With the all the problems and new policies in the mortgage industry today we are all sure to feel some impact in our local markets. While Seattle has continued to be one of the strongest Real Estate markets over the past two years in the country, it looks like the tide may be changing some. Buyers with marginal credit or zero money down will find it harder and more expensive to get a mortgage right now. Stated Income Loans have more requirements and higher interest rates attached to them. We have a client that has excellent credit scores and his mortgage payment has increased by about $200 a month on the same loan amount in just the last two weeks. This has to have an impact on the local market. Yet historically, a mortgage interest rate of between 8% and 9% is considered good.Usu...
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