Rain City Guide

Good news: conforming-jumbo rates have come down significantly!  In fact, the 30 year fixed rate for mortgages priced between $417,001 - $567,500 (for King, Pierce and Snohomish Counties) are the lowest since I’ve started publishing rates at RCG.   
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based [...]

I’ve been communicating with a home owner who thought their loan was locked in at a certain rate only to learn that this is not the case.   Here’s their story:

Their existing ARM reset in March.   In late February, they informed the LO they wanted to lock at  5.5%, no points, 30 year fixed, and close before April 1 [...]

Mortgage bonds have a negative reaction to inflation and we’re seeing high food and oil prices and rates continue to be very volatile…next week, the drama promises to deliver with the FOMC meeting on Tuesday and the Jobs Report on Friday. I know I sound like a broken record…but here goes: THE FED [...]

While I was preparing my morning rate quote (I’ll follow up at RCG this afternoon in case of a rate change), I thought I would run a couple scenarios on how much your credit score now cost you…just one digit off and you are paying more for your mortgage.
The following scenarios are based on a [...]

With the new credit score based pricing, rates below are based on a 720 credit score. Most mortgage rates are now credit score based. Mortgage rates continue to be very volatile and often change several times a day.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The [...]

Rates improved slightly from this morning following the Jobs Report today. With the new credit score based pricing, rates below are based on a 720 credit score. For your personal rate quote, please contact your local Mortgage Professional.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote [...]

When you lock in a mortgage interest rate, it is for a specific period of time, such as 30, 45 or 60 days. Your mortgage professional should make sure it is for an adequate amount of time to close the transaction. If it’s a purchase, the lock may be for a few days [...]

Mortgage guidelines continue to tighten.   Most recently, I’m seeing some lenders extend credit score-risk based pricing to FHA and VA mortgages.  Second mortgages have increased credit score requirements and have pulled back the total loan to value they will lend.   If you are putting less than 30% down and are considering obtaining a mortgage in the next [...]

I received this email from an RCG reader last night:
“… My fiancé and I are moving…on the 23rd (our closing date). We still haven’t locked in a lender but we’re lined up to go with Wells Fargo right now. Wondering if you could give us a lead on better rate? We’re going for a 5/1 IO [...]

This morning, the Job’s Report came in stronger than expected.  How does this impact your mortgage rates?  If it’s tougher for employers to hire (less unemployment) and the employers are forced to pay more in hourly wages for the same worker…guess what the employer needs to do in order to stay profitable?  Increase the cost of their [...]