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It has been an interesting 2008 as far as mortgage rates are concerned. Many of my clients keep asking if rates have gone down due to the recent rate cuts, but unfortunatley, mortgage rates seem to be creeping up. I found an interesting article the provides some good information as to why mortgage rates seem to be climbing, even after the feds sharp rate cuts several weeks ago. Read on:
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:
I’m pretty excited about this one…
I had a client that wanted to purchase some light industrial space for his business that he was currently renting. He was approved by his local bank, but they required 30% down, which was more than he was comfortable with. The client asked me to find him a loan with a lower down payment requirement, and after some searching, I was able to get him approved for purchase with just 3% down (and this was not and SBA deal).
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