Most folks interested in real estate know that the market has definitely shifted since last year, with mortgage rates rising and fewer buyers rushing to outbid one another. But we have some good news — interest rates eased up a bit this week. This from a well-regarded home lender here in Bellingham (Thanks for the heads up Sydney Stonecypher/Peoples Bank!):
* The average rate on the 30-year fixed rate mortgage has fallen to 5.99%.
* The rate started this week at 6.21% and fell sharply Wednesday after the Federal Reserve Chairman Jerome Powell said inflation “has eased somewhat but remains elevated.”
* For someone buying a $400,000 home today with a 20% down payment, the monthly payment is $293 less than it would have been in October.
And as of this posting (Feb. 2, 2023), only 90 homes of ANY PRICE are actively on the market in all of Bellingham, Washington. If you are a seller, you have very little competition. If you’re a buyer, you need to be keeping close watch as homes that are priced well, are in good condition and are in good locations are still selling quickly.
As always, I’m ready to put my years of experience toward helping you with your real estate needs.