Fall 2020 Newsletter

FALL 2020 NEWSLETTER

Mortgage Rates Still at Historic Lows

If you have not already, now is the time to act If you may benefit in lowering your interest rate with pending unknowns and election coming. We are resending some of the information from our last Summer newsletter below for those that may benefit, but it’s been a wild year and we’ve never seen anything like it. Of course with the demands investors are faced with the process is not normal, but longer rate locks and patience is just a requirement today to settle on historically low interest rates. ** We thank all for their patience and support during such historic demands.

To explain this rate environment in text alone would be nearly impossible for what has occurred the last 8 months or so. Market and non-market changes, demands, a global pandemic, etc. have impacted rates and liquidity with additional variables to come. Please contact me directly anytime to discuss the market or questions and we greatly appreciate your referrals also to all that you know or hear about refinancing. Remember- lenders are not created equal (especially the lender that services your loan) and Vantage forces competition among the top wholesale lenders in the country to ensure the most favorable loan terms and options… with full rate sheet and recapture presentation.

Is it time to get a quote or refinance?  We can run a quote for you by contacting us (thanks for your patience again) – and comparing our network of wholesale lending partners. If you don’t wish to extend loan term you can choose any fixed term between 8-30 years on conventional loans.

Contact us:

• If you have a 30 year conforming conventional rate around 3.75% or higher
• If you have a 20 year fixed conventional rate around 3.625% or higher
• If you have a 15 year fixed conventional rate around 3.5% or higher
• If you have a VA or FHA rate at or above 3.0%
• If you’re trying to remove PMI, or refinance out of FHA to conventional
• If you’re considering shortening your term
• If you’re considering cash-out for home improvements or debt consolidation, paying off a second mortgage, etc.

Oregon Real Estate Market

The typical home value of homes in Oregon is $379,503. This value is seasonally adjusted and only includes the middle price tier of homes. Oregon home values have gone up 6.5% over the past year and Zillow predicts they will rise 7.1% in the next year.

Washington Real Estate Market 

The typical home value of homes in Washington is $442,339. This value is seasonally adjusted and only includes the middle price tier of homes. Washington home values have gone up 9.9% over the past year and Zillow predicts they will rise 8.2% in the next year.

According to a release in late July by the Census Bureau, homeownership is at its highest level in 12 years. As many know, housing demands have not slowed in the Pacific NW and inventory shortage is an issue. This is making most of 2020 a seller’s market, but most sellers then become buyer’s themselves faced with the same task. There are a number of reasons National home sales remain strong. The ones that stand out to us are historically low interest rates (lower payments and more affordability versus rising rents), the pandemic with many wanting to get space or out of populated areas, and new work-space for so many now working from home.

We will see where 2020 ends, but we have not seen any slowing from demands into the 4^th quarter of this year.

Fall is Here!

With the way this year has gone, there is no better time to get OUTSIDE and take in what Oregon and Washington has to offer. We are all blessed to live in such a beautiful corner of the Country and Fall is one of the best times to experience it all. Take a daily drive, hike, or a full week road trip get-away. Map out your destinations and experience new places.

Check out 15 Fall destination ideas in Oregon HERE

See 11 scenic drives for Fall Foliage in Washington HERE