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I’ve been waiting for some interesting news regarding the mortgage market, but it is pretty much the same old stuff (sub-prime mess, bank losses, etc.).
The only thing I can think of worth writing about is the fact that rates have continued to drop in 2008. Most rates sheets I get from lenders show 30 year fixed rates well under 6.00% and 15 year fixed rates getting very close to 5.00%. If you were thinking about refinancing, now may be a good time.
Here is an interesting article regarding the licensing status of loan originators in Washington State:
Seattle Times Mortgage Licensing Article
Be sure your mortgage broker / loan originator has a valid license. You can check at the Washington State DFI site:
Well, I hope 2008 is a great year for everyone. The mortgage business had a difficult 2007 with the subprime mess and the reactionary legislation that followed. The good news is that mortage rates to start the new year are the best we’ve seen in several months (for well qualified applicants). I think we will eventually see some of the loans programs that were lost in 2007 come back as the lenders get back on thier feet.
Again, Happy New Year!
P.S. If you have residential mortgage or commercial mortgage questions, don’t hesitate to call me at 800-893-4418 or visit my web site at www.bellinghammortgage.com