Mortgage Rates 2015

After defying all forecasts in 2014, what’s ahead for mortgage rates in 2015?
http://www.latimes.com/business/la-fi-mortgage-rate-forecasts-20150102-story.html

Mortgage in Retirement

Factors to consider before paying off your mortgage when you retire
http://www.usatoday.com/story/money/columnist/brooks/2014/11/04/retirement-mortgage-taxes/18424447/

Retirement Housing Mistakes

5 common retiree real estate missteps
http://www.marketwatch.com/story/5-real-estate-mistakes-retirees-make-2014-10-20

Home Prices Up

The median price of single family homes sold in King County in September was up 9.5 percent from last year to $460,000. Prices in Seattle rose 12.1 percent to $517,000. The Eastside saw home prices increase 6.3 percent to $605,000.

Mortgage News

The average rate for a 30-year fixed mortgage was 4.2 percent this week, Freddie Mac said in a statement today. That’s down from 4.23 percent, the highest since early May. The average 15-year rate slipped to 3.36 percent from 3.37 percent, the McLean, Virginia-based mortgage-finance company said.

King County Inventory

The number of homes for sale in King County was up 11 percent over a year ago, but inventory is still quite low. There was less than a two-month supply of homes available in May. Four to six months is considered to be a balanced market.

Boomer Trend

Boomers retiring, paying cash for homes to fit their changing lifestyle, desire to own home outright
http://www.bloomberg.com/news/2014-06-02/cash-deals-reach-record-with-boomers-retiring-mortgages.html

Booming Economy

President and CEO of the Federal Reserve Bank of San Francisco, John C. Williams gave a shout out to Seattle and San Francisco today saying in both areas the economy “is booming beyond belief” driven by technology and new ideas.

Cash Sales

According to RealtyTrac, in the first quarter of 2014, more than 40% of sales nationwide were all cash transactions. In early April, OB Jacobi, the president of Windermere Real Estate in Seattle, was quoted as stating that about a quarter of home buyers are paying all cash for homes in King County. (See full article: King County House Prices Jumped Almost 20 Percent Over Year).

Low Inventory

Even though more houses are being offered for sale in the Puget Sound region, inventory remains ultra-tight in many areas, and King County continues to have a particularly limited supply.