Mortgage rates on Zillow Mortgage Marketplace fell a bit last week, and are sticking at fairly low levels, with the current rate for 30-year fixed purchase mortgages at 5.00%.
Last week’s rate was 5.06 percent, down from 5.10 percent the week prior, according to the Zillow Mortgage Rate Monitor.
Seattle home values are down 13% in the last twelve months:
zillow.com/local-info/WA-Seattle-home-value/
A prudent house shopper would wait another 12 months (or more) before buying, and be FAR better off than buying today at “low” 5% mortgage rates.
Take a look at the Jumbo rate. It’s about a full point and change above the confirming. Throw on top of that the qualifications required of the borrower and reluctance of lenders to do a deal and you’ll get a good reflection of what is going on in the market. Fannie,Freddie and FHA doing all the deals won’t make much of a market.
It’s great that the rates are low–hopefully they’ll stay that way for a while.
I think this is an incredible time to buy. Low prices, low rates, and sellers are negotiating.
Arlington VA Homes,
The buying floodgates are not going to open until unemployment goes down (no one who doesn’t have a job is going to purchase a home, and over 8% of the country is currently unemployed) and until there is more confidence in the real estate market. Typically, in order for a potential buyer to buy a home, they must sell the one that they currently live in, and now is a most inopportune time to sell. Additionally, many prospective homeowners are afraid to put a significant down payment on a home that will immediately lose value.
ooo good admın thank you nice
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