Mortgage rates have risen rather abruptly from their long term lows 2 weeks ago and are now at the highest levels in more than a month. Fortunately, the average lender is still easily able to quote rates in the high 3% range, which is still a significant savings for anyone who bought or refi'd in 2018 and even the first part of 2019.
I'm often asked if the Fed rate cut/hike will have an effect on mortgage rates. I'm also often asked to reiterate the correct answer to that question which is almost always "NO!" The Fed only meets to potentially change rates 8 times a year. The bond market that underlies mortgage rates, however, can change 8 times in less than a second. Markets have LONG since priced in the Fed's likely course of action (which is
According to the latest report from the Northwest Multiple Listing Service, experts are finding many potential home-buyers are expanding their search beyond the major job centers in King County as a result of the crunch on supply in the month of August.
System-wide the 23 counties serviced by the MLS have less than two months of supply — a number that drops to 1.6 months in the four-county Puget Sound region. Year-over-year, that looks like a 13% drop in supply system-wide, and an 18.5% drop in King County.
Within King County the median sales price has held steady at $760,000 for single-family homes, and areas outside King are becoming a draw for more affordable prices.
"Areas immediately outside the Puget Sound region and along the I-5
