Yesterday many schools were closed with anticipation of snow…in Seattle, it missed us. This morning, we 
made up for it! There’s no doubt this is a “snow day”-much to the excitment of my teen. I took this photo about an hour ago while I was taking my old Pug for his morning walk in Alki – West Seattle. This snow, by the way, is perfect for building a snowman–nice and crunchy.
I can’t help but wonder if our weather will impact year end closings with more snow in the forecast. Hopefully everyone plans accordingly–especially with Christmas and New Year holidays coming up.
And on a business note, rates for 30 year fixed are currently 4.75% for 740+ credit (apr 4.875) based on $400,000 loan amount with a $500,000 sales price. Priced with 1 point and 45 day lock. Rates are higher than what I quoted yesterday morning by about 1 point in fee! I’ll be posting updated mortgage rates here tomorrow morning!
Stay warm!
Rhonda,
What is it with a 30 day vs. 45 day lock? Are locks 45 as the norm these days?
Ardell, I guess I should ask you what the norm is for purchase closing these days. For refi’s, borrowers should plan on a 45-60 day lock…possibly longer if they have a second mortgage to subordinate.
There’s very little difference between pricing of a 30-45 day lock…however extensions have become more expensive (depending on which lender/bank you’re working with).
According to my son, this is great snow for snow-boarding too. He just did down our driveway!
Rhonda,
For FHA or VA I would recommend 45 day minimum. For 30% or more down conventional…30 days is still adequate. While cost may be nominal for a 45 day vs. 30 day, I think the borrower should know the amount and make the choice ONLY if the lender is confident that 30 is sufficient to process.
I don’t know about real estate closings, but this does seem like a nail in the coffin for retailers who count on getting most of their sales in the Christmas season.
It was already slow, you could actually find parking spaces at the mall the last few weekends! Now people can’t get there the week before Christmas.
Online outlets may be happy.
And this is the perfect snow for snowboarding, light and fluffy. I can’t believe I came into work instead.
Ardell, right now, we’re talking less than 0.125% in fee (0.0630 w/one rate I’m looking right now which is cheap insurance for 15 days). Most lenders absorb this cost (locking 45 days over 30). It saves the buyer in the long run of having to pay for an extension.
Not to mention, even if the transaction is closing in 30 days, the lock needs to be slightly longer for funding/shipping purposes.
Most lenders have jacked up their extension fees too.
cautious buyer, I’m flippin out because I’ve only bought two presents so far for Christmas. I don’t know if I have enough time to shop on line and I’ve been too busy during the day. Maybe I’ll have to make fruitcakes for presents this year! 🙂
FWIW the hash-tag for our snow on Twitter is #seatst
It’s still snowing away in West Seattle.
What do the rates look like without paying a point? Have we gone under 5% yet, or no?
On the gift issues… online gift cards/certificates are always an option, though I do prefer to support local (especially independent) businesses!
Gene
Gene, I just locked in a rate/term refinance $415k loan amount 70% LTV with 740+ credit at 5.00% at zero origination/discount points (apr 5.046).
I may have to do gift certificates…it looks like it may warm up just before Christmas–just picture the malls! I prefer to shop in my neighborhood of West Seattle and to support our local vendors when possible.
Blue Nile is local (in the same sense that Microsoft is local). Online Jewelry, overnight delivery. One option.
Cautious Buyer, I mostly have teens and stocking stuffers to buy for… if I can make up to West Seattle on California, we have a lot of shops to browse through.
Thanks for all the suggestions! 🙂
Rhonda,
I thought these hand made glass art necklaces were very cool and reasonably priced. I love glass art. My sister and I will be going to see Lino Tagliapietra in February when he comes to Tacoma again.
necklaces: http://www.etsy.com/shop.php?user_id=5267803
Lino: http://www.reedonline.com/glass/lino/
Here’s a better link for Lino at Museum of Glass in Tacoma
http://www.museumofglass.org/live-glassmaking/visiting-artists/lino/
Thanks, Ardell. I decided to ride into work w/my husband yesterday to Bellevue thinking he could drop me off at the mall to start some Christmas shopping (after I posted rates).
Amazingly enough, we did pretty good considering how last minute we are this year. Lots of sales, too. I’m hitting West Seattle’s local shops this morning (I’m about to wake up hubby w/a cup of coffee to nudge him out of bed) to finish up before the storm comes in…then it’s time to wrap! 🙂 I love the holidays.
Bumped into this doing a google image search for Seattle shopping. Needed to say 2 things: Wow and Gorgeous!
Thanks, Justin. I typically am armed with a camera…even if it’s just a pocket camera and the lighting was just right when I saw this “photo opportunity”. 🙂 It’s one of my favorites.