Seattle Real Estate: Interest Rates, Affordability, And What’s Next

Looking At Seattle Homes For Sale, Interest rates, and Affordability – Should You Buy Now?  Or Wait?

The fact is that interest rates on 30-year, 20-year and 15-year fixed rate mortgages are some of the lowest in history.  We don’t know how they will increase over the next two years.

In discussions with friends about their plans to purchase a home I often hear them say that they would like to purchase in a year or two.  This is great news for everyone.  However, I usually try to educate them on the current advantages of low mortgage interest rates. – Cooper Jacobs Real Estate

Taking advantage of a 4% or lower loan rate can save prospective homebuyers thousands, if not over $100,000 in the amount of interest paid on the life of a loan.[1] Currently, interest rates on a 30-year fixed loan are setting at 4.02%.  That is the lowest since June 2013.[2] With the economy on track for a solid 3.5% annual growth and inflation rising, investors are beginning to dump bonds for stocks.[3] This, in turn forces financial institutions to raise the interest rates on loan products to keep a profit.

Seattle homes

The economy is no doubt on an upward trajectory.  Baring another economic disaster, the economy will continually improve and force interest rates up.  Can we predict whether interest rates will be significantly higher in 2016?  The answer is no.  However, we can say with confidence that they will be higher and when it comes to your money every dollar matters.

Current homeowners are taking advantage of these low interest rates by refinancing.  They understand the significant savings to be had by leaving their 30-year fixed rate mortgage for a new 20-year or 15-year fixed loan instead.  In fact, 44% of people who refinanced in the third quarter “ditched their existing 30-year fixed rate loan in favor of a shorter-termed 15-year or 20-year loan.  It’s the second quickest exodus from the 30-year fixed rate mortgage in recorded history…”[4]

So, instead of putting off the home buying process for another year or more, people should begin to get their feet wet.

  • Build a relationship with a local Seattle Realtor
  • Ask your Realtor for their trusted resources such as a referral for a lender.
  • Find out what kind of loan options you can qualify for and what is available.

By taking advantage of these resources you can be prepared to pull the trigger when you find a home that you love.  It should also be noted that using a Realtor that is from your neighborhood is a service that will cost you, as a potential home buyer, nothing out of pocket.  So, let a professional help you do the searching and narrow down the choices for you.  In the end, it is all about making things smooth and easy while saving money.


[1] Lisa Ward, “The Steep Cost of Not Refinancing,” The Wall Street Journal, November 9, 2014.

[2] Average 30 Year Fixed Mortgage rates, http://www.mortgagenewsdaily.com/data/30-year-mortgage-rates.aspx

[3] The Detroit News, “U.S. 30-Year Mortgage Rate up to 4.02%,” http://www.detroitnews.com/story/business/personal-finance/2014/11/10/mortgage-rates-rise/18779027/

[4] Dan Green, Today’s Low Mortgage Rates Push Borrowers Away From 30- Year Loans, http://themortgagereports.com/16858/freddie-mac-refinance-report-transition-15-year-30-year-mortgage-loan

Cooper Jacobs Real Estate  206-236-9696

Brand New On The Market In Downtown Edmonds!

Brand New On The Market in Downtown Edmonds:

323 3rd Ave N #101 Edmonds, WA 98020 (SOLD)

$319,500

  • 2 Bedroomsedmonds wa view homes
  • 1.75 Baths
  • 1147 Square Feet
  • Built in 1995

What you’ve been waiting for. 55+ condo in eclectic Downtown Edmonds. Spacious one level living in elevator building. Secure entry gate. 2 generous parking spots in gated garage, Level access to & from elevator.

Northwest exposure has territorial views looking out to sound & sunsets. Impeccable condition inside & out. Oversized master suite, open kitchen w/eating bar, big living room has gas fireplace & sliders out to sunny deck. Arts Center & Senior Center nearby. It’s great!

We are happy to give you a private tour while it lasts and show you all the amazing amenities of this particular Edmonds view condominium in Downtown Edmonds.

Edmonds Bowl Brokers

If you would like information about this Edmonds Bowl home for sale or other Edmonds real estate, here is a great place to pull up all Edmonds listings by all brokers:

Edmonds Homes for sale

Edmonds Bowl Home Sold In Record Time At Top Price

SOLD!  Edmonds Bowl Home For Sale sold in one day with multiple offers!

Edmonds Bowl homes for sale

655 Maple Street sold on 9/13/2013 at 100% of list price.  We had it staged, cleaned, painted, and more.  We marketed it to bring in the best and sell quickly.  Please let us know if you need help buying or selling your next Edmonds home.

Here is some more information about this Edmonds Bowl home which sold in record time:

Award winning restaurants, shopping, theater, ferry, beaches, piers, and trails are just the beginning!  This home is surrounded by natural beauty everywhere, plus it is close to the library, community center, and wonderful schools.

  • 5 bedrooms
  • 2.75 baths
  • 2910 square feet
  • MIL in basement
  • Garage

Large home situated on a corner lot with lots of privacy and gardening space and just blocks to Downtown Edmonds!  Enjoy gleaming hardwoods, large deck off of kitchen, large MIL basement with new carpet, fireplaces, and even some views of Puget Sound!

If you would like information about this Edmonds Bowl home for sale or other Edmonds real estate, here is a great place to pull up all Edmonds listings by all brokers:

Edmonds Bowl Brokers

Edmonds Homes for sale

Molly Cartwright 206.841.6800 Molly@CooperJacobs.com

Courtney Cooper  206.850.8841  Courtney@CooperJacobs.com

Edmonds Home Listed By Therese Byrne

Edmonds Home For Sale Listed By Therese Byrne:

17110 Sealawn Dr Edmonds, WA 98026:

$599,900

Edmonds homes for sale

  • 6 Bedrooms
  • 2.5 Baths
  • 3546 Square Feet
  • Built in 1962

Marketing Remarks

Wonderful light filled daylight rambler on large level lot. Olympic Mt and Sound views. 3/BD 2/BA on main level. Beautiful floor to ceiling windows, gleaming hardwood floors refinished, cedar lined vaulted ceilings. Huge master suite with new tile shower. Freshly painted inside and out. Newer roof and furnace. Lower level is a dream with a private entrance, 3/BD 1/BA family room with fireplace, full kitchen and large bonus room. Pride of ownership shines throughout this unique home.

Features

2nd Kitchen, Bath Off Master, Double Pane Storm Windows, Dining Room, Security System, Vaulted Ceilings

therese byrneListing broker Therese Byrne is a great person to call for all your Edmonds WA real estate needs and can give you the run down on this Edmonds home for sale.   You can reach Therese at 206.660.9698 or by email Tbyrne@Tmbyrne.Com

Edmonds Bowl Brokers

If you would like information about other Edmonds real estate, here is a great place to pull up all Edmonds listings by all brokers:

Edmonds Homes for sale

Edmonds Bowl Real estate: Symptoms Of A Market

Edmonds Bowl Home For Sale Is Pending After Multiple Offers!

How’s the Edmonds Real Estate market?  Here’s a home we put on and got instant multiple offers.   Please let us know how we can help you, too!

655 Maple St Exterior Wide

655 Maple Street

$505,000

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According to Seattle Magazine, Edmonds was recently rated as one of the Seattle’s happiest neighborhoods, and you can enjoy all that this highly desirable neighborhood has to offer……655 Maple St Kitchen

Award winning restaurants, shopping, theater, ferry, beaches, piers, and trails are just the beginning!  This home is surrounded by natural beauty everywhere, plus it is close to the library, community center, and wonderful schools.

  • 5 bedrooms
  • 2.75 baths
  • 2910 square feet
  • MIL in basement
  • Garage

655 Maple St Living RoomLarge home situated on a corner lot with lots of privacy and gardening space and just blocks to Downtown Edmonds!  Enjoy gleaming hardwoods, large deck off of kitchen, large MIL basement with new carpet, fireplaces, and even some views of Puget Sound!

If you would like to see this Edmonds Bowl home for sale or other Edmonds real estate, here is a great place to pull up allEdmonds listings by all brokers:

Edmonds Realtors

Edmonds Homes for sale

Molly Cartwright 206.841.6800 Molly@CooperJacobs.com

Courtney Cooper  206.850.8841  Courtney@CooperJacobs.com

Cooper Jacobs Real Estate LLC