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30-year mortgage rates are edging higher for the second week in a row, hovering near 3.5%.  However, they are still near historically low levels

to encourage home buying. Just a year ago, they were around 4%.

The low rates, as well as a solid job market, have supported the housing market, as it continues to recover from the recession that began 9 years ago.

New home sales rose 3.5% percent, to a seasonally adjusted rate of 592,000, which is the  best  since 2008, the Commerce Dept. reported Tuesday.

Home ownership, for the second quarter of 2016, slipped to 62.9%, the US Census reported Thursday. That is down from 63.4% a year ago, 

and matches the lowest level, which was recorded in 1965, the first year census figures were made available.


Besides your down payment, which is 3.5% for FHA mortgages, and higher for conventional loans, the home buyer will also have to pay closing costs, 

which add 2 to 5% to the purchase price of your home. Chief among those costs is the loan origination fee, which usually runs about 1% of the purchase

price. This fee is negotiable, however. If you have excellent credit, you  can usually pay less. Also it is a good idea to apply with 2 lenders, and let

each know about the other. Having to compete for the business, the lender will often be more flexible with the closing costs. If closing costs are a 

deal-breaker, consider asking the seller to help pay your closing costs. 





If you are at least 62 years old, plan on living in the house you want to purchase, and have a substantial down payment - you may be interested

in an FHA-insured program which requires no monthly payments, and has no income, credit or asset requirements.                                                                               

You only pay your real estate taxes and fire/hazard insurance. The government does not share in any future equity in the house,

as in earlier programs. You can sell the house at any time, and your balance can never be higher than the market value                                                       

of the home. Please call or e-mail me for a referral to a lender who specializes in this type of mortgage.


An interesting article appeared in the Wall Street Journal, entitled "10 Reasons to Buy a Home". Please click to read:


Interested in purchasing a forclosed or short-sale home? This article should be of interest to you:




Everett, WA
Updated Friday, January 19, 2018 4:45 AM
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