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You are here: Home / Buy A Home / Mortgage Rates Are at Historic Lows and Home Price Increases Have Slowed Making This Favorable Time for Homebuyers

Mortgage Rates Are at Historic Lows and Home Price Increases Have Slowed Making This Favorable Time for Homebuyers

September 18, 2019 by Blue Square Mortgage

Home Buying in Seattle

The 30 year fixed rate mortgage averaged 3.58% during the week ending Aug. 29th up three basis points from the previous week. However, mortgage rates remain near the lowest levels they’ve been over the past 3 years. For example, a year ago rates were as high as 4.69 %.

This presents a prime opportunity for potential homebuyers. If you’re looking to get out of the rent race, it means the most affordable and opportune time for interest rates in years. If you’re renting, you’re simply paying your landlord’s mortgage.

The overall landscape presents good timing for potential homebuyers.

Inflation is low. The real estate markets have cooled down compared to the last few years and there is less bidding wars going on. There are also fewer buyers once the school year begins.

Mortgage rates loosely follow the yield on the 10 year treasury which has remained low due to the increasing demand for bonds over the past few months.

Unemployment is low, housing price growth is stable and the Federal Reserve is committed to do their part to keep rates low enough to maintain economic expansion.

Lower rates have also increased the purchasing power for potential homebuyers compared to a year ago. Based on the rate decline of the past few years the average homebuyer can purchase 15% more for the same monthly payment. For example on a house that costs $300,000 with the current rates you could purchase $45,000 “more house” than a year ago while keeping your costs the same.

Here are a few reasons why you might want to consider buying a home in the current environment:

  • Rents are expected to continue increasing over the next 12 months as they have been during the past decade. For many renters, there comes a point where the low rate environment allows for a home buying option that is similar to their monthly rental costs. If you have been renting then the current rate environment may crease favorable conditions that make home buying a better choice.
  • Your credit may have improved or may not be as bad as you think. Some renters are locked out of home ownership because they can’t qualify for a mortgage. This is often due to carrying too much debt, a low credit score or not enough savings. Some borrowers can qualify for a mortgage with credit scores as low as 500 and may not realize it. Of course, the higher your credit score is the lower your rates and down payment. A lender can work with you to identify what issues to address first to improve your overall score.
  • You have been good at managing your debt. Your debt to income ratio is calculated by adding up all monthly debts and dividing the sum by your gross monthly income. Some conventional loans will allow debt to income ratio of 50% but typically the max they allow is 43%. If you had a higher debt to income previously but you paid it down and now it’s lower you will be in a better position to get pre-approved.
  • Down payment required is less than what you may think. The old idea of having 20% down is a myth. Some mortgage known as FHA loans only require 3.5 % down. Conventional loans backed by Freddie Mac and Fannie Mae only require 3% down and some government loans backed by Veterans Affairs and US Dept. of Agriculture require no down payment at all. Keep in mind that if your down payment is lower than 20% than you may be required to pay private mortgage insurance.

If you think you are ready to begin the homebuying process the first step is to get pre-approved with a mortgage loan specialist.

This will help you find out how much house you can afford, what loan program is best for you situation and what price range so you don’t overextend your budget.

The most predictable loan option is a fixed rate loan for 15 or 30 years.

Keep in mind that owning a home involves other expenses such as property taxes, homeowners insurance and repairs and maintenance that can increase your monthly costs over time. So plan ahead and be prepared.

To schedule a consultation to discuss your needs and options, please call us now at (206) 352-6453.

Filed Under: Buy A Home Tagged With: Home Buying Tips, Seattle, Washington

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Blue Square Mortgage

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Edrienne Chan
Edrienne Chan
03:49 08 Jun 22
Mike was super helpful in my quest for more understanding of real estate investment. Extremely informing and really wanted to educate. He listened well, and although my needs cannot be met at this lender, he was still happy to help. Very grateful to have given him a call
Kim Meyer
Kim Meyer
19:17 19 May 22
I have worked with Mike as a lender for several years. Our partnership with buyers, Mike as the lender and myself as the REALTOR are 100% successful and the buyers are consistently thrilled with results. Mike works hard to get the best rate possible for the buyers, helps educate everyone on market knowledge and helps make the process go smoothly from start to closing. The buyers that I work with appreciate having as much market information as possible - I find this is a great approach to helping buyers feel confident to find the best home for their housing needs/wants. I look forward to many more successful transactions with Mike!
Anton Cauthorn
Anton Cauthorn
01:41 14 May 22
Mike did an amazing job helping me set up a loan to purchase my home. Mike had a personal touch and it felt like I had someone on my team helping me the entire time. He got me a lower rate than the other lenders I was looking at going through and he made the whole process simple and easy. The best part was that we ran into a number of complications along the way and Mike worked hared to find solutions every time to make things work out smoothly. I highly recommend Mike and feel lucky to have found him to work with on my loan.
Danny Yang
Danny Yang
17:51 11 May 22
I had a smooth experience with Mike as a first time homebuyer. He walked me through the process and explained everything and made sure I understood it all. Made the entire process a lot easier and less intimidating than I thought it was going to be.
Dan Hoffman
Dan Hoffman
00:51 11 May 22
Mike helped me close on a very complicated loan and I would gladly use him again. He went above and beyond to guide us through the process and made sure I was informed every step of the way. If you work with Blue Square Mortgage you will receive as much assistance and guidance as you like up to and through closing. Thanks for your help Mike!
Martin Monteblanco
Martin Monteblanco
02:56 11 Apr 22
Mike was super helpful with the process of buying our first home .Definitely recommend for any first time home buyers .
Lucio Maldonado
Lucio Maldonado
23:05 21 Mar 22
Mike was excellent and extremely professional. I did not end up going with him, as he told me candidly when he could not beat a competitor's rate, and therefore told me to go with the competitor. Very refreshing. Thanks a lot, Mike.
Kathy Hattori
Kathy Hattori
22:14 03 Dec 21
This is our second time working with Mike and we could not be happier. Mike is personable, ethical, professional and absolutely knows his stuff. We had a wish list for our refinance (lower payments and interest rate plus funds to renovate) and he accomplished everything we wanted so we're thrilled. Mike's a treasure. Work with him.
Kristin Gardner
Kristin Gardner
17:35 03 Dec 21
Mike is an extremely professional and knowledgeable person to work with. He has assisted me in several different scenarios and because of his help I have been able to make an informed and beneficial decision. I cannot recommend working with him enough! He is thorough and quick with his work and utilized excellent resources to get the best results and answers for his customers. We will definitely be return and repeat customers.
Megan King
Megan King
19:20 22 Nov 21
We are looking into refinancing our home due to rising interest rates and reached out to Mike. We initially reached out based on the great Google reviews and Blue Square Mortgage's proximity to our home. I submitted an online inquiry and Mike got back to me quickly with an email. His honestly and transparency and wealth of knowledge were an invaluable resource and I truly appreciate the time that he took to talk to me about my refinancing options. If you are looking for a mortgage professional who will make you feel secure and help you understand the process with most likely your biggest investment call Blue Square Mortgage.
Kristen Weber
Kristen Weber
19:35 17 Nov 21
I could not be happier with the rate and service that we got from Mike Peacore. He is super straight forward and gave us the best rates. He is very responsive and personable. I would highly recommend him.
Rosemary Le
Rosemary Le
06:51 23 Oct 21
As a first time home buyer, I really appreciate how transparent and patient Mike was. Even before he knew that I would choose him as my mortgage broker, he was willing to walk me through every single aspect of the home buying process and let me know what to expect from other brokers/lenders. I specifically told him to give me all the details, keep track of all of the milestones/deadlines, and provide frequent reminders. At first the information he provided was a little overwhelming, but he understood that I would ask a lot of the same questions down the road. The process went very smooth and even on signing day he offered to be there in person with me since my realtor was on vacation. In summary, I really appreciated the transparency, how he was never pushy for my service or if he needed anything from me, the clear and detailed information he provided, and the friendly and patient service that I received.
Emelie Montgomery-Jones
Emelie Montgomery-Jones
17:11 29 Sep 21
Mike, thank you so much for guiding me through the process of refinancing my investment property. I certainly would have been lost without you. If the situation arises, I will highly recommend you to others. Your expertise, advice and timely communication kept my anxiety levels low. I am extremely happy with the outcome.Sincerely,Emelie MJ
Stefan Muehleis
Stefan Muehleis
18:26 17 Sep 21
I refinanced with Mike and everything went very fast, smooth and flawless.Not to mention that I got the best rate out there. Excellent job!!!
Leon Liu
Leon Liu
22:40 03 Jun 21
Mike helped us to close a refinance process effectively:- Mike identified a good program for our rental property. We managed the entire process remotely.- Refinance closing was fast. Faster than our new purchase loan earlier this year.- Great communication, very responsive and accurate.- Would recommend to friends and work with Mike again.
Mark Kilcup
Mark Kilcup
23:43 26 Jan 21
Duncan Wray was an absolute professional to work with during this process. They had a super competitive rate and were able to work with the VA on my refi. I recommend Duncan and his team!
Scott Matlock
Scott Matlock
23:01 23 Dec 20
Max at Team Blue Square was extremely helpful and positive during my entire refinance process. We had a few hurdles along the way, but he was always positive and super responsive to all of my questions. Not only did he lock me in at a great rate, but I was continually impressed by his knowledge and accommodating attitude. He was a true professional, and you can tell he truly cares about customer service. Couldn't be happier with how everything turned out. 5-stars!!!!
Tamara Atkins
Tamara Atkins
17:03 01 Sep 20
This was our 3rd time financing/refinancing with Mike Peacore. As always, he was so professional, expedient, and helpful. Everything went smoothly with Mike guiding the process the whole way to closing. Have referred him to many friends!
Justin Lonergan
Justin Lonergan
04:42 20 Aug 20
Sean was fantastic through our VA refi. Blue Square's rates were the most competitive of the companies I screened, and the application could not have been easier. I probably spent less than 5 total hours on the refinance, saved my family hundreds per month, and I very much attribute that smooth process to Blue Square's and Sean's attentiveness. I have already recommended them to peers and would wholeheartedly recommend giving them a call to see what they can do for you.
RD Kent
RD Kent
03:44 20 Aug 20
Very responsive, friendly, and helpful. Excellent experience!
Jeremy Kirsch
Jeremy Kirsch
01:54 20 Aug 20
I just closed and recorded and I wanted to thank Kathy S. for her excellent service and support and for giving me the best deal ever. I am getting looks of disbelief when I tell people, especially those with conventional loans who can’t even come close!With Kathy, every question was answered and there were no surprises, except the good kind. No weirdness, everything disclosed.I've purchased and sold and refinanced a number of times, it's usually a stressful experience even without having to move. Not this time.Prior to dealing with Kathy and Blue Square, I had previously used a broker a couple of times before, whom I considered excellent and I was very happy with. With that said, if I ever need another loan, I will come to Kathy and Blue Square first. Without a doubt.And I will be recommending Kathy to anyone who needs a loan, especially those in the VA IRRL category.Again, thank you Kathy for all you did!
manjusha n
manjusha n
00:58 11 Jul 20
Spoke to Mike Peacore about Home purchase mortgage. He was very responsive and helpful. I was shopping around for rates and he gave a quote and gave me tips on getting better rates. He really cares about his clients and great to talk to. I highly recommend Blue Square Mortgage for good interest rates and Mike for his outstanding service. Thank you!
Kevin Hoy
Kevin Hoy
17:18 05 Jun 20
I contacted Blue Square based on a Google search for VA IRRRL. Mike was very helpful in explaining the parts of the refinance process to me and helping me understand not only what everything means but also how and why he is able to offer lower rates than most of the big name lenders. I look forward to doing business with Mike again.
Andrew Gray
Andrew Gray
00:08 23 May 20
As a first time home buyer, I feel extremely lucky we went with Mike at Blue Square as our mortgage broker. He was professional, thorough, and more than happy to answer all of our questions about the process. His rate and fee estimates were considerably lower than other lenders we considered. He worked nights and weekends during the closing process and we wound up closing early. I look forward to working with him on a refi and eventually our next home purchase!
Mary Jo Carson
Mary Jo Carson
17:48 09 Mar 20
I've refinanced my home about 4 years ago and had such a positive experience with Mike, that I reached out to him again. I wanted to see if it would be prudent to do so again. He ran the numbers and found for me, this wouldn't be the best thing to do. I appreciate his help and honesty.
Rob Luecke
Rob Luecke
15:29 05 Mar 20
I am in the business and have done over 1,000 real estate transaction, have several rentals and Mike did a bang up Job.
Lana Zielke
Lana Zielke
06:15 12 Jan 20
I found Mike online by searching online to see what mortgage brokers came highly recommended in the Seattle area. I was not disappointed! He worked fantastically with my real estate agent. Made the whole process super simple. And not only did we close on time, we closed early (25 days after our offer was accepted)!! He negotiated the PMI with the lender based on credit score so I have an incredibly low monthly PMI! And in the week of escrow, my monthly payment came down by about $40. I couldn’t be happier with his service. He was quick, attentive, very responsive, and easy to work with. I highly recommend him!
Kyle Acheson
Kyle Acheson
18:44 31 Dec 19
Mike was great to work with. He really helped us through the process and answered all of our questions timely and thoroughly. Would work with again.
jeffrey bley
jeffrey bley
18:49 20 Dec 19
Mike Peacore was thorough and very helpful in getting me a competitive rate. He always kept me up to date on the current status, and was more than happy to help explain things to me when there was something I didn't understand. I was able to make informed decisions and I was very happy with my refinance. Thanks Mike!
Michael Medvedev
Michael Medvedev
03:59 18 Dec 19
Great and unique service! Thank you so much!!! Would recommend to anybody!
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