across the country after it reached a fever pitch during 2021, with rates hovering around 7 percent at times during November.

$928 million: Opendoor’s stunning losses


The iBuyer Opendoor tallied jaw-dropping losses during the third quarter of 2022, racking up just shy of a billion dollars in losses at $928 million, finding itself a victim of the slowing housing market as it was forced to sell houses for less than it purchased them.

Shortly after its…

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Home Prices to Tumble Over 25% From Peak Levels in ‘Overheated’ Markets, Says Goldman

Credit researchers at Goldman Sachs now expect home prices in several “overheated” metro areas to fall over 25% from peak levels

Metro areas included in their forecast were Seattle, Denver, Phoenix and San Diego, according to a new home-price outlook from a Goldman research team led by Lotfi Karoui.

Some of the markets at risk for the biggest price drops this year already saw at least a 10% depreciation in home price growth, according to the Goldman team. 

Nationally, the Goldman team expects home prices to fall by roughly 10% this year from June 2022 levels, following their roughly 4% estimated decline in the second half of last year.

1. There is…

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Weekly Review
Newsletter - 1/17/2023

Week of January 9, 2023 in Review

Consumer inflation continued to cool in December, but there were also more signs of an economic slowdown. Here are last week’s key headlines:

  • Consumer Inflation Continues to Ease
  • Inflation Remains Top Problem for Many Small Businesses
  • Seasonal Factors Likely Impacted Latest Jobless Claims
  • Services Sector Shows Signs of Slowdown
  • Watching an Important Recession Indicator

Consumer Inflation Continues to Ease

The Consumer Price Index (CPI), which measures inflation on the consumer level, showed that inflation decreased by 0.1% in December. On an annual basis, inflation declined from 7.1% to 6.5%. Core CPI, which strips out volatile food and energy prices,…

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KIRKLAND, Washington (January 6, 2023) – Last year was a tale of two housing markets, suggested broker Dean Rebhuhn in commenting on the latest statistics from Northwest Multiple Listing Service.

  •          In the first half of the year, we had low interest rates, rising prices, and little inventory
  •          The second half of the year brought increasing interest rates, some lowering of prices, and increasing inventory
  •          The local housing market in 2022 ended with a whimper rather than a bang
  •          Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic
  •          Gardner, the Windermere economist, expects prices will…

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Weekly Review
Newsletter - 1/9/2023

Week of January 2, 2023 in Review

The new year kicked off with crucial labor market data, an update on home prices and a warning from the International Monetary Fund:

  • Slower Wage Growth Data Boosts Bonds
  • Stronger Than Expected Private Sector Job Growth in December
  • Jobless Claims Decline But Holidays Likely Skewed Data
  • Home Prices Still Expected to Appreciate This Year
  • IMF Issues Recession Warning

Slower Wage Growth Data Boosts Bonds


The Bureau of Labor Statistics (BLS) reported that there were 223,000 jobs created in December, stronger than expectations of 200,000 job gains. Revisions to the data from October and November cut 28,000 jobs in those months combined. The…

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With rising interest rates, home buyers often ask if they should wait to purchase a home or should they just take the plunge and buy a house. However, there is more to buying a home than just the interest rate. With market competition and other factors this can make a new home more or less affordable. But, the great news is that right now, many of those factors are in your favor, making today a great time to buy a home. Here is a breakdown of the difference between 2021 and 2022






Information and photo was provided by Mark Hedman
Homebridge Financial Services  - Sales Manager, Mortgage Loan Originator




It’s clear that now is a good time to get started on your home ownership…

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