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Seattle mortgage rates have been on a gradual decline for the past year and a half and are still very low today. This article will outline where rates are today and how that may impact homebuying.
The US economy is still struggling somewhat as a result of the ongoing health crisis. That said, the real estate market in Seattle and across the nation still remains relatively strong.
Further, the Federal Reserve continues to leave interest rates very low. In turn, mortgage rates continue to stay very low, helping to make borrowing costs more affordable for homebuyers.
The latest activity from the Federal Reserve in terms of cutting rates or leaving them as it plays a role in consumer spending and confidence, as borrowing and leveraging funds is more affordable. And that includes mortgages.
With rates hovering near historic lows for an extended period of time, buying a home in Seattle is more affordable. That said, prices in the city have increased over the past 12 months.
The connection between Retail Sales and home affordability is indirect, but noteworthy — especially given today’s broader market conditions.
But the national housing market across the nation has been a hot one lately, with home prices having gone up 8.7% over the last 12 months, according to real estate research firm Zillow. Prices are still expected to increase throughout 2021. That said, housing is still out of reach for many Americans, despite the lower interest rates on mortgages that we have been seeing over the recent past.
Seattle’s home prices are among the highest in the country, which has made it difficult for many buyers to get into this particular market. The average price for a home in Seattle is still more expensive than most other markets in the nation.
However, with mortgage rates as low as they still are, housing affordability is a bit better in Seattle today than it was over a year earlier.
But there are plenty of other options for buyers when it comes to buying a home. If Seattle is too expensive, there are plenty of other centers close by that offer much more affordable home prices, including Federal Way, Tacoma, and Lakewood.
In fact, these particular cities are experiencing a hot real estate market as more and more buyers flock to centers like these because of their lower prices while still being within close proximity to Seattle.
There are many other places around the city that may offer more affordable prices. That, coupled with low mortgage rates, makes homebuying potentially affordable for many buyers. Considering how low rates are today, now may be a great time to buy.
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria and have been helping borrowers since 1992. Please contact us if you have mortgage-related questions.
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