•         Sales of previously owned homes decreased 4.3% from the prior month.
  •         30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%

The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.

The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year.

Low inventory continues to fuel competition among area buyers in Western Washington However.…

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If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were…

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Here is your market update for Kirkland, this is the slow time of the year as homes are taking longer to sell, yet interest rates have been on the slight decline this week with the current Jumbo loan at 6.99%. Any questions about the market or getting a great rate, contact me! Happy Holidays!

Snow Headings, Real Estate Broker 253-244-1324

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Some buyers think that to buy a home you have to put 20% down, but that's NOT THE CASE! The average down payment for First-Time Homebuyers is actually just 6%! Here’s a look at a comparison of the down payment some THINK you have to put down (20%) vs a more realistic down payment! Let’s chat if you’re ready to make the leap towards homeownership!


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Nailing the right offer price might be more affordable than you think! Here’s a look at how much the monthly payment increases or decreases when you raise or lower your offer! If you need an expert to help you craft the perfect deal for your dream home, let's chat over coffee!


Snow Headings, 253-244-1324

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CHOOSE CARY AND KEENAN TO HELP YOU BUY YOUR NEXT HOME

At The Cascade Team we understand first and foremost that it isn't about "Us". It's all about "You"! We are dedicated to giving each of our clients the best experience imaginable. Simply Outrageous Service isn’t just a catch phrase for us. It’s how we do business!

From day one we’ll be with you every step of the way. We’ll keep you informed, we’ll be there through the tough negotiations, and we’ll help you make the right decisions for your family.

Our dedication to your successful dealings (buying or selling) are unwavering. We firmly believe in the WOW factor. And when you work with The Cascade Team that’s what we intend to deliver. Service and Quality that are so far beyond your expectations,…

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The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory. Said another way; A homeowner planning to relocate or downsize might find the higher costs related to higher mortgage rates too much of a hurdle to clear.

This is something I’ve never considered in my real estate career because we hadn’t had a period where mortgage rates moved up so quickly and then held higher for an extended period. But now this is a real risk.

For many Americans, homeownership became a reality during the years of ultra-low mortgage rates following the 2008 financial crisis, an environment that essentially lasted all the way up until the…

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Although slightly, mortgage rates dropped further this week. The average rate on a 30-year fixed mortgage fell to 6.27% from 6.28% the previous week. With inflation moving closer to the Fed's 2% target, mortgage rates are expected to decrease further in the coming months, likely to be below 6% by year's end.

Meanwhile, these falling mortgage rates create opportunities for many buyers. A lower mortgage rate brings down the monthly payment for a home loan. If rates drop to 6%, 3.1 million more households will once again be able to afford to buy the median-priced home compared to the beginning of the year. And, 1 in 3 of these households are younger than 40. Last year, 1 in 5 mortgage purchase originations had a rate higher than 6%.

Some sellers…

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Based on data compiled by Credible, mortgage rates for home purchases have fallen across all key terms since last Friday.

  • 30-year fixed mortgage rates: 5.875%, down from 6.125%, -0.250
  • 20-year fixed mortgage rates: 5.500%, down from 5.875%, -0.375
  • 15-year fixed mortgage rates: 5.250%, down from 5.490%, -0.240
  • 10-year fixed mortgage rates: 5.250%, down from 5.875%, -0.625

What this means: Mortgage rates for home purchases fell significantly for all key terms over the weekend, with 30-year rates diving below the 6% mark. Borrowers may want to lock in a 30-year rate today, ahead of likely rate fluctuations. But homebuyers who want to take advantage of interest savings may want to consider 20-year rates, which are more than a quarter…

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Based on data compiled by Credible, mortgage rates for home purchases have fallen across all terms since yesterday. 

  • 30-year fixed mortgage rates: 6.000%, down from 6.375%, -0.375
  • 20-year fixed mortgage rates: 5.750%, down from 5.875%, -0.125
  • 15-year fixed mortgage rates: 5.375%, down from 5.750%, -0.375
  • 10-year fixed mortgage rates: 5.875%, down from 6.000%, -0.125

Rates last updated on March 14, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0). 

What this means: Mortgage rates for home purchases fell across all repayment terms today, giving buyers…

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