Whatcom County mortgage rates have declined; here’s what local agents are saying
Are you hoping to purchase a home soon but have been waiting for the market to get a bit more buyer friendly? This may be your time to start shopping around.
Mortgage rates in Whatcom County have recently dropped, according to The Muljat Group, a real estate agency based in Bellingham.
“Mortgage rates are now hovering right around the low 6% range,” Kena Brashear, co-owner and designated broker for The Muljat Group wrote in a news release. “Conversations with local lenders suggest we’ll likely stay in this range — possibly brushing the 6% line but not quite dipping into high 5% rates unless there’s a major shift in the bond market or Federal Reserve outlook.”
The news release also quoted a report from Mortgage News Daily, stating that on Sept. 5 “the average rate on a 30-year fixed mortgage dropped 16 basis points to 6.29%,” a decline that has remained steady since May. In May, the average rate on a 30-year fixed mortgage was 7.08%.
This small decrease could make a large difference in buying a home, according to The Muljat Group.
“To illustrate the impact, Brashear used the example of a $600,000 home purchase with 20% down (a $480,000 loan). When 30-year fixed rates were at 7%, the monthly principal and interest payment for the buyer was $3,193. At a 6.29% interest rate, the monthly principal and interest payment is about $2,968. At an even 6%, that payment drops to $2,878. When compared to a 7% loan, that’s a savings of about $315 a month, or nearly $3,800 a year.”
“These aren’t life-changing numbers on their own, but when buyers are weighing affordability in today’s market, even $100 can shift the decision from ‘wait and see’ to ‘let’s make an offer,’” Brashear said. “And for sellers, that little bit of extra affordability can help pull more buyers into play.”
The Muljat Group currently has over 10,000 properties across Washington listed online.
