Loans News
'The bubble is not going to burst,' says one veteran Kitsap mortgage broker about low rates.
HSH Associates Financial Publishers, a consumer loan information tracking company, reported that mortgage rates hit a low in June of 2003, with 30-year fixed-rate mortgages averaging 5.43 percent.
Marsha Stitt, vice president and senior manager at the Washington Mutual Home Loan center in Silverdale, said that in 2005, while the average price of homes went up significantly, their office saw a record number of home loan requests.
"The trend has been, this year, that rates are still really good," she said. "The rate is currently down to 6 percent with a 1 percent fee (paid to the lender as part of closing costs)."
While some might guess that a higher interest rate would result in fewer people applying for loans, Stitt said that has not been the case in her more than 20 years of experience.
"When I started in this business in 1983, the interest rate was at 13 percent," she said. "And you know what, the work load was still the same."
Stitt remembers that when she began her career, there were only a handful of loan options, primarily fixed-rate and adjustable-rate loans. Now the market includes such a variety of home loan programs that anyone interested in buying a home or refinancing an existing mortgage shouldn’t be intimidated by numbers.
Instead, they should research what would be the best option for their financial situation and make sure they meet with multiple lenders before making a decision.
"I think the trend that we’re in is good interest rates, soft interest rates, and that is going to help people buy homes," she said. "The bubble is not going to burst."
Take a class: The Kitsap County Consolidated Housing Authority offers community classes for first-time home buyers that includes information about available buying programs. The next course is scheduled for Monday, Oct. 9, in Silverdale. For more information or to register for a class, visit www.kccha.com/servhbuy.htm.
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HSH Associates Financial Publishers, a consumer loan information tracking company, reported that mortgage rates hit a low in June of 2003, with 30-year fixed-rate mortgages averaging 5.43 percent.
Marsha Stitt, vice president and senior manager at the Washington Mutual Home Loan center in Silverdale, said that in 2005, while the average price of homes went up significantly, their office saw a record number of home loan requests.
"The trend has been, this year, that rates are still really good," she said. "The rate is currently down to 6 percent with a 1 percent fee (paid to the lender as part of closing costs)."
While some might guess that a higher interest rate would result in fewer people applying for loans, Stitt said that has not been the case in her more than 20 years of experience.
"When I started in this business in 1983, the interest rate was at 13 percent," she said. "And you know what, the work load was still the same."
Stitt remembers that when she began her career, there were only a handful of loan options, primarily fixed-rate and adjustable-rate loans. Now the market includes such a variety of home loan programs that anyone interested in buying a home or refinancing an existing mortgage shouldn’t be intimidated by numbers.
Instead, they should research what would be the best option for their financial situation and make sure they meet with multiple lenders before making a decision.
"I think the trend that we’re in is good interest rates, soft interest rates, and that is going to help people buy homes," she said. "The bubble is not going to burst."
Take a class: The Kitsap County Consolidated Housing Authority offers community classes for first-time home buyers that includes information about available buying programs. The next course is scheduled for Monday, Oct. 9, in Silverdale. For more information or to register for a class, visit www.kccha.com/servhbuy.htm.
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