As 2018 comes to a close we look back on 2017 and thank all of you for your business, support and friendship, as we look forward to 2018 we are excited for what is to come. We are making some big changes here at Whatcom House Hunters in the new year and hope that we can make this year the best one yet.
In 2018, the Federal Housing Administration will be increasing their loan limits from $636,150 to $679,650 according to Department of Housing and Development, this will take effect on January 1, 2018. You can find out if you are eligible for a FHA loan at fha.com/fha_loan_requirements.
Mortgage rates are in fact rising but buyers can still get a lower rate than last year. A 30 year fixed rate mortgage is now at 3.94% while a year ago it would have been 4.13%. 15 year fixed rate mortgage is the same as last year at 3.36% but has risen by .06% just this past week. Rates are expected to rise in 2018 as well as the price of homes. Try using our Mortgage Calculator to find out what your mortgage would be if you were to buy your dream home.
I will be leaving the Whatcom House Hunters team until May of 2018 to attend Washington State University, Kait Richardson is excited to take over as Rob’s assistant while I am gone. This summer we should have a stronger team, ready to take on the busiest season. Our team looks forward to helping more people buy and sell homes in the new year!